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Completed lectures highlighted in blue
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Week no.Lecture no.DateDayThemeTopicsReadingsHomework
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1129-AugMonIntroduction and basics of demand and supplyMotivation, factors affecting demand and supply, equilibrium analysis, comparative statics, elasticitych 1, ch 2From Ch 2: Questions for Review: 6, 10 Exercises: 2, 3, 6
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1231-AugWedConsumer behaviourPreferences, utility functions, examples (perfect substitutes, perfect complements, bad, neutral), satiation, MRS, budget constraint (shifts vs pivots)ch 3.1, ch 3.2From Ch 3: Exercises: 2, 3, 5, 6, 8
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25-SepMonNo classNo classNo classNo class
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237-SepWedConsumer behaviourImpact of taxes and rationing on budget constraint, marginal utility, diminishing MU, relationship between MU and MRS, optimal choice, equal marginal principle, corner solutions, gasoline rationingch 3.3 and ch 3.5 (skip 3.4 and 3.6)From Ch 3: Questions for Review: 12; Exercises: 10, 14, 15; Additional question (see files> Homework and AK)
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3412-SepMonIndividual and market demand (part 1)Problem solving/review for Quiz 1, price consumption curve, individual demand curvech 4.1No questions from book. See blackboard for HW 4.
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314-SepWedQuiz 1Quiz 1 + Normal & inferior goods, engel curves, substitutes & complementsch 4.1No HW
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4519-SepMonIndividual and market demand (part 2)Income and substitution effects, giffen goods, backward bending supply curvech 4.2, ch 14 pp. 531-534, 'As price goes up, so does demand' from The EconomistFrom Ch 4: Questions for review: 2, 4, 8; Exercises: 4, 6; Appendix Exercises 1, 2. See blackboard for extra questions.
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4621-SepWedIndividual and market demand (part 3)Rebating a tax, market demand, consumer surplusch 4.3-4.5, skip 4.6Ch 4: Questions for Review 7, 9 12; Exercises 10, 13, 14, 15
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423-SepFriLast Day to Add/Drop with RTF-EZLast Day to Add/Drop with RTF-EZLast Day to Add/Drop with RTF-EZLast Day to Add/Drop with RTF-EZ
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425-SepSunLast Day to Drop on GWebLast Day to Drop on GWebLast Day to Drop on GWebLast Day to Drop on GWeb
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5726-SepMonIndividual and market demand (part 3)Elasticity, consumer surplus, network externalitiesch 4.3-4.5, skip 4.6Multiple choice questions posted to blackboard
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5828-SepWedProductionFirms and Their Production Decisions, Production with One Variable Input (Labor), Production with Two Variable Inputs, MRTSch 6.1, 6.2 and 6.3From ch 6: Questions for Review: 4, 6, 8, 11, 13; Exercises: 2, 5, 7, 8(a), 8(b), 8(c); extra questions posted to blackboard
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63-OctMonQuiz 2Quiz 2 Quiz 2-
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695-OctWedProductionElasticity of substitution (of inputs), returns to scale, technological progress (neutral, capital-saving and labor-saving)6.3, 6.4 and extra slidesMultiple choice questions posted to blackboard (should have been called HW 9 but is called HW 8 MCQ)
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71010-OctMonCost of productionAccounting vs economic costs, Sunk costs, Costs in the short run, AC-MC relationshipch 7.1, 7.2From Ch 7: Questions for Review: 5, 8, 11; Exercises: 4, 5, 9, 10; Additional question
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71112-OctWedCost of productionCosts in the long run, isocost line, Economies and diseconomies of scalech 7.3, 7.4, skip 7.6 and 7.7
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716-OctSunReview sessionReview sessionCh 1 to Ch 7 (Ch 7.5 will not be on the test)Review questions posted on BB
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81217-OctMonProfit maximization and competitive suppyCh 7: Finding minimum point of AC, economies of scope; Ch 8: Perfect competition, profit maximizationch 7.5 (spillover from last lecture), ch 8From ch 8: Questions for Review: 7, 8, 9, 10; Exercises: 5, 6, 7, 14; extra question (includes question about finding minimum AC)
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819-OctWedMidterm examMidterm exam (Syllabus: everything before 10/12)Midterm examMidterm exam
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924-OctMonNo class
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91326-OctWedReview Midterm reviewMidterm review
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101431-OctMonProfit maximization and competitive suppyReview of midterm and pre-midterm material, Ch 8: review, profit maximization condition, visualizing profits and losses on a graph, shutdown pricech 8HW 14: 2 extra questions posted on BB (in addition to the HW 12)
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10152-NovWedProfit maximization and competitive suppyThe Competitive Firm’s Short-Run Supply Curve, The Short-Run Market Supply Curve, Choosing Output in the Long-Run, The Industry’s Long-Run Supply Curvech 8 (until 8.7)HW 15: 2 extra questions posted on BB (in addition to the HW 12)
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11167-NovMonAnalysis of competitive marketsComplete remainder of Ch 8; Ch 9: Consumer and producer surplus, minimum prices, price supports, quotas, tariffs, impact of taxesch 8.8, ch 9 (note: discussion of min wage in 9.3 to be replaced by supplementary material which is posted as HW 17)From ch 9: Questions for Review: 1, 2, 4; Exercises: 1, 3, 4, 10, 11, 15; extra question posted to blackboard
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11179-NovWedQuiz 3Quiz 3 + Ch 9 continued (minimum prices, price supports, quotas, tariffs, impact of taxes)Ch 9 (note: discussion of min wage in 9.3 to be replaced by supplementary material which is posted as HW)Extra questions posted to blackboard (HW 17)
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121814-NovMonMonopolyCh 9: tariffs, impact of taxes. Ch 10: Profit maximization for a monopolist ch 9 (except 9.3), ch 10.1 (skip multiplant firm)Extra question on blackboard for Ch 9; From ch 10: Questions for Review: 2, Exercises: 4
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121916-NovWedMonopoly + Pricing with market powerCh 10: monopoly power, sources of power for a monopolist, social costs of monopolist; Ch 11: Price discrimination (introduction)ch 10 (skip natual monopoly, skip 10.5 and skip 10.6); ch 11 - only 11.1 and 11.2From ch 10: Questions for Review: 1, 3, 5, 6, 7, 8; Exercises: 3, 4, 5, 6, 7, 10, 11, 15
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132021-NovMonPricing with market power; Game theory and competitive strategyCh 11: Price discrimination and Introduction to Game Theory: defining a game (players, strategies and payoffs)ch 11 - only 11.1 and 11.2; ch 13* - only 13.1, 13.2 & 13.3 upto p. 486From ch 11: Questions for Review: 2, 3, 4, 5, 6; Exercises: 3, 4, 5
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1323-NovWedNo class
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142128-NovMonGame theory and competitive strategySimultaneous move games, Payoff matrix, Dominant strategies, Nash equilibrium (NE)ch 13* - only 13.1, 13.2 & 13.3 upto p. 486 (skip maximin, skip mixed stratgies)From ch 13: Questions for Review: 1, 3; Exercises: 7a
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142230-NovWedQuiz 4Quiz 4 + making up spillover from previous weeks: Converting a game tree to payoff matrix and vice versa, Sequential move games (nodes, branches, information sets), NE in sequential move gamesQuiz 4 + Extra handout (Lecture-Notes-Game-Theory.pdf)Extra HW questions (HW 22)
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15235-DecMonGame theory and competitive strategyRollback equilibrium, Beach location game, Intro to duopoly and CNEExtra handout (Lecture-Notes-Game-Theory.pdf)From ch 13: Questions for review: 2; Exercises: 4 (skip part b), 5 (part a only), 6 (part a only); HW 23 & 24
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15247-DecWedOligopolyCournot, Bertrand, Collusion, Stackelbergch 12* - only 12.2, 12.3 and 12.4, including Lecture-Notes-Game-Theory.pdfHW 23 & 24
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162512-DecMonReviewReviewReview problems from past HW assignmentsNone
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1614-DecWedFinal exam Final exam (comprehensive i.e. includes all topics covered in the entire semester)Final examFinal exam
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ECON 2101 11 GOV 102 Wednesday, December 14, 2016 12:40pm-2:40pm. Full exam schedule: https://my.gwu.edu/mod/exam_schedules/?x=E
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ECON 2101 13 MON 115 Wednesday, December 14, 2016 8:00am-10:00am. Full exam schedule: https://my.gwu.edu/mod/exam_schedules/?x=E
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