A | B | C | D | E | F | G | H | |
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1 | Note: | Completed lectures highlighted in blue | No class (boo!) highlighted in green | |||||

2 | Upcoming lectures highlighted in grey | Tests and other important dates highlighted in yellow | ||||||

3 | Week no. | Lecture no. | Date | Day | Theme | Topics | Readings | Homework |

4 | 1 | 1 | 29-Aug | Mon | Introduction and basics of demand and supply | Motivation, factors affecting demand and supply, equilibrium analysis, comparative statics, elasticity | ch 1, ch 2 | From Ch 2: Questions for Review: 6, 10 Exercises: 2, 3, 6 |

5 | 1 | 2 | 31-Aug | Wed | Consumer behaviour | Preferences, utility functions, examples (perfect substitutes, perfect complements, bad, neutral), satiation, MRS, budget constraint (shifts vs pivots) | ch 3.1, ch 3.2 | From Ch 3: Exercises: 2, 3, 5, 6, 8 |

6 | 2 | 5-Sep | Mon | No class | No class | No class | No class | |

7 | 2 | 3 | 7-Sep | Wed | Consumer behaviour | Impact of taxes and rationing on budget constraint, marginal utility, diminishing MU, relationship between MU and MRS, optimal choice, equal marginal principle, corner solutions, gasoline rationing | ch 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) |

8 | 3 | 4 | 12-Sep | Mon | Individual and market demand (part 1) | Problem solving/review for Quiz 1, price consumption curve, individual demand curve | ch 4.1 | No questions from book. See blackboard for HW 4. |

9 | 3 | 14-Sep | Wed | Quiz 1 | Quiz 1 + Normal & inferior goods, engel curves, substitutes & complements | ch 4.1 | No HW | |

10 | 4 | 5 | 19-Sep | Mon | Individual and market demand (part 2) | Income and substitution effects, giffen goods, backward bending supply curve | ch 4.2, ch 14 pp. 531-534, 'As price goes up, so does demand' from The Economist | From Ch 4: Questions for review: 2, 4, 8; Exercises: 4, 6; Appendix Exercises 1, 2. See blackboard for extra questions. |

11 | 4 | 6 | 21-Sep | Wed | Individual and market demand (part 3) | Rebating a tax, market demand, consumer surplus | ch 4.3-4.5, skip 4.6 | Ch 4: Questions for Review 7, 9 12; Exercises 10, 13, 14, 15 |

12 | 4 | 23-Sep | Fri | Last Day to Add/Drop with RTF-EZ | Last Day to Add/Drop with RTF-EZ | Last Day to Add/Drop with RTF-EZ | Last Day to Add/Drop with RTF-EZ | |

13 | 4 | 25-Sep | Sun | Last Day to Drop on GWeb | Last Day to Drop on GWeb | Last Day to Drop on GWeb | Last Day to Drop on GWeb | |

14 | 5 | 7 | 26-Sep | Mon | Individual and market demand (part 3) | Elasticity, consumer surplus, network externalities | ch 4.3-4.5, skip 4.6 | Multiple choice questions posted to blackboard |

15 | 5 | 8 | 28-Sep | Wed | Production | Firms and Their Production Decisions, Production with One Variable Input (Labor), Production with Two Variable Inputs, MRTS | ch 6.1, 6.2 and 6.3 | From 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 |

16 | 6 | 3-Oct | Mon | Quiz 2 | Quiz 2 | Quiz 2 | - | |

17 | 6 | 9 | 5-Oct | Wed | Production | Elasticity of substitution (of inputs), returns to scale, technological progress (neutral, capital-saving and labor-saving) | 6.3, 6.4 and extra slides | Multiple choice questions posted to blackboard (should have been called HW 9 but is called HW 8 MCQ) |

18 | 7 | 10 | 10-Oct | Mon | Cost of production | Accounting vs economic costs, Sunk costs, Costs in the short run, AC-MC relationship | ch 7.1, 7.2 | From Ch 7: Questions for Review: 5, 8, 11; Exercises: 4, 5, 9, 10; Additional question |

19 | 7 | 11 | 12-Oct | Wed | Cost of production | Costs in the long run, isocost line, Economies and diseconomies of scale | ch 7.3, 7.4, skip 7.6 and 7.7 | |

20 | 7 | 16-Oct | Sun | Review session | Review session | Ch 1 to Ch 7 (Ch 7.5 will not be on the test) | Review questions posted on BB | |

21 | 8 | 12 | 17-Oct | Mon | Profit maximization and competitive suppy | Ch 7: Finding minimum point of AC, economies of scope; Ch 8: Perfect competition, profit maximization | ch 7.5 (spillover from last lecture), ch 8 | From ch 8: Questions for Review: 7, 8, 9, 10; Exercises: 5, 6, 7, 14; extra question (includes question about finding minimum AC) |

22 | 8 | 19-Oct | Wed | Midterm exam | Midterm exam (Syllabus: everything before 10/12) | Midterm exam | Midterm exam | |

23 | 9 | 24-Oct | Mon | No class | ||||

24 | 9 | 13 | 26-Oct | Wed | Review | Midterm review | Midterm review | |

25 | 10 | 14 | 31-Oct | Mon | Profit maximization and competitive suppy | Review of midterm and pre-midterm material, Ch 8: review, profit maximization condition, visualizing profits and losses on a graph, shutdown price | ch 8 | HW 14: 2 extra questions posted on BB (in addition to the HW 12) |

26 | 10 | 15 | 2-Nov | Wed | Profit maximization and competitive suppy | The 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 Curve | ch 8 (until 8.7) | HW 15: 2 extra questions posted on BB (in addition to the HW 12) |

27 | 11 | 16 | 7-Nov | Mon | Analysis of competitive markets | Complete remainder of Ch 8; Ch 9: Consumer and producer surplus, minimum prices, price supports, quotas, tariffs, impact of taxes | ch 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 |

28 | 11 | 17 | 9-Nov | Wed | Quiz 3 | Quiz 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) |

29 | 12 | 18 | 14-Nov | Mon | Monopoly | Ch 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 |

30 | 12 | 19 | 16-Nov | Wed | Monopoly + Pricing with market power | Ch 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 11.2 | From ch 10: Questions for Review: 1, 3, 5, 6, 7, 8; Exercises: 3, 4, 5, 6, 7, 10, 11, 15 |

31 | 13 | 20 | 21-Nov | Mon | Pricing with market power; Game theory and competitive strategy | Ch 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. 486 | From ch 11: Questions for Review: 2, 3, 4, 5, 6; Exercises: 3, 4, 5 |

32 | 13 | 23-Nov | Wed | No class | ||||

33 | 14 | 21 | 28-Nov | Mon | Game theory and competitive strategy | Simultaneous 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 |

34 | 14 | 22 | 30-Nov | Wed | Quiz 4 | Quiz 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 games | Quiz 4 + Extra handout (Lecture-Notes-Game-Theory.pdf) | Extra HW questions (HW 22) |

35 | 15 | 23 | 5-Dec | Mon | Game theory and competitive strategy | Rollback equilibrium, Beach location game, Intro to duopoly and CNE | Extra 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 |

36 | 15 | 24 | 7-Dec | Wed | Oligopoly | Cournot, Bertrand, Collusion, Stackelberg | ch 12* - only 12.2, 12.3 and 12.4, including Lecture-Notes-Game-Theory.pdf | HW 23 & 24 |

37 | 16 | 25 | 12-Dec | Mon | Review | Review | Review problems from past HW assignments | None |

38 | 16 | 14-Dec | Wed | Final exam | Final exam (comprehensive i.e. includes all topics covered in the entire semester) | Final exam | Final exam | |

39 | 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 | |||||||

40 | 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 |