Your grades on the final and in the course are posted to ANGEL and eLion. The answer key for the final is on the front page of the website.

The average on the final was about 80%. You can see the distribution of grades in the course below.
A A- B+ B B- C+ C D
90-100 85-90 80-85 70-80 65-70 60-65 50-60 0-50
9 4 7 2 1 2 3 0

You can pick up your finals tomorrow between 1 and 2 at my office, or contact me to pick them up later. Have a good summer,

Frank

The answers to quiz 10 are now posted. Sorry for the delay.

Good luck on your exam(s) tomorrow,

Frank

The scores for the quiz are up. The answers are not, but I'll get them up some time this weekend (I forgot to scan them, and then left them on campus while my scanner is at home, and so on).

Have a good weekend,

Frank

The slides are up. Sorry about the projector failing today.

Tomorrow's quiz is short — about 10 minutes.The rest of class will be a review session for the final.

I propose doing the quiz at the end of class. However, if you would like to take the quiz at the beginning (perhaps because you aren't interested in a review session), you can do that while the rest of us review non-game theory material for 10 minutes.

Frank

The slides and answer key for today's quiz are up. The scores will be up within a day.

Tomorrow, we will talk some more about games: mixed strategies in normal-form games and backward induction in strategic-form games. That should take about half of class. Afterwards, we could (i) talk about bonus problems like monopoly pricing in two markets and two-part tariffs or (ii) go over another Stackelberg example.

Frank

The slides are up.

About the final — You should start looking at the practice problems for the final now (it's linked to on the front page of the website). You can bring up any questions about it on Friday during the review session or during office hours. I will have an answer key for the practice problems posted soon, but without most of the algebra/arithmetic/geometry work.

Wednesday — Quiz 9 will be at the beginning of class tomorrow. I mentioned the content you should study in class today: solve for the Cournot equilibrium, solve for the Stackelberg equilibrium, get the profits and Lerner Index for each case. Answering all these questions for the examples in section 19 of the Workbook would be good preparation.

Thursday — We will finish up game theory and — if there is time left — either look at (i) entry games, which are a straightforward application of game theory; or (ii) pricing, which applies monopoly and welfare analysis. These topics are potential (likely) bonus material for the final.

Friday — Quiz 10 will be short (maybe 10 min), about game theory, and followed by a review sesion for the rest of class.

Frank

The slides are up.

Frank

The week 6 overview is posted to the website. If you scroll down, you can also find links to a pdf of practice problems for the final. See you tomorrow,

Frank

The slides and answer key for today's quiz are posted. Scores should be up within a day.

The final for this course will be in our classroom from 2:30-4:20 on Monday, June 28. See http://www.registrar.psu.edu/exams/exam_schedule/fe_search_schedule.cfm if you want to find times for your other finals.

I'll update the website and send another email before Monday. The update will include…

— the week 6 overview (topics: oligopoly, some game theory), and

— a selection of practice problems for the final.

Have a good weekend,

Frank

The slides are up.

Tomorrow's quiz will be at the end of class and consist of two problems:

#1. per-unit tax

#2. monopoly

We have seen both problems in class already, but we'll cover another practice problem like #2 tomorrow.

Frank

Slides and answers from today are posted. Scores will be up within a day.

Frank

Today's slides are up, with the typo you guys identified fixed.

Tomorrow's quiz will be at the *end* of class. It combines the problems we saw yesterday and today, but is considerably simpler. The problem consists of a (i) short algebra problem to derive Supply, (ii) graphing Supply and Demand, (iii) computing P* and Q*, and (iv) computing the area of a triangle on the graph (the Consumer Surplus). We'll go over two examples of the exact same sort of problem beforehand.

Frank

The slides are up. Tomorrow, we'll talk about the monopoly problem (with positive costs) and measuring welfare.

Frank

The midterm 2 scores were posted to ANGEL yesterday.

This week we will look at firm behavior in different "market structures" (i.e., with different numbers of firms); and measure outcomes with "welfare," revisiting some market interventions studied earlier (price floors and ceilings, taxes).

The website has been updated: the main page has the week 5 overview, and some new topics have been filled in (core topics of monopoly, oligopoly and game theory; and the extra topics of pricing and monopolistic competition).

Frank

The answers are up (http://econ302.wikidot.com/day:j11); and the grades will be posted on ANGEL some time this weekend.

I'm sorting through the material for the rest of the course, and will post an update before Monday. The rough order is firm behavior (in perfect competition and monopoly), welfare, market power, firm behavior (in oligopoly), pricing and strategy. For next week, the readings are Perloff 8, 9 and 11.1-6; and we will look at problems in sections 14-16 of the Workbook.

There is a plenty of material left, so it's likely that the final will be only *mildly* cumulative — not containing many of the difficult algebra problems we have looked at in the last two weeks. I plan to give you the specifics well before the final. Have a good weekend,

Frank

The material covered so far is listed here (along with some we haven't gotten to yet) http://econ302.wikidot.com/study-guide

In case you missed the review session, I mentioned a couple more things that are definitely not on the test (but may be in bonus questions): cost-minimization for Cobb-Douglas, deriving Demand for perfect complements or perfect substitutes. Also, one thing that will be on it: graphs of budgets. See you tomorrow,

Frank

Today's slides and the answer key for the quiz are up. The quizzes should be graded within 24 hours.

Next week, we will pick up where we left off — why costs matter and what to do with these $/unit graphs. And later, we'll see the details of how costs affect the decisions of competitive firms or a monopolist.

The midterm is cumulative, but some questions will definitely NOT appear: deriving and graphing ICCs and PCCs (from last Wednesday's quiz), solving for general equilibrium in two markets (last Friday's quiz).

Midterm points breakdown (not finalized, minor changes may be made)

14 pts — 7 multiple choice

18 pts — 6 short answer; some numerical, some graphical, some conceptual

5,6,7 pts —- 3 long; graphical or numerical

3 bonus pts —- 3 short answer

The long questions could be almost anything: any problems seen on earlier quizzes or the midterm (except the two mentioned above) and also cost-minimization and deriving the cost function.

Tomorrow, I'll recap some basic concepts and go over some numerical/graphical examples, in whatever order people request. It's unlikely that there will be time for everything, so requests/interruptions are encouraged/welcome.

Frank

The slides are up.

Your graded quizzes and the first midterm may help you prepare for Friday's midterm. If you haven't already, you can pick them up in class tomorrow or Thursday or at office hours.

Frank

I've posted the slides.

Sorry about the slight mix-up I made today. I have changed the MPL and MPK on the slides so that they are correct — I had missed a coefficient of 1/2 on both of these. However, this change does not affect our calculation of the MRTS.

As mentioned in class, Wednesday's quiz will be almost entirely about the pure exchange (a.k.a. Edgeworth box) economy — graphing, calculating equilibrium and the efficiency concepts.

Frank

The week 4 overview is up on the website, and some more topics pages as well (production, perfect competition, applying the competitive model). There's also a long listing of topics, problems, terms, etc here: http://econ302.wikidot.com/study-guide

Frank