3.2 — Market Competition and Surpluses — Class Content
- Section 1: Monday, March 29, 2021
- Section 2: Tuesday, April 13, 2021Section 2, because of no class on Thursday Feb 18 and Tuesday Mar 9, is 2 classes behind Section 1.
Today we discuss the competition that takes place in markets, and discuss the idea of consumer and producer surplus. We will also do some numerical and algebraic examples of solving for equilibrium and surpluses. # Readings
- Chs. 2, 3.1 in Goolsbee, Levitt, and Syverson, 2019
Today we will be working on practice problems. Answers will be posted later on that page.
We are ready for Exam 2. However, this semester has an awkward schedule, for two reasons: first is Section 2 is a full week behind Section 1 due to Spring Break days, and second is that next week is “Wellness week” and I cannot give an exam during that week. Thus:
- For Section 1 (M/W)
We will proceed with 3.1 and 3.2 for the next two classes (Wed Mar 24 and Mon Mar 29) and have a review session on Wed Mar 31 for Exam 2. Topics 3.1 and 3.2 will not be on Exam 2, but will be on the Final Exam.
- For Section 2 (Tu/Th)
We will catch up and finish 2.6 on Tues Mar 30, and have a review session on Thur April 1.
Both sections will have Exam 2 the week of April 5.