Author Archives: dudeworld33

This is the last chapter in the course.  I hope you have enjoyed the course and are saddened to see it end.  What concepts or theories did you find most interesting and/or useful?  Is there an area where you changed your thinking? And on the content in this chapter – Asymmetric Information and Adverse SelectionContinue reading “Chapter 22 Reflection”

This is a complicated chapter.  What did you find most confusing?  What do you think about the concept of indifference curves in the context of budget constraints? Does the concept of indifference curves add to your understanding of demand curves?  The existence of prices and income clearly leads to budget constraints.  Do you think aboutContinue reading “Chapter 21 Reflection”

Write a 200 to 250 word summary of this chapter.  Be sure you capture the main ideas.  (But don’t go over the word limit — the point is to try to write the summary.) This chapter is about income inequality and poverty. It discusses the income groups in the United States, and the differences betweenContinue reading “Chapter 20 Reflection”

Post three of your “margin notes” from your reading of the chapter to your blog.  Why did you make the comment you made in the margin?  What did you find confusing, useful, or important about the passage you commented on? (I know many of you don’t use margin notes or even take notes as youContinue reading “Chapter 19 Reflection”

Pretend for a moment you are the instructor developing this course.  Write 2 short answer questions for an exam over this chapter that you believe cover the most important points in the chapter. Post both questions on your blog.  Give an example of a great answer and an okay answer to each question. (Be sureContinue reading “Chapter 18 Reflection”

Pretend for a moment that this is Twitter and you only have 140 characters to respond in — write a tweet defining and/or describing oligopoly. Can you think of a market that was an oligopolistic market, but has changed and is now either leaning monopoly or Monopolistic competition?  Were regulatory agencies involved? (Good or bad.)Continue reading “Chapter 17 Reflection”

I hope you are finding these blogs useful. If not, try making notes  in them while reading the chapter — noting things to think about and possible applications of the content. Muse a little about the role of advertising in industries classified as monopolistic competition or even oligopoly. Can advertising make markets either more orContinue reading “Chapter 16 Reflection”

How did your understanding of monopolies change after reading this chapter? What do you see differently now? Give an example of a regulated monopoly (a monopoly that exists due to government fiat).  Why did we choose to give this particular firm monopoly status?  Do you think it was a good decision?  Why or why not?Continue reading “Chapter 15 Reflection”

Why does a perfectly competitive firm maximize revenues where P=MC?  Why is P=MR in this market type? Name a business you think belongs in this category.  Why? Be sure you think and write about all of the assumptions about firms in this industry. Competitive firms maximize revenues where P=MC because when Price (P) is equalContinue reading “Chapter 14 Reflection”

This chapter is critical to your overall understanding of economics.  Be sure to spend extra time deriving and drawing the various curves. Why do marginal costs first fall and then begin to rise? (Think about productivity and how it is impacted by fixed resources.) Why are marginal costs important to a firm when making decisionsContinue reading “Chapter 13 Reflection”