Principles of Economics, fall 2015
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Reflection 1, due Tuesday, 9/8: Propose a policy change. Predict resulting changes in behavior. Identify winners and losers. Discuss in terms of efficiency and equity.
Problem Set 1, on demand, supply, and equilibrium, due Tuesday, 9/15: Click here for the pdf.
Reflection 2, due Tuesday, 9/22: Consider each of the following three policies as they pertain to a single market: price floor, price ceiling, excise tax. For each of these policies, answer the following questions: What is the basic argument that the policy reduces the efficiency of the market it’s applied to? (Optional: are there important exceptions?) In cases where it does reduce efficiency, what arguments for the policy might still be available?
Problem Set 2, on price controls and taxes, due Tuesday, 9/29: Click here for the pdf.
Test 1: Thursday, 10/1
Reflection 3, due Thursday, 10/8: Define monopoly, oligopoly, and monopolistic competition. What are some causes of market power? What is the basic argument that market power reduces efficiency?
Problem Set 3, on monopoly, due Thursday, 10/15: Click here for the pdf.
Reflection 4, due Tuesday, 10/20: Define negative and positive externalities. For each, give a novel example and discuss the pros and cons of government intervention in your example.
Problem Set 4, on externalities, due Tuesday, 10/27: Click here for the pdf.
Problem Set 5 on public goods, due Tuesday, 11/3: Click here for the pdf.
Test 2: Thursday, 11/12
Problem Set 6 on long run market equilibrium, due Thursday, 11/19: Click here for the pdf.
Reflection 5, due 12/1: Macro questions 1-6.
Reflection 6, due Thursday, 12/3: Macro questions 7-11.
Reflection 7, due Thursday, 12/10: Macro questions 16-24.
Test 3: Thursday, 12/17