::Tentative Schedule::

	Principles of Microeconomics Summer 2002 *Tentative Schedule* *CHECK REGULARLY FOR CHANGES*
	1. Introduction to Economic Thinking: THINKWELL
When? May 13	The Basics of Economics • Defining Economics (Disc 1, 6:36) • What Economists Do (Disc 1, 13:20) • Macroeconomics and Microeconomics (Disc 1, 11:21) • Overview of Economic Systems (Disc 1, 10:50) • Case Study: The Work of Adam Smith (Disc 1, 8:58)
	2. Understanding Markets THINKWELL
When? May 15 and May 20	Demand • Understanding the Determinants of Demand (Disc 1) • Understanding the Basics of Demand (Disc 1, 11:54) • Analyzing Shifts in the Demand Curve (Disc 1, 8:13) • Changing Other Demand Variables (Disc 1, 10:43) • Deriving a Market Demand Curve (Disc 1, 9:16) Supply • Understanding the Determinants of Supply (Disc 1, 6:00) • Deriving a Supply Curve (Disc 1, 9:49) • Understanding a Change in Supply vs. a Change in Quantity Supplied (Disc 1) • Analyzing Changes in Other Supply Variables (Disc 1, 8:46) • Deriving a Market Supply Curve from Individual Supply Curves (Disc 1, 7:16) Equilibrium • Determining a Competitive Equilibrium (Disc 1, 16:03) • Defining Comparative Statics (Disc 1, 7:02) • Classifying Comparative Statics (Disc 1, 13:04)
When? May 20	3. Understanding Markets: THE INVISIBLE HEART FIRST 7 chapters
	4. Elasticity: THINKWELL
When? May 22---After the exam!	Elasticity • Defining Elasticity (Disc 1, 4:57) • Calculating Elasticity (Disc 1, 11:43) • Applying the Concept of Elasticity (Disc 1, 8:42) • Identifying the Determinants of Elasticity (Disc 1, 6:50) • Understanding the Relationship Between Total Revenue and Elasticity (Disc 1)
	5. Production and Costs
When? May 29	The Basics of Production • Understanding Outputs, Inputs, and the Short Run (Disc 1, 8:48) • Explaining the Total Product Curve (Disc 1, 15:57) • Drawing Marginal Product Curves (Disc 1, 7:22) • Understanding Average Product (Disc 1, 10:32) • Relating Costs to Productivity (Disc 1, 5:25) Variable Costs • Defining Variable Costs (Disc 1, 4:23) • Graphing Variable Costs (Disc 1, 4:57) • Graphing Variable Costs Using a Geometric Trick (Disc 1, 5:03) Marginal Costs • Defining Marginal Costs (Disc 1, 6:44) • Deriving the Marginal Cost Curve (Disc 1, 10:59) Average Costs • Defining Average Variable Costs (Disc 2, 5:37) Total Costs • Defining and Graphing Average Fixed Cost and Average Total Cost (Disc 2, 6:55) • Calculating Average Total Cost (Disc 2, 4:51) • Putting the Cost Curves Together (Disc 2, 10:09) Long-Run Production and Costs • Defining the Long Run (Disc 2, 5:55) • Determining a Firm's Return to Scale (Disc 2, 9:01)
	6. Perfect Competition
When? June 3	The Basic Assumptions of Competitive Markets • Understanding Market Structures (Disc 1) Calculating Profit and Loss • Finding the Firm's Profit-Maximizing Output Level (Disc 2, 14:24) • Proving the Profit-Maximizing Rule (Disc 2, 4:20) • Calculating Profit (Disc 2, 12:26) • Calculating Loss (Disc 2, 9:13) • Finding the Firm's Shutdown Point (Disc 2, 8:34) Market Supply • Deriving the Short-Run Market Supply Curve (Disc 2, 20:44) • Relating the Individual Firm to the Market (Disc 2, 18:52) • Examining Shifts in the Short-Run Market Supply Curve (Disc 2, 5:15)
	7. Other Market Models
When? June 3	Monopolies • Defining Monopoly Power (Disc 2, 10:10) • Defining Marginal Revenue for a Firm with Market Power (Disc 2, 12:43) • Determining the Monopolist's Profit-Maximizing Output and Price (Disc 2, 14:18) • Calculating a Monopolist's Profit and Loss (Disc 2, 6:24) The Social Cost of Monopoly • Determining the Social Cost of Monopoly (Disc 2, 12:22) and • Understanding Monopoly Regulation (Disc 2, 13:06)
When? June 3	Oligopoly • Introducing Oligopoly and the Prisoners' Dilemma (Disc 2, 16:25) • Understanding a Cartel as a Prisoners' Dilemma (Disc 2, 10:47) Monopolistic Competition • Defining Monopolistic Competition (Disc 2, 7:00) • Understanding Pricing and Output Under Monopolistic Competition (Disc 2, 8:58) • Understanding Monopolistic Competition as a Prisoners' Dilemma (Disc 2, 6:44)
When? June 5 ---After Exam	8. Understanding Markets: THE INVISIBLE HEART FIRST 15 CHAPTERS
	9. Resource Markets: Thinkwell
When? June 10	The Derived Demand for Labor • Deriving the Factor Demand Curve (Disc 1) • Analyzing the Labor Market (Disc 1) Capital Markets • Analyzing Capital Markets (Disc 1)
	10. Market Failures: Thinkwell
June 10	Overview of Market Failures • Understanding Market Failures (Disc 2, 17:50) Public Goods and Public Choice • Defining Public Goods (Disc 1) • Analyzing the Tax System (Disc 1) • Understanding Public Choice (Disc 1) Externalities • Defining Externalities (Disc 2, 5:46) • Explaining How to Internalize External Costs (Disc 2, 11:58) • Explaining How to Internalize External Benefits (Disc 2, 5:34) Solutions to Externalities • Finding a Market Solution to External Costs (Disc 2, 12:21) • Finding a Negotiated Settlement to an External Cost (Disc 2, 12:45) • Applying the Coase Theorem (Disc 2, 7:02)
June 12	11. Understanding Markets: THINKWELL: WHOLE BOOK
	12. Introduction to Economic Thinking
When? June 17	Production Possibilities • Understanding the Concept of Production Possibilities Frontiers (Disc 1, 24:46:00) • Understanding How a Change in Technology or Resources Affects the PPF (Disc 1, 10:10)
When? June 17	Comparative Advantage • Defining Comparative Advantage with the Production Possibilities Frontier (Disc 1) • Understanding Why Specialization Increases Total Output (Disc 2) • Analyzing an International Trade Using Comparative Advantage (Disc 1, 25:35:00)