Reading Assignments for Exam #3

Reading Assignment for Exam #3 - Market Theory                         

Videos:

Lecture on the Importance of Supply and Demand Links to an external site.

Law of Demand Links to an external site.

Law of Supply Links to an external site.

Market Equilibrium Links to an external site.

Supply Curves Shifting Links to an external site. 

Demand Curves Shifting Links to an external site.   Links to an external site.

Read the following chapters:

Chapter 3 - Demand, Supply, and Market Equilibrium
Chapter 5 - Market Failure; Public Goods and Externalities
Chapter 16 - Public Finance - Expenditures and Taxes
Chapter 19 - Agriculture: Economics and Policy
Chapter 20 - Income Inequality and Discrimination

Important Concepts 

Demand Curve
Supply Curve
Changes in Demand vs Changes in Quantity Demanded
Changes in Supply vs Changes in Quantity Supplied
shortage
surplus
Consumer Surplus
Producer Surplus
Deadweight Loss
Equilibrium
Price Ceiling
Price Floor
Pareto Efficient (Pareto Optimal)
Tax Incidence
choke price
definitions of slopes and intercepts for demand and supply curves
Progressive Tax System
Proportional Tax System
Laffer Curve
Public Good
Private Good
The Exclusion Principle
"free rider problem"
Regressive Tax System
negative external costs
positive spillover effects

Links:

BYU - Idaho - supply and demand - https://courses.byui.edu/econ_150/econ_150_old_site/lesson_03.htm Links to an external site.

MIT - supply - demand - http://ocw.mit.edu/courses/urban-studies-and-planning/11-203-microeconomics-fall-2010/exams/MIT11_203F10_examprep.pdf Links to an external site.

Minnesota State University - Monkato - Suppy and Demand - http://kr.mnsu.edu/~cu7296vs/supdem.htm Links to an external site.

California State University - Northridge - http://www.csun.edu/~dgw61315/PTlect2y.pdf Links to an external site.

Can Hunting Animals Save Endangered Species? - CBS 60 Minutes - http://www.cbsnews.com/video/watch/?id=7396832n&tag=cbsnewsMainColumnArea.12 Links to an external site.

Rock Throwing Berliners Protest High Rents - http://www.bloomberg.com/news/2014-10-09/rock-throwing-berliners-take-on-developers-in-rent-clash.html Links to an external site. Links to an external site.

Rental Housing Auctions in San Francisco - http://www.citylab.com/housing/2016/05/this-housing-auction-startup-thinks-san-francisco-rents-are-too-cheap/483045/ Links to an external site.

Rent Control and Black Markets In San Francisco - http://www.baycitizen.org/housing/story/surge-sf-vacation-rentals-squeezes/ Links to an external site.

PBS - costs and benefits of global warming - http://www.pbs.org/newshour/bb/how-the-benefits-of-climate-action-may-outweigh-the-costs/ Links to an external site.

Deadweight Loss - San Jose State University - http://www.sjsu.edu/faculty/watkins/taximpact.htm Links to an external site.

University of Pittsburgh - http://www.pitt.edu/~mgahagan/Definitions/SupplyandDemand.pdf Links to an external site.

University of Nebraska - Omaha - Interactive Supply and
Demand - http://ecedweb.unomaha.edu/DEm_Sup/econqui2.htm Links to an external site.

Interactive Supply and Demand - http://www.bized.co.uk/learn/economics/markets/mechanism/interactive/part3.htm Links to an external site.

Consumer and Producer Surplus - http://www.bus.msu.edu/econ/brown/pim/pdffiles98/csps98.pdf Links to an external site.

Price Controls due to Hurricane - http://www.econtalk.org/archives/2007/01/munger_on_price_1.html Links to an external site.

Tax Incidence - Iowa State University - http://www2.econ.iastate.edu/classes/econ301/qiao/taxincidence.pdf Links to an external site.

The First McDonalds in Moscowhttp://www.youtube.com/watch?v=3YKK5ZEehuI Links to an external site.

Consumer Surplus and Consumer Surplus Using Integrals - http://www.math.vt.edu/people/mcquain/csps.pdf Links to an external site.

PRACTICE TESTS

Practice Test - http://highered.mheducation.com/sites/0077337727/student_view0/chapter3/quiz.html Links to an external site.

Practice Test - Minnesota State University - Monkato -http://krypton.mnsu.edu/~qp8847pw/econ202/practicequestions/practicequestiontest2.pdf Links to an external site.

Practice Test - Marietta University - http://www.marietta.edu/~delemeeg/econ349/exams/SampleExam1.pdf Links to an external site.

Practice Test - Iowa State University - market theory multiple choice exam - http://www.econ.iastate.edu/classes/econ101/gao/secondkey.doc.pdf Links to an external site.

How the Housing Market May Cost You $5000 in Lost Wages - http://www.pbs.org/newshour/making-sense/how-the-housing-markets-in-5-u-s-cities-may-have-cost-you-5000-in-lost-wages/ Links to an external site.

Practice Test - Miami University - http://moya.bus.miami.edu/~probins/review3-4.pdf Links to an external site.

Price Ceilings and Price Floors - Government Regulated Prices

https://www.youtube.com/watch?v=qZAvTVvcxcY Links to an external site.

Venezuela - Finding Food In A Starving Country - http://www.bloomberg.com/features/2016-venezuela-diary/ Links to an external site.

Markets In Action:

Real Time Stock Prices - http://www.tradingday.com Links to an external site.

Real Time Currency Exchange Rates - http://www.xe.com/ Links to an external site.