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Introduction to Microeconomics
University of Massachusetts Amherst
Verified Notes

Browse the full collection of course materials, past exams, study guides and class notes for ECON 103 - Introduction to Microeconomics at University of Massachusetts Amherst …

PROFESSORS

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Gerald Friedman

Russell Janis

Verified Documents for Russell Janis

Class Notes

Taken by our most diligent verified note takers in class covering the entire semester.

ECON 103 Lecture Notes - Lecture 1: Price Floor, Food Security, Demand Curve

Identify more specifically how the market fails, and design policies accordingly. Another price floor is the effects of minimum wage. United states hav

ECON 103 Lecture Notes - Lecture 1: E-Book, Moodle

*saplingplus is required for this course to gain access to the ebook, homework and extra-credit assignments. In case of any real financial hardship ple

ECON 103 Lecture Notes - Lecture 2: Opportunity Cost

General approach to addressing the roles of markets and government. Where and when do markets work well: markets work best when buyers and sellers face

ECON 103 Lecture Notes - Lecture 3: Opportunity Cost, Absolute Advantage, Comparative Advantage

Features of a production possibilities frontier: a ppf is downward sloping from left to right due to opportunity costs, a ppf is always concave to the

ECON 103 Lecture Notes - Lecture 4: Planned Economy, Laissez-Faire, Demand Curve

Important announcements: e(cid:454)t(cid:396)a c(cid:396)edit assig(cid:374)(cid:373)e(cid:374)ts a(cid:396)e (cid:373)a(cid:396)ked (cid:449)ith (cid:

ECON 103 Lecture Notes - Lecture 5: Demand Curve, Economic Equilibrium, Equilibrium Point

Change in demand versus change in quantity demanded: Change in demand: this is known as shift in the demand curve. In this case demand changes due to c

ECON 103 Lecture Notes - Lecture 6: Economic Surplus, Equilibrium Point, Demand Curve

Important announcements: using safari for saplingplus can be problematic. Efficiency in markets leads to higher profitability for producers but efficie

ECON 103 Lecture Notes - Lecture 7: Economic Surplus, Perfect Competition, Market Failure

Important announcements: the next saplingplus assignments are due on thursday (september 27, 2018), using safari for saplingplus assignments can be pro

ECON 103 Lecture Notes - Lecture 8: Progressive Tax, Rent Regulation, Market Failure

If skewed distribution of income is a concern, how can the government redistribute wealth and income: one way the government can redistribute wealth is

ECON 103 Lecture Notes - Lecture 8: Ceteris Paribus, Efficient-Market Hypothesis, Market Economy

Economy- a system for coordinating society"s productive activities. Economics- the social science that studies the production, distribution and consump

ECON 103 Lecture Notes - Lecture 9: Deadweight Loss, Price Floor, Economic Equilibrium

Price floors do not allow the price of a certain good or service to fall below that level. It is important to analyze specifically how markets fail and

ECON 103 Lecture Notes - Lecture 10: Demand Curve, Moodle, Wednesday 13

In these notes the material on elasticities is wrapped up and the topic of taxes is covered: office hours for this week are wednesday 1-3:15 pm. The pr

ECON 103 Lecture Notes - Lecture 13: Christina Romer, Opportunity Cost, Marginal Utility

In this lecture we introduce the underlying incentives behind the decision making process of buyers and sellers: saplingplus assignments are due next t

ECON 103 Lecture Notes - Lecture 14: Demand Curve

In this lecture we started exploring the logic, incentives, and motivation behind the demand curve: there are some sapling assignments due next week, p

ECON 103 Lecture Notes - Lecture 15: Average Variable Cost, Average Cost, Demand Curve

The topic will be due towards the end of the next week, but the assignment will not be due until just before. Factors underlying demand: eventual rule:

ECON 103 Lecture Notes - Lecture 16: Moodle, Fixed Cost, Perfect Competition

ECON 103 Lecture Notes - Lecture 17: Perfect Competition, Fixed Cost, Opportunity Cost

ECON 103 Lecture Notes - Lecture 17: Perfect Competition, Moodle, Product Differentiation

ECON 103 Lecture Notes - Lecture 18: Economic Surplus, Perfect Competition, Marginal Revenue

Important announcements: most of this class was spent discussing different topics for industry analysis and the last. 10 minutes of the class were spen

ECON 103 Lecture Notes - Lecture 18: Moodle, Externality, Coase Theorem

ECON 103 Lecture Notes - Lecture 19: Coase Theorem

ECON 103 Lecture Notes - Lecture 20: Epinephrine Autoinjector, Externality

There will be sapling homework due tomorrow night. The industry analyses assignment is due tomorrow night as well. Things to remember on the industry a

ECON 103 Lecture Notes - Lecture 21: Monopoly Profit, Moodle, Taipei Metro

In this lecture we started wrapping up monopoly: the next saplingplus assignments are up, the final exam is on friday december 14th from 3:30-5:30 in b

ECON 103 Lecture Notes - Lecture 22: Monopolistic Competition, Price Discrimination, Deadweight Loss

ECON 103 Lecture Notes - Lecture 23: Imperfect Competition, Profit Maximization, Oligopoly

In this lecture we discussed oligopolies: reminder: the final exam is on friday, december 14th 2018, from 3:30-5:30 in boyden. Oligopoly: an industry w

ECON 103 Lecture Notes - Lecture 24: Oligopoly

ECON 103 Lecture Notes - Lecture 25: Economic Surplus, Market Failure, Externality

No calculators, phones or any electronic devices permitted in the exam: the exam will be cumulative, but a large emphasis will be placed on material si