PAI 897 Lectures

Fall 2021


    As the semester progresses, a link to each lecture will be added to this page. The link will include a summary of the main points from that day’s lecture.

Introduction: Microeconomics and Markets

Lecture #1 — 8/30/2021 — Introduction


How Markets Work: Supply and Demand

Lecture #2 — 9/1/2021 — Introduction to Supply and Demand

Lecture #3 — 9/8/2021 — Supply and Demand Experiment

Supply and Demand Experiment results for 12:45 section
Supply and Demand Experiment results for 3:45 section


Applications of Supply and Demand

Lecture #4 — 9/13/2021 — More on Supply and Demand
Lecture #5 — 9/15/2021 — Applications of Supply and Demand
Lecture #6 — 9/20/2021 — Elasticity/Taxes
Lecture #7 — 9/22/2021 — Taxes


Consumer Theory – Preferences and Budgets

Lecture #8 — 9/27/2021 — Consumer Behavior: An Introduction to the Concept of Utility
Lecture #9 — 9/29/2021 — Consumer Behavior: Maximizing Utility
Lecture #10 — 10/4/2021 — Applications of Utility Maximization
Lecture #11 — 10/6/2021 — Case #1: Rice Imports in Pacifica


Producer Theory – Production, Costs, and the Derivation of the Supply Curve

Lecture #12 — 10/11/2021 — Production
10/13/2021 — Exam #1
Lecture #13 — 10/18/2021 — Costs of Production
Lecture #14 — 10/20/2021 — Profit Maximization


Putting it All Together – Perfect Competition

Lecture #15 — 10/25/2021 — Long Run Equilibrium/Perfect Competition and Economic Welfare


Market Failures and the Role of the Government

Lecture #16 — 10/27/2021 — Efficiency and Equity/Monopolies
Lecture #17 — 11/1/2021 — The Effects of Market Power: Monopolies
Lecture #18 — 11/3/2021 — Limits to Government Intervention
Lecture #19 — 11/8/2021— Public Goods
11/10/2021 — Exam #2
Lecture #20 — 11/15/2021 — Externalities
Lecture #21 — 11/17/2021 — Case #2: Water Pricing

Spreadsheet with calculations

Lecture #22 — 11/29/2021 — Information Market Failures


Cost-Benefit Analysis

Lecture #23 — 12/1/2021 — Cost-Benefit Analysis
Lecture #24 — 12/6/2021 — Cost-Benefit Analysis

Discounting example