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:

Why Are Demand Curves Negatively Sloped? The Paradox of Value - https://www.youtube.com/watch?v=e7S8jWh6AEs&feature=youtu.be Links to an external site.

Harper College - Supply and Demand - http://www.harpercollege.edu/mhealy/eco212i/lectures/s&d/s&d.htm Links to an external site.

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.

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.

 What's the Sweet - Spot for Adjusting the Minimum Wage? - Alan Kreuger - http://www.pbs.org/newshour/bb/whats-economic-sweet-spot-adjusting-federal-minimum-wage Links to an external site.

Minimum Wage Discussion - KQED - http://ww2.kqed.org/lowdown/2014/03/10/minimum-wage

Characteristics of Minimum Wage Workers - Bureau of Labor Statistics - https://www.bls.gov/opub/reports/minimum-wage/2016/home.htm 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

Pareto Efficiency - Econ 212-2 - youtube - http://www.youtube.com/watch?v=F_cAPpThiC0 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

Tax Incidence - youtube - https://www.youtube.com/watch?v=k-adIctGdtc Links to an external site.

Tax Incidence - youtube - https://www.youtube.com/watch?v=UlWCAdp6sys Links to an external site.

Tax Incidence - youtube- https://www.youtube.com/watch?v=9gwTH4Yme8I Links to an external site.

Tax Incidence - youtube - https://www.youtube.com/watch?v=DfoGPgSKGMA 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

WHAT DO ECONOMISTS THINK?

Minimum Wages -University of Chicago Panel -http://www.igmchicago.org/igm-economic-experts-panel/poll-results?SurveyID=SV_e9vyBJWi3mNpwzj

Amazon and Market Power - University of Chicago Panel - http://www.igmchicago.org/igm-economic-experts-panel/poll-results?SurveyID=SV_86a5upTQvi7uqfX Links to an external site.

Taxi Competition - University of Chicago Panel - http://www.igmchicago.org/igm-economic-experts-panel/poll-results?SurveyID=SV_eyDrhnya7vAPrX7 Links to an external site.

Supplying Kidneys - University of Chicago Panel - http://www.igmchicago.org/igm-economic-experts-panel/poll-results?SurveyID=SV_9zykiP3qy64tu2F Links to an external site.

Surge Pricing - University of Chicago Panel - http://www.igmchicago.org/igm-economic-experts-panel/poll-results?SurveyID=SV_2bC0xviyL9hsNLL Links to an external site.

Minimum Wages - University of Chicago Panel - http://www.igmchicago.org/igm-economic-experts-panel/poll-results?SurveyID=SV_br0IEq5a9E77NMV Links to an external site.

Obesity and Soft Drinks - University of Chicago Panel - http://www.igmchicago.org/igm-economic-experts-panel/poll-results?SurveyID=SV_b8XjwMayOL0r58V Links to an external site.

Price Gouging - University of Chicago Panel - http://www.igmchicago.org/igm-economic-experts-panel/poll-results?SurveyID=SV_cGhnqM71sWPaoHa Links to an external site.

Ticket Resale (scalping) - University of Chicago Panel - http://www.igmchicago.org/igm-economic-experts-panel/poll-results?SurveyID=SV_eR0Qb5bh3yGY64A Links to an external site.

Rent Control - University of Chicago Panel - http://www.igmchicago.org/igm-economic-experts-panel/poll-results?SurveyID=SV_6upyzeUpI73V5k0 Links to an external site.

Congestion Pricing - University of Chicago Panel - http://www.igmchicago.org/igm-economic-experts-panel/poll-results?SurveyID=SV_3aeMp7lK74rrVFa Links to an external site.

Drug Use Policies - University of Chicago Panel - http://www.igmchicago.org/igm-economic-experts-panel/poll-results?SurveyID=SV_56aH8qtNcQdaRve 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.

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.

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.

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.