G11 - Week 6 - Day 1

In-class work

1. Exercises 14-16 (p. 89)
2. Price Elasticity of Supply and its Determinants
1. Exercises 17-20 (p. 95)
3. Applications of Elasticity (PED, XED and YED)

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From the blogosphere

1. Optimal Taxation of Top Labor Incomes: A Tale of Three Elasticities
1. Socially optimal rates are between 50-83% depending on labor behavior elasticities.
2. Teacher Holds An Experiment With Students To Illustrate Gender Gap In Congress
1. How might this affect economic policies?
3. Here’s What Happens When You Give $1,000 to Someone in Extreme Poverty

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Currently Reading

Education for Sustainable Happiness and Well-being

“Happiness literacy reveals how we are being socialized to view happiness in a consumer society that often associates happiness with material consumption" (p. 47).

G11 - Week 5 - Day 2

In-class work

1. Questions on Exercises 4-7 (p. 82)
2. Cross Price Elasticity of Demand and its Determinants
1. Exercises 11-13 (p. 87)
3. Income Elasticity of Demand
1. Exercises 14-16 (p. 89)
4. Price Elasticity of Supply and its Determinants
1. Exercises 17-20 (p. 95)
5. Applications of Elasticity (PED, XED and YED)

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From the blogosphere

1. Is happiness inequality falling?
2. The Education Algorithm

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Currently Reading

The Happiness Manifesto

“It makes no sense if a nation’s current well-being comes at the expense of its future well-being,” (Kindle Locations 233-239) and that, “sustainability can be thought of as creating future happiness – human happiness that lasts over time” (Kindle Locations 446-448).

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)

G11 - Week 4 - Day 2

In-class work

1. Market Equilibrium, Disequilibrium and Allocative Efficiency
1. Exercise 1 & 5-8 (p. 58 & 66)
2. Consumer Surplus and Producer Surplus
1. Exercises 9-13 (p. 70)
3. A Supply and Demand Paradox - the Chevy Volt versus the Chevy Cruze
4. Finding Equilibrium using Linear Demand and Supply Equations (HL Only)
5. Consumer Surplus and Producer Surplus in the Linear Demand and Supply Model (HL Only)
1. Exercises 2-4 (p. 64)

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From the blogosphere

1. Why are movie stars paid more than firefighters?
2. Why Uber Is an Economist's Dream

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Currently Reading

Creating a Learning Society

"We can now see the essential trade-off. If the government can induce a small shift in consumption [today] from [agriculture to manufacturing], then there will be a small decrease in welfare [today], but [the future's] production possibility curve will shift out, by an amount reflecting the increase in growth (enhanced learning) resulting from the increased industrial production, generating an [overall] improvement in welfare. Hence, welfare is unambiguously improved. It always pays for government to encourage the learning sector." (Kindle Locations 5545-5550)

G11 - Week 4 - Day 1

In-class work

1. Questions?
2. Assessment Peer Marking
3. Market Equilibrium, Disequilibrium and Allocative Efficiency
1. Exercise 1 & 5-8 (p. 58 & 66)
4. Consumer Surplus and Producer Surplus
1. Exercises 9-13 (p. 70)
5. A Supply and Demand Paradox - the Chevy Volt versus the Chevy Cruze
6. Finding Equilibrium using Linear Demand and Supply Equations (HL Only)
7. Consumer Surplus and Producer Surplus in the Linear Demand and Supply Model (HL Only)
1. Exercises 2-4 (p. 64)

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From the blogosphere

1. Who Is the Most Impressive Leader in the World Right Now?
2. Happy Birthday to Me: I'm Giving Someone $3,500

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Currently Reading

Creating a Learning Society

"It has long been recognized that most standard of living increases are associated with advances in technology, not the accumulation of capital. Yet it has also become clear that what truly separates developed from less developed countries is not just a gap in resources or output but a gap in knowledge. In fact, the pace at which developing countries grow is largely determined by the pace at which they close that gap.

Therefore, how countries learn and become more productive is key to understanding how they grow and develop, especially over the long term."

G12 - September 5, 2016

In-class work

1. Please exchange your macro commentary first drafts with each other and peer review them
2. Leave them on my desk before you leave
3. Continue studying ch. 19

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From the blogosphere

1. Are universities worth it?
2. The Future (Probably) Isn't as Scary as You Think

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Currently Reading

The Road to Serfdom

"To split or decentralize power is necessarily to reduce the absolute amount of power, and the competitive system is the only system designed to minimize by decentralization the power exercised by man over man." (Kindle Locations 3980-3982).

G11 - Week 3 - Day 3

In-class work

1. Questions?
2. Assessment

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From the blogosphere

1. Are universities worth it?
2. The Future (Probably) Isn't as Scary as You Think

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Currently Reading

The Road to Serfdom

"To split or decentralize power is necessarily to reduce the absolute amount of power, and the competitive system is the only system designed to minimize by decentralization the power exercised by man over man." (Kindle Locations 3980-3982).