G11 - Week 5 - Day 1

In-class work

1. Questions?
1. Exercise 1 & 5-8 (p. 58 & 66)
2. Exercises 9-13 (p. 70)
3. Exercises 2-4 (p. 64)
2. Market for Communication
3. Elasticities
1. Calculating and Interpreting Price Elasticity of Demand
1. Exercises 1-3 (p. 75)
2. Price Elasticity of Demand and the Total Revenue Test
1. Exercises 4-7 (p. 82)
3. Cross Price Elasticity of Demand and its Determinants
1. Exercises 11-13 (p. 87)
4. Income Elasticity of Demand
1. Exercises 14-16 (p. 89)
5. Price Elasticity of Supply and its Determinants
1. Exercises 17-20 (p. 95)
6. Applications of Elasticity (PED, XED and YED)

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From the blogosphere

1. A new (old) argument against a guaranteed basic income
2. Diminishing Credit: How Colleges and Universities Restrict the Use of Advanced Placement

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Currently Reading

Creating a Learning Society

"Even if there is more innovation under monopoly, however, it does not mean that welfare is higher. Society pays a cost, both today and in the future, from the monopoly distortions. Only if the dynamic [tomorrow's] benefits are large enough to offset the static [today's] distortions is monopoly preferable to a competitive equilibrium." (Kindle Locations 5757-5760)