# Chapter 1

In:

Submitted By bean90
Words 1824
Pages 8
PART I

INTRODUCTION:
MARKETS AND PRICES

CHAPTER 1
PRELIMINARIES

TEACHING NOTES

The first two chapters reacquaint students with the microeconomics that they learned in their introductory course: Chapter 1 focuses on the general subject of economics, while Chapter 2 develops supply and demand analysis. The use of examples in Chapter 1 facilitates students’ complete understanding of abstract economic concepts. Examples in this chapter discuss markets for prescription drugs (Section 1.2), introduction of a new automobile (Section 1.4), design of automobile emission standards (Section 1.4), the minimum wage (Section 1.3), the market for sweeteners (Section 1.3), and real and nominal prices of eggs and education (Section 1.3). Discussing some of these, or another, example is a useful way to review some important economic concepts such as scarcity, making tradeoffs, building economic models to explain how consumers and firms make decisions, and the distinction between competitive and non-competitive markets. Parts I and II of the text assume competitive markets, market power is discussed in Part III, and some consequences of market power are discussed in Part IV of the text.

Review Question (2) illustrates the difference between positive and normative economics and provides for a productive class discussion. Other examples for discussion are available in Kearl, Pope, Whiting, and Wimmer, “A Confusion of Economists,” American Economic Review (May 1979).

The chapter concludes with a discussion of real and nominal prices. Given our reliance on dollar prices in the chapters that follow, students should understand that we are concerned with prices relative to a standard, which in this case is dollars for a particular year.

QUESTIONS FOR REVIEW

1. It is often said that a good theory is one that can be refuted by an empirical, data-oriented

### Similar Documents

#### Chapter 1

...Chapter 1: * Questions & Problems for Discussion: 1, 2, 3, 4, 6, 9, 10, 11, 12, 13, 15 * Application Problems: 1, 3, 4, 6, 8, 9 * Issue Recognition Problems: 2, 3, 4, 5, 6, 7 Chapter 2: * Questions & Problems for Discussion: 2, 3, 5, 6, 9, 11, 12, 14, 15, 17 * Application Problems: 3, 4, 5, 7, 9 * Issue Recognition Problems: 2, 4, 5 Chapter 3: * Questions & Problems for Discussion: 1, 2, 3, 5, 7, 9, 11, 12 * Application Problems: 3, 5, 8, 11 * Issue Recognition Problems: 2, 5, 8, 9 Chapter 4: * Questions & Problems for Discussion: 1, 5, 7, 9, 12, 13 * Application Problems: 1, 2, 4, 7, 12, 14, 15, 17 * Issue Recognition Problems: 3, 4, 6, 7, 8, 9 Chapter 5: * Questions & Problems for Discussion: - Please review ALL these questions before your CCH training session on September 20. It is not necessary to write these out on paper (Chapter 5 homework is not subject to collection). Chapter 6: * Questions & Problems for Discussion: 2, 3, 6, 7, 8, 9, 10, 12, 13 * Application Problems: 2, 3, 4, 5, 6, 9, 10, 11, 12, 13, 14, 15, 16, 19, 23, 24, 26, 27, 29, 32 * Issue Recognition Problems: 3, 4, 5, 6, 8, 9, 10 Chapter 7: * Questions & Problems for Discussion: 2, 3, 4, 7, 9, 11, 14, 15, 17 * Application Problems: 4, 5, 7, 10, 13, 14, 15, 16, 17, 18, 21, 23, 24, 25, 28, 30 * Issue Recognition Problems: 6, 7, 8 Chapter 8: * Questions & Problems for Discussion: 1, 3, 4, 5, 8, 10, 11, 12 * Application Problems: 1, 3, 5, 6...

Words: 559 - Pages: 3

#### Explore the Relationship Between Amir and His Father in Chapter 1-6

...Explore the relationship between Amir and his father using chapters 1-6. Chapter one is a very short chapter. In said chapter, the detail of the relationship between Amir and Baba is barely touched upon. As Amir talks of him, and the other names he lists as if he has not heard from Baba, or anyone else, for a long time. It instantly suggests that an event must have happened to cause such separation. Amir lists Hassan first, and Baba just after. Due to the novel being in present day at this point, Hassan holds more importance to Amir as he was the first name that was mentioned. The second chapter starts to highlight the unhealthy father/son relationship between Baba and Amir. Amir looks up to Baba highly and brags about him and longs for his company. Baba, however, is always busy with work or engaging in ‘grown up time’, which is drinking and smoking. Although it is common to distance yourself from loved ones after your wife died during childbirth, distancing himself this much and for this long is highly irregular. Amir looks up to Baba and there for has a positive Father complex during this time. We also discover that Baba set up the brotherly relationship between Amir and Hassan by hiring the same nursing woman he had for Amir, for Hassan. -------------------------------------------- [ 1 ]. The first stage of bereavement begins at the moment of death, and continues for the next several weeks or months. [ 2 ]. The father complex can influence the way people think about...

Words: 269 - Pages: 2

Free Essay

#### Powerpoint Chapter 1

...Chapter 1  The Nature and  Purpose of  Accoun3ng  McGraw-Hill/Irwin Copyright © 2011. The McGraw-Hill Companies. All Rights Reserved. What Accoun0ng Does  •  Accoun3ng is a system that provides  informa3on on:  –  Amounts of resources.  –  How resources were ﬁnanced.  –  Results achieved by using resources.  •  For either:  –  Par3es inside or outside of organiza3on.  –  Proﬁt and nonproﬁt organiza3ons.  1-2 Categories of Accoun0ng  Informa0on  •  Opera3ng  •  Financial accoun3ng.  •  Management accoun3ng.  •  Tax accoun3ng.  1-3 Opera0ng Informa0on  •  Needed to conduct day‐to‐day  ac3vi3es.  •  Largest quan3ty of accoun3ng data.  •  Examples:  – Hours worked by employees.  – Inventory on hand.  – Amounts owed by customers.  – Amount of money in bank.  1-4 Financial Accoun0ng Informa0on  •  For external users (investors) and managers.  •  Used by investors to make decisions to buy,  sell, or hold shares of a company.  •  Annual report and its ﬁnancial statements.   –  Common rules used so investors can compare  with other companies’ ﬁnancial statements.  –  No “tailor‐made” informa3on  1-5 Management Accoun0ng  Informa0on  •  For internal users such as president,  marke3ng manager, produc3on  manager, etc.  •  Used for three management func3ons:  – Planning.  – Implementa3on.  – Control.  1-6 Planning  •  Deciding what ac3ons should be taken.  •  Decision making involves:  1.  2.  3.  4.  5.  Iden3fy problem or opportunity...

Words: 1207 - Pages: 5

Free Essay

#### Assignment Timeline

...ASSIGNMENT TIMELINE—COSC 2425   Dates | Text Chapters | Pages and sections covered | Assignments | Week 1June 6th – June 11th |  Chapter 1: Basic Concepts Chapter 2: x86 Processor Architecture | Page 1-28 Pages 29-57 | Read all material in the Getting Started Folder, read the syllabus (located on the Course Home tab), read the assignment timeline and grading sheet.Assignment 1: Introduce yourself to the class (Located in the Getting Started Folder) Quiz Chapter 1 Quiz Chapter 2 | Week 2June 12th –June 18th | Chapter 3: Assembly Language Fundamentals Chapter 4: Data Transfers, Addressing, and Arithmetic | Pages 58-93 Pages 94-131 | Quiz Chapter 3 Quiz Chapter 4 | Week 3June 19th –June 25th | Chapter 5: ProceduresChapter 6: Conditional Processing | Pages 132-179 Pages 180-228 | Quiz Chapter 5 Quiz Chapter 6 Programming Project 1 (Covers Chapters 1-6) | Week 4June 26th – July 2rd | Chapter 7: Integer Arithmetic Chapter 8: Advanced Procedures | Pages 229-269 Pages270-331 | Quiz Chapter 7 Quiz Chapter 8 | Week 5July 3rd – July 9th | Chapter 9: Strings and Arrays Chapter 10: Structures and Macros | Page 332-365 Pages 366-418 | Quiz Chapter 9 Quiz Chapter 10 Programming Project 2 (Covers Chapters 1-10 concentrating on the concepts learned in chapters 7-10) | July 4th Holiday | | | No Class | Week 6July 10th – July 12th | Comprehensive and covers all chapters (1-10) | | FINAL EXAM on Tuesday July 12th, 2011 | ...

Words: 324 - Pages: 2

Free Essay

#### Eco 305 Wk 1 Homework Ch 2 - 12(a-B), 13(a-C), 14

...ECO 305 All Quiz and Homework, ECO 305 WK 3 Homework Ch 5 - 16(a-c), 17(a-d), 18(a-b); Ch 6 - 13(a-b), ECO 305 WeeK 3 Quiz 2 - Chapters 3 and 4 , ECO 305 WK 1 Homework Ch 2 - 12(a-b),13(a-c),14, ECO 305 WK 2 Homework Ch 3 - 13(a-d); Ch. 4 - 15(a-b),16(a-b), ECO 305 WK 2 Quiz 1 - Chapters 1 and 2, ECO 305 WK 5 Homework Ch 8 - 6(a-d) , ECO 305 WK 5 Quiz 4 - Chapter 7 , ECO 305 WK 6 Homework Ch 9 - 11(a-c), 12(a-c), ECO 305 WK 6 Quiz 5 - Chapter 8 - All Possible Questions, ECO 305 WK 9 Quiz 8 - Chapters 12 and 13 , ECO 305 WK 11 Quiz 10 - Chapters 16 & 17 , ECO 305 Complete Class Assignments | strayer help, ECO 305 Strayer ECO 305 Week 1, ECO 305 Week 2, ECO 305 Week 3, ECO 305 Week 4, ECO 305 Week 5, ECO 305 week 2 Assignment, ECO 305 week 3Assignment, ECO 305 week 4 Assignment, ECO 305 week 1 Assignment, ECO 305 tutorial, ECO 305 Complete Course, ECO 305 Entire Class, ECO 305 Whole Tutorial, ECO 305 tutorial, ECO 305 Summary, ECO 305 Study Guide, ECO 305 Questions , ECO 305 Answered , ECO 305 Solution, ECO 305 Final , ECO 305 Presentation, ECO 305 Universty, ECO 305 University of, ECO 305 Homework, ECO 305 Version, ECO 305 Strayer assignment, ECO 305 Strayer course, ECO...

Words: 252 - Pages: 2

Free Essay

#### Syllabus

...October | | | | | Tue: 13 | BWVW | Worldview Assignment Pt. 2 | | | Tue: 13 | THEO | Chapter 12 | | Chapter 12 Quiz | Th: 15 | THEO | | Exam #2: Ch 9-12 | | Fri: 16 | CSTU | Chapters 11-12 | | Ch. 11-12 Quiz | Fri: 16 | BIBL | | Test 1 (Midterm Exam) | | Fri: 16 | UNIV | Effective Email Project | | | | | | | | Mon: 19 | BIBL | Romans Essay Available | | Bb Quiz: Ch 10, 14, 15 | Mon: 19 | EVAN | Reading & Book Review | + Reflection Paper | + Check for reading | Tue: 20 | BWVW | Read: World Religions Overview | | | Tue: 20 | THEO | Chapter 13 | | Chapter 13 Quiz | Th: 22 | BWVW | | Test #2 | | Th: 22 | THEO | Chapter 14 | | Chapter 14 Quiz | Fri: 23 | CSTU | Chapters 13-14 | | Ch. 13-14 Quiz | Fri: 23 | UNIV | Time Management Activity | Reflections Paper | | | | | | | Mon: 26 | EVAN | Check for possible reading | | | Tue: 27 | BWVW | Read: What is Moral Relativism | | | Tue: 27 | THEO | Chapter 15 | | Chapter 15 Quiz | Wed: 28 | BIBL | Acts 21-28 Pent-Sum; Eph. Com. Meditation; Phil. Prayer Journal | | | Th: 29 | THEO | Ch. 16 & Biblical Worldview | | Chapter 16 Quiz | Fri: 30 | CSTU | Chapters 15-16 | | Ch. 15-16 Quiz | Fri: 30 | UNIV | Information Literacy Project Pt 1 | | | | | | | | November | | | | | | | | | | Mon: 2 | BIBL | Col. Com. Prayer; Phile. Ch. Ref. | | Bb Quiz: Ch 16&22 (Col, Phile) | Mon: 2 | EVAN | Witnessing Report + | Check for...

Words: 542 - Pages: 3

Free Essay

#### Class Schedule V5

...Be ready to meet and show up. Look forward to getting to know you all. 8/31 Group activities continued to cover fundamentals later used for the class and group work; plus Chapter 1. Read Chapter 1 and finish online quiz #1 on Blackboard by end of day Wednesday 11:59pm MST-No late work accepted, so don’t miss these easier points. 9/7 Chapter 2 and 3 started. Quiz #2 and group work. 9/11 Drops (partial schedule remaining) through this date will be refunded 100%. IMPORTANT NOTE: No drop refunds after this date 9/14 Chapter 3 and project/lab work. Quiz #3 and group work. 9/21 Chapter 4 and project/lab work. Quiz #4 and group work. 9/28 Chapter 5 and project/lab work. Quiz #5 and group work. 10/5 EXAM #1 Be ready and get a lot of points. Bring Laptop with wireless and Respondus lockdown ready 10/12 Chapters 6 and Group Work Quiz #6 and group work. 10/19 Chapters 7 and 8; Group Work (time permitting) Quiz #7 and group work. 10/26 Project Group Work Time in the Library Project Work Due Sunday end of day Nov 2. 10/31 Last day to drop or withdraw without special permission from your dean (Regular semester courses) 11/2 Chapters 9 and 10; Group Work Quiz #8 and group work. EXAM #2 – Take Home Due before Sunday 10/9 11:59 11/9 Chapters 11 and 12; Group Work Quiz #9 and group work. 11/16 Chapters 13 Quiz #10 and group work. 11/23 THANKSGIVING BREAK Quiz #11 and group work. 11/30 Group Time Be Ready 12/7 Presentations Be Ready 12/14 Prep and Final Exam Work Be...

Words: 367 - Pages: 2

Free Essay

#### Bobbobobob

Words: 346 - Pages: 2

Free Essay

#### Management

...This set of 28 questions, taken from prior examinations, covers topics in Chapters 1, 2, 3, 4, and 5. The purpose of sample multiple choice questions is to acquaint you with the style and substance of typical exam questions over this material. Please be aware that: 1. multiple choice format questions are only one of many resources available to prepare for testing events – reading textbook chapters and working through chapter examples, studying the end-of-chapter review problem and accompanying solution, and reviewing assigned homework items and the published solutions may be more powerful methods to increase your understanding of the topics covered in the course. 2. the exam questions used this quarter will be similar but different from these example questions – understanding the main concepts in each chapter is critical to success on the testing events; remembering a sample question may be of some help but the format of a question on the same topic often differs rendering memory a distant second choice to understanding. The Questions: 6. Scheney Company uses the weighted-average method in its process costing system. The company's work in process inventory on March 31 consisted of 20,000 units. The units in the ending work in process inventory were 100% complete with respect to materials and 70% complete with respect to labor and overhead. If the cost per equivalent unit for March was \$2.50 for materials and \$4.75 for labor and overhead, the total cost in the...

Words: 265 - Pages: 2

#### My Research

...------------------------------------------------- The Effects of Failing Grades in Major Subjects to Fourth Year Students CHAPTER 1: THE PROBLEM AND ITS BACKGROUND This chapter generally tackles the researchers’ introduction, background of the study, statement of the problem, hypothesis, and significance of the study, scope, limitations, and delimitations of the study, conceptual framework, research paradigm, and the definition of terms. INTRODUCTION There is definitely a big difference between undergraduates and the graduating ones. As seniority comes into place, the researchers would like to expand the idea of academic pressure to the fourth year students since their schedules are hectic and made more excruciating for they focus on their collegiate lives, but there will come a time that they won’t be able to balance the flavors of a tasteful graduation. One sickening of an obstacle is a failing grade. Though very familiar to the students’ ideas, the researchers would be able to know what the aftermaths are on this predicament. Some may take this as a grueling challenge, while others consider this as a misfortune. But one thing is for sure though, the learning experiences of fourth year students are crazily implied at any given level. At the preceding chapters, the researchers find out whether these unfortunate table turn is either a non – factor or a really heavy impact to their students. Furthermore, the researchers resolve the question “How big is a failing mark to...

Words: 256 - Pages: 2

Free Essay

#### Ba 350 Principles of Finance Entire Course

...EXAM ALL PREVIEWS available on website Related Products !! Week 1 Assignment Chapters 1 and 2 Questions Questions 1.1, 1.3, 1.5, 1.8 Problems 2-14 Week 2 Assignment Chapter 3 Questions Questions 3.3, 3.5, 3.6 Problems 3-1, 3-6, 3-11 Week 3 Assignment Chapter 12 Questions Questions 12.3, 12.5 Problems 12-3, 12-5, 12-7 Week 4 Assignment Effects of Financial Planning Week 5 Assignment Assigned Problems Questions 4.2, 4.4, 4.5 Problems 4-3, 4-7, 4-10, 4-29 Week 6 Assignment Assigned Problems Question 5.1 Problem 5-1, 5-4, 5-9, 5-13 Week 7 Assignment Assigned Problems Questions 6.3, 7.2 Problems 6-2, 6-6, 7-1, 7-8 Week 8 Final Exam Problems 2-4, 2-7, 3-8, 3-10, 12-1, 12-4, 13-6, 13-7, 13-8, 4-4, 4-5, 4-20, 4-22, 5-15, 5-21, 6-4, 6-10, 7-4, 7-10, 8-4, 8-5, 8-6, 9-3, 9-3, 9-13 Week 1 Assignment Chapters 1 and 2 Questions Questions 1.1, 1.3, 1.5, 1.8 Problems 2-14 Week 2 Assignment Chapter 3 Questions Questions 3.3, 3.5, 3.6 Problems 3-1, 3-6, 3-11 Week 3 Assignment Chapter 12 Questions Questions 12.3, 12.5 Problems 12-3, 12-5, 12-7 Week 4 Assignment Effects of Financial Planning Week 5 Assignment Assigned Problems Questions 4.2, 4.4, 4.5 Problems 4-3, 4-7, 4-10, 4-29 Week 6 Assignment Assigned Problems Question 5.1 Problem 5-1, 5-4, 5-9, 5-13 Week 7 Assignment Assigned Problems Questions 6.3, 7.2 Problems 6-2, 6-6, 7-1, 7-8 Week 8 Final Exam Problems 2-4, 2-7, 3-8, 3-10, 12-1, 12-4, 13-6, 13-7, 13-8, 4-4, 4-5, 4-20, 4-22, 5-15, 5-21, 6-4, 6-10...

Words: 408 - Pages: 2

Free Essay

#### Yes This Is My Title

Words: 652 - Pages: 3

Free Essay

#### New Doors to Open

Words: 387 - Pages: 2

Free Essay

#### Poop

...The Awakening Close Reading Discussion Questions Always reference page numbers as part of evidence for responses. Always add new vocabulary to your notes to expand your diction. Chapters 1 through 5 • What observations can be made from the cover? What might be meant by “The Awakening”? • What does the introductory paragraph/page introduce? Why? • Are there any symbols? • Character descriptions (What kind of husband/father is Mr. Pontellier? Mother/wife is Mrs. Pontellier? How is Mrs. Ratignolle described? Robert Lebrun?) • What is the setting (time and place)? How does it factor into the interactions of the characters? • Page 18, why is Edna crying. Find the best word from the text to describe what she is feeling? • Chapter 5, paragraph 4, how is Adele Ratignolle described? To what is this allusion referencing? • What is a Creole? Chapters 6 through 10 • How does the Chapter 6 relate to the title? • What is the significance of the sea? • What is chapter 6 saying about Edna’s emotional state? • Why does the author spend time referencing Edna’s childhood? • Lady in black and the lover imagery is referenced in the same paragraph, multiple times in these chapters, why? • What is the significance of Adele and Robert’s conversation on the way back from the beach? • Alcee Arobin is introduced as a character. Why? How does he contribute to the story? • Where is Vera Cruz? What is its significance...

Words: 996 - Pages: 4