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Economics 2

Economics 2 Lecture Notes
Fall 2009

Introduction

Scarcity and Choice

Boyes and Melvin, Chapters 1 and 2

Supply and Demand

Boyes and Melvin, Chapter 3

• Lecture 5: (9/2/09) - Markets and Prices
• Lecture 6: (9/4/09) - Supply and Demand, Part 1
• Lecture 7: (9/9/09) - Supply and Demand, Part 2
• Lecture 8: (9/11/09) - Supply and Demand, Part 3
• Lecture 9: (9/16/09) - Supply and Demand, Part 4

The Private and Public Sectors

Boyes and Melvin, Chapters 4 and 5

• Lecture 10: (9/18/09) - A Tour of the Economy

Demand

Elasticity

Boyes and Melvin, Chapter 6

• Lecture 11: (9/23/09) - Price Elasticity of Demand
• Lecture 12: (9/25/09) - Applications of Elasticity

Consumer Behavior

Boyes and Melvin, Chapter 7

• Lecture 13: (9/28/09) - Marginal Utility
• Lecture 14: (9/30/09) - Consumer Equilibrium

Theory of the Firm

Production and Costs

Boyes and Melvin, Chapter 8

• Lecture 15: (10/2/09) - Inputs and Output
• Lecture 16: (10/5/09) - Costs in the Short Run
• Lecture 17: (10/9/09) - Costs in the Long Run

Profit Maximization

Boyes and Melvin, Chapter 9

• Lecture 18: (10/12/09) - Profit Maximization, Part 1
• Lecture 19: (10/14/09) - Profit Maximization, Part 2

Perfect Competition

Boyes and Melvin, Chapter 10

• Lecture 20: (10/19/09) - Perfect Competition in the Short Run
• Lecture 21: (10/21/09) - Perfect Competition in the Long Run

Monopoly

Boyes and Melvin, Chapter 11

• Lecture 22: (10/23/09) - Monopoly

Imperfect Competition

Boyes and Melvin, Chapter 12

• Lecture 23: (10/26/09) - Monopolistic Competition
• Lecture 24: (10/28/09) - Oligopoly

Regulation

Boyes and Melvin, Chapter 13

• Lecture 25: (10/30/09) - Antitrust

Market Failure

Boyes and Melvin, Chapter 14

• Lecture 26: (11/4/09) - Efficiency
• Lecture 27: (11/6/09) - Externalities
• Lecture 28: (11/9/09) - Public Goods and Asymmetric Information

Resource Markets

Boyes and Melvin, Chapters 15, 16, 17, and 18

• Lecture 29: (11/11/09) - Resource Market Basics
• Lecture 30: (11/13/09) - Resource Market Basics, Continued
• Lecture 31: (11/16/09) - The Labor Market
• Lecture 32: (11/18/09) - The Market for Capital
• Lecture 33: (11/20/09) - Natural Resources

David A. Latzko Business and Economics Division Pennsylvania State University, York Campus office: 13 Main Classroom Building voice: (717) 771-4115 fax: (717) 771-4062 e-mail: web: www.yk.psu.edu/~dxl31