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ECON3010课程简介
Course Description: A presentation and study of national income aggregates and accounting; equilibrium analysis of output, employment and the price level; general equilibrium analysis; and an introduction to economic dynamics.
Course Prerequesites: ECON 1010 and 1020 or their equivalents; QA and MATH 2200/2350
Primary Text: Macroeconomics by N. Gregory Mankiw ( $10^{\text {th }}$ edition)
Classroom Polls: We’ll be using REEF Polling to take classroom polls. It is free to download the app to your phone, tablet or laptop.
Prerequisites
Course Description: Microeconomic theory is the study of models economists use to describe how agents (consumers, firms, governments, etc.) make decisions and how these decisions affect market outcomes and welfare. We begin by analyzing how consumers and firms make optimal decisions given the budgetary and physical/technological constraints they face. We then study how these decisions by individuals translate into competitive market equilibria, and look at the Conditions under which the “invisible hand” of the market optimizes welfare.
The second half of the class discusses deviations from the competitive ideal. We look at important sources of market failures, including including externalities, market power (monopolies), and asymmetric information. An important tool for economists in analyzing such situations where strategic interactions between people influences outcomes is game theory. The last section of the course will be a basic introduction to game theory and its applications in economics, including imperfectly competitive markets (e.g., oligopolies), public goods, and prinicpal-agent problems.
ECON3010 Macroeconomics（EXAM HELP， ONLINE TUTOR）
Consider your decision whether to go skiing for the weekend. Suppose transportation, lift tickets, and accommodation for the weekend cost $\$ 300$. Suppose also that restaurant food for the weekend will cost $\$ 75$. Finally, suppose you have a weekend job that you will have to miss if you go skiing, which pays you $\$ 120$ (after tax) for the one weekend day that you work. What is the opportunity cost of going skiing? Do you need any other information before computing the opportunity cost?
The opportunity cost of going skiing is the value of the next best alternative that you would have to forego in order to go skiing. In this case, the opportunity cost of going skiing is the value of the weekend job that you will have to miss if you go skiing. Therefore, the opportunity cost of going skiing is $$120$.
We do not need any other information to compute the opportunity cost in this scenario.
Suppose you own an outdoor recreation company and you want to purchase all-terrain vehicles (ATVs) for your summer business and snowmobiles for your winter business. Your budget for new vehicles this year is $\$ 240000$. ATVs cost $\$ 8000$ each and snowmobiles cost $\$ 12000$ each.
a. Draw the budget line for your purchase of new vehicles.
b. What is the opportunity cost of one ATV?
c. What is the opportunity cost of one snowmobile?
d. Does the opportunity cost of one ATV depend on how many you purchase? Why or why not?
a. To draw the budget line, we need to find the maximum number of ATVs and snowmobiles that can be purchased with the budget of $$ 240000$. Let $x$ be the number of ATVs and $y$ be the number of snowmobiles. Then, the budget constraint can be expressed as:
$8000x + 12000y = 240000$
Simplifying this equation, we get:
$4x + 6y = 120$
Dividing both sides by 2, we get:
$2x + 3y = 60$
Now, we can plot this equation on a graph, with $x$ on the horizontal axis and $y$ on the vertical axis. The resulting budget line is a straight line with intercepts of 30 on the $x$-axis and 20 on the $y$-axis:
b. The opportunity cost of one ATV is the number of snowmobiles that could have been purchased instead of one ATV with the same amount of money. To find this, we can rearrange the budget constraint equation as follows:
$y = \frac{1}{2}(60 – 2x)$
This equation represents a straight line with a slope of $-\frac{1}{2}$. The opportunity cost of one ATV is therefore the slope of this line, which is the amount of $y$ (number of snowmobiles) that must be given up to obtain an additional $x$ (one ATV). The opportunity cost of one ATV is:
$\frac{\Delta y}{\Delta x} = -\frac{1}{2}$
c. Similarly, the opportunity cost of one snowmobile is the number of ATVs that could have been purchased instead of one snowmobile with the same amount of money. Rearranging the budget constraint equation to solve for $x$, we get:
$x = 15 – \frac{1}{3}y$
This equation also represents a straight line, but with a slope of $-\frac{1}{3}$. The opportunity cost of one snowmobile is therefore:
$\frac{\Delta x}{\Delta y} = -\frac{1}{3}$
d. No, the opportunity cost of one ATV does not depend on how many ATVs are purchased. The opportunity cost of one ATV is determined by the slope of the budget constraint equation, which is constant regardless of the number of ATVs purchased. However, the total opportunity cost of purchasing multiple ATVs will increase as the number of ATVs purchased increases, since each additional ATV will require giving up more snowmobiles.
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