Create a “scrapbook” designed to highlight the practical application of selected microeconomic concepts.

 

The assignment is creating a “scrapbook” designed to highlight the practical application of selected microeconomic concepts. For this assignment, you must analyze three newspaper or magazine articles relating to different microeconomic issues. The article must correspond to a concept covered in one of the four major PARTS of the syllabus. Only one article per PART allowed.  The analysis of each article should: 1) indicate what specific microeconomic concept is being discussed, 2) demonstrate an understanding of the concept using graphical analysis, and 3) include a written description and summary of the article and graphical analysis. Good sources for this assignment include the Wall Street Journal, Business Week, New York Times, Forbes, and Newsweek to name a few. The articles must be dated from September to December of 2015. The date the article was originally published must be shown. Failure to follow these instructions will lead to a zero for the article submitted.

 

Textbook – Microeconomics – Browning,Edgar K, Zupan & Mark.A – Theory and application 12th edition. John Wiley and Son  – Chapter refferals are below

 

 

 

 

 

 

 

 

 

 

 

 

PART ONE: INTRODUCTION

1. Introduction to Microeconomics
2. Net-Benefit Calculus
3. Three Key Analytical Tools 1
4. Demand and Supply Curves
5. Equilibrium Analysis
6. Comparative Statics
7. Price Elasticity of Demand and Supply
8. Other Elasticities 2

PART TWO: THE THEORY OF DEMAND

1. The Theory of Consumer Choice
2. Introduction
3. Budget Constraint
4. Preferences of the Consumer
5. Utility Maximization
6. Composite Good Convention 3
7. Individual and Market Demand
8. Price Changes and Consumption Choices
9. Income and Substitution Effects of a Price Change
10. Various Elasticities Revisited 4

• Applications: Using Consumer Choice Theory

1. Lump Sum v. Per Unit Subsidy
2. Lump Sum v. Per Unit Tax 5
3. Other Applications

PART THREE: MARKET STRUCTURE AND OUTPUT DECISIONS

1. Production and Costs
2. Relating Outputs to Inputs
3. Short Run Production and Costs
4. Long Run Production and Costs 7 and 8
5. Profit Maximization and the Competitive Firm
6. Short Run Profit Maximization
7. Short Run Supply Curve
8. Long Run Profit Maximization
9. Long Run Supply Curve
10. Allocative Efficiency 9

• Applications of the Competitive Model

1. Rent Controls
2. Tax Incidence
3. Medical Care Subsidies
4. Other Applications 10

 

1. Monopoly
2. Characteristics
3. Profit Maximization
4. Monopoly v. Competitive Equilibrium
5. Selected Applications 11 and 12
6. Imperfectly Competitive Output Markets
7. Monopolistic Competition
8. Oligopoly 13 and 15

PART FOUR: RESOUCE MARKETS

1. The Labor Market
2. The Demand for Labor
3. The Supply of Labor
4. Applications 16,17, 18