My Session Schedule
[box]Mondays 1:30-2:30 DPC C105
Wednesdays 6pm – 7pm JTR 109
Wednesdays 1:30-2:30 DPC C105 (Office Hour)[/box]
Week 11 (Final Review Session)
Here are the slides from my final review session, some of them are repetitive, I apologize.
Hey everyone, remember, my final review session will be this Sunday, June 5, from 7:30pm to 9:30pm.
Here are the survey questions with the correct answers from my sessions:
Also, here are the slides from the last two weeks with the activities we did.
If you couldn’t make it to any of my sessions last week, here is the PowerPoint we went over, so you can be caught up on what we covered!
Let me know if you have any questions!
Have a good week!
I hop everyone took the time to correct the questions they got wrong on the midterm. I went over many of them in my session, don’t miss out on those extra points for submitting corrections.
Last week the professor discussed policy suggestions, they were as follows:
- Encourage saving and investment.
- Encourage investment from abroad
- Encourage education and training.
- Establish secure property rights and maintain political stability.
- Promote free trade.
- Promote research and development.
To practice with these, come up with examples for yourself that would require, or exemplify these policies.
Here are a couple examples I came up with: (P.S. they are not necessarily true)
- In Venezuela, the government is continually taken over but a coup. Therefore, no one wants to invest in this country. Sort of policy are they lacking?
- Germany wants to go to Mars, what kind of policy will they need in order to accomplish this goal?
Have a good week 8!
I hope your midterm went well! If you got a notification from blue star, please start coming to Petar or my sessions, we want to help you succeed.
Last week the professor went over productivity and standard of living. I read a very interesting article in the Economist this weekend that discussed all the issues he was talking about with using GDP as a measure of a country’s prosperity. It relates and give real examples of most things he discussed in class thus far. Check it out! it’s one of their shorter cover articles.
Have a good week, and please see me if you have any questions about what you got wrong on the midterm.
Sorry if you’re a Bernie fan, regardless these are still humorous:
I hop the midterm review session was helpful. I know many expressed interest in the slides I went through during the session,
so here they are. Let me know if you have any questions!
Good luck on your midterm this week!
Hopefully professor Mary isn’t thinking this…
Here are the in-class survey questions we went over in the sessions.
Also, I will be holding a mid-term review session this Sunday, May 1 from 7 – 8:30pm, room TBD, but it will be in Lincoln Park.
Let me know if you have any questions, hope to see you there.
So we covered price ceilings and floors this week. Just keep my balloon example in mind, and you’ll do fine with ceilings and floors.
To review, notice how the below graph is a binding price ceiling. In this case, the balloon would float up and hit the ceiling before it hits the equilibrium, so it is binding. The balloon would like to continue up to equilibrium, but cannot due to the binding ceiling.
Now let’s take this non-binding price floor. The balloon in this case would float down and be able to pass equilibrium before it hits the floor, making it non-binding.
Here is the Simultaneous Supply and Demand Curve Shift Exercise we did during the session.
(Double click the picture to make it clearer and bigger).
We also covered taxes this week. They can be hard to visualize. Just try to remember where the lines need to be drawn and what they mean.
The top price always is the price the consumer pays, and the bottom price is the price the producer receives. Remember, they receive a lowered amount because the tax was taken out of what the consumer pays to them.
Last, remember, whoever is more inelastic carries more of the burden of the tax. So, whoever has the more vertical curve (supply or demand) will end up with more of the burden. Note: More inelastic supply curve means producers will carry more burden, more inelastic demand curve, consumer will carry more burden.
See-ya next week!
Bad luck for you, Brian!
So here are some quick notes on what we learned this week:
Normative statements are subjective statements rather than objective statements – i.e. they carry value judgments; A value judgement is a subjective statement of opinion rather than a fact that can be tested by looking at the available evidence.
Positive statements are objective statements that can be tested, amended or rejected by referring to the available evidence. Positive economics deals with objective explanation and the testing and rejection of theories.
Represents the short-run trade-off between Inflation and Unemployment. (Principle 10)
If decrease Inflation, will increase Unemployment.
- When price > equilibrium price
- then quantity supplied > quantity demanded
- When price < equilibrium price
- quantity demanded > the quantity supplied
Have a good week!
I am a graduate student at DePaul working towards my Master of Science in Economic Policy Analysis. In addition to being an SI Leader, I am graduate research assistant for DePaul’s economics department. I graduated from DePaul with a BA in Honors Economics in August 2015. I graduated in 3 years, and was part of the 4+1 program DePaul offers. I am from the suburbs of Chicago and in my not-so-free time, I work as a law clerk at a Social Security Disability Law firm.
Tips for Success:
- Go to SI sessions even if you feel you have grasped the material from class. You never know what I may cover, or what your classmates may know, that you missed.
- Read the chapters in the book. You are required to do summaries, but take them seriously, reading the book will solidify your understanding of the material and give you a different perspective on it that you did not get in class.
- If you are unsure what the answer to a question it, Google it! You would be surprised how much of the material you learn in this class is very readily available online. A good, but time consuming, resource is Khan Academy. Wikipedia is always helpful and other miscellaneous sites will be helpful.