Welcome to Econ 101

Updated on January 9, 2015

**The answers to these 3 Final Homeworks have been posted.**

14a. Class Notes on GDP and Monetary Policy with Homeworks at End

14. **Reserves, Money Supply, Two Determinants of Investment ** Fall 14

An exercise showing how new deposits by being lent and re-lent changes Ms.

How the interest rate affect the economy (Marginal Efficiency of Money

Why is there a multiplier effect from a change in an autonomous component of GDP Yd

The Money Supply, the Demand for Reserves and Interest Rates

15. The Grand Synthesis of Monetary and Fiscal Policies

The answers to these will be posted tonight before ten.

**Practice Final without answers for Eco. 101**

Do first to test yourself. The supply and demand problem has extra zeros in graph, the price ceiling is 30 cents and the excise tax is 20 cents gallon.

It has been corrected in the version with answers.

**Practice Final with answers for Eco. 101**

**The two extra pages at the end are a scanning mistake. **

Since the Final is cumulative, be sure to study carefully ALL the homeworks assigned for the semester

**Practice 2nd Mid-Term without answers for Eco. 101 **

**Practice 2nd Mid-Term with answers for Eco. 101**

Read and understand your assignments in your Aplia homework application.

**There are 15 homeworks for this class the are very important for learning and doing well.**

While the points show us the effort you put into doing them, they also form the basis of many written exam questions.

**Hand in at the beginning of the class. **

**They will be due the next class after I lecture on the material. **

**Check the syllabus to know the deadline for each homework,**

**Print them out (They are in docx format which can be opened in Word 7 or later versions), free at Queens OTC)and do them. **

**No homework is accepted after one week past the due date.**

**You will lose points for any late assignments and homeworks. **

(Click the following links to get homeworks)

These are important for first mid-term.

01. Graphing Total and Marginal Product

Due Tuesday 16th of September

VIP 02. Marginal Revenues Product and Maximizing Profit

Like Benefit - Cost Analysis but for the producers Due Tuesday 16th of September

3. Cost Benefit Analysis for Pollution Control in China

Due Tuesday 30th of September

VIP 04 Production Possibility Frontier and Opportunity Cost

05 Shifts in supply and demand and other factor

VIP 06. New Problem Supply and Demand for Wheat

Due October 14 THIS IS NOT THE SAME AS AS NUMBER 7 (THE ONE BELOW IT)

**07. Hwk Excise Taxes and Managing External Costs **

READ (07a) How excise taxes and subsidies can be used to help use achieve the efficient "social prices" where SMC=SMB

Please copy and past the following reference to read online the following article: http://www.huffingtonpost.com/dave-cooper/harvard-study-coal-costs-_b_831755.html

An excise tax on a good or service (having *external costs * like carbon dioxide or pollution) can affect the quantity and price of the associated good or service,

raising the price to the buyer and reduce the quantity purchased. Think about how subsidizing a public-type service would improve market efficiency.

Due Oct 14th

08. Measuring GDP, Investment and Savings

GDP = Gross Domestic Production, Proves the Savings must equal Investment

Due Tues. November 11, 2014

09. The Consumption and Savings Function

Plotting numerical example of consumption function

Due Tues. November 11, 2014

10. Plotting Algebraic Consumption and Savings Functions

with Investment Thrown In. The all important Multiplier Model.

__Solve and Plot __

Due Tues. November 11, 2014

** 11.a Simple Algebraic Model to determine GDP and describing its relationship to Full Employment GDP **

Due Tues. November 11, 2014

** 11.S**tandard GDP practice problem in algebra

Due Tuesday November 18, 2014

**HW 11 Consumption, Saving, Investment and Equilibrium Output**

** 12. Managing deficit a la republican based on earlier problem. 11 **

13.
**Simple Algebraic Model to determine GDP **

**and describing its relationship to Full Employment GDP "Gaps" **

Due Tuesday November 18, 2014

13. **Full Algebraic Model to determine GDP with all Variables **

**(i, tx, tr, mpc, mpi, G, Tx) **

14a. Class Notes on GDP and Monetary Policy with Homeworks at End

14. **Reserves, Money Supply, Two Determinants of Investment ** Fall 14

An exercise showing how new deposits by being lent and re-lent changes Ms.

How the interest rate affect the economy (Marginal Efficiency of Money

Why is there a multiplier effect from a change in an autonomous component of GDP Yd

The Money Supply, the Demand for Reserves and Interest Rates

15. The Grand Synthesis of Monetary and Fiscal Policies

New Vocabulary & Concepts Lists

Vocabulary and Basic concepts_in Economic Theory

Vocabulary handouts

Study for the lectures and exams

(Click to get the sheets)

Basic concepts in Economic Theory

Vocabulary for Supply and demand Lectures

Read these vocabulary sheets for the first mid term.

**Voc #1** Basic concepts in Economic Theory

**Voc #2** Really Basic Concepts in Economics, Mixed Market Economy and Production Possibility Frontier

**Voc #3**Vocabulary for Supply and Demand Lectures

**Voc #4**** Graphing Supply and Demand**

**Voc #5 Introduction to Marginal Analysis MB = MC and Economic Efficiency**

(07a) How excise taxes and subsidies can be used to help use achieve the efficient "social prices" where SMC=SMB

**VIP for Mid Term Voc. #7 Introduction to the Economics of Public Goods**

VIP for Mid Term #8 Lecture Notes on Public Type Good