Core Economics

---

The course, Core Economics, is a core course in Term 1 of the full-time MBA at the AGSM, for students with little or no prior economics..

The overheads for Term 1, 2004, are available below.

2004 Course Outline and Assessment (pdf)
2004 Course Outline and Assessment (html)
2004 Readings Package

Weeks and Lectures:
Week 1: Introduction, Micro & Macro, Models.

• Lecture 1: Introduction and Ten Principles. OHs || Printable
  
• Lecture 2: Models in Economics. OHs || Printable

Week 2: The Competitive Market Model.

• Lecture 3: Supply and Demand. OHs || Printable
  Reading: Modelling consumer choice and also see the text (GKSM), Chapter 21, pp. 461-472+.
• Lecture 4: Elasticity. OHs || Printable

Week 3: Applications of the Competitive Model.

• Lecture 5: Applications of the Competitive Model 1. OHs || Printable
• Lecture 6: Applications of the Competitive Model 2. OHs || Printable
  See also the text (GKSM), Chapter 21, pp. 480-2.

Week 4: The Firm.

• Lecture 7: Costs. OHs || Printable
• Lecture 8: Supply Curves. OHs || Printable

Week 5: Market Power: Monopolies, and the Midterm Exam.

• Lecture 9: Monopolies. OHs || Printable
  Solutions to Chapter 15 here.

Week 6: Market Power: Monopolistic Competition; Macroeconomics: Meanings and Measurements.

• Lecture 10: Monopolistic Competition. OHs || Printable
  Solutions to Chapter 17 here.
• Lecture 11: Meanings and Measurements 1. OHs || Printable
  Click through to the Reserve Bank of Australia Chart Pack of macroeconomic charts and tables.
  Solutions to Chapter 22 here.

Week 7: Meanings and Measurements; Determining Economic Growth.

• Lecture 12: Meanings and Measurements 2. OHs || Printable
  Click through to see the CPI weights, from the Year Book Australia 2003, at the ABS website.
  Solutions to Chapter 23 here.
  
• Lecture 13: Determining Economic Growth 1. OHs || Printable

Week 8: Determining Economic Growth; How Money Matters.

• Lecture 14: Determining Economic Growth 2. OHs || Printable
  
• Lecture 15: How Money Matters 1. OHs || Printable
  

Week 9: How Money Matters; Strategic Behaviour.

• Lecture 16: How Money Matters 2. OHs || Printable
  Solutions to Chapter 27 here.
• Lecture 17: Strategic Behaviour. OHs || Printable
  Reading: Marks on Competition and Common Property
  Solutions to Chapter 16 here.

  Russell Crowe is John Nash in A Beautiful Mind

  Sylvia Nasar, author of John Nash's biography, the book that became the movie, talks about Nash at M.I.T., on 28 Oct 2002. Note: This streaming video is 75 minutes long.

Week 10: Two-Hour Final Exam.

Here is a Statement on Assessment Standards for assignments, reports, and exams.

Here is the Individual Assignment, due 4pm on Friday 13 February.

Here is the Team Assignment, due 4pm on Friday 26 March.

Some worked exercises for the material in Lectures 1 through 10 and 17:

• Look here for Lectures 1, 2, and 6. (10 worked questions)
• Look here for Lectures 3 and 4. (14 worked questions)
• Look here for Lecture 5. (6 worked questions)
• Look here for Lectures 7 and 8. (14 worked questions)
• Look here for Lectures 9 and 10. (12 worked questions)
• Look here for Lecture 17. (7 worked questions)

• The Problems handed out in the Tute and suggested solutions.
• Some macro questions from Chris. Answers here.

• Solutions to Chapter 15 here: Monopoly.
  Solutions to Chapter 17 here: Monopolistic Competition.
  Solutions to Chapter 22 here: Measuring a Nation's Income.
  Solutions to Chapter 23 here: Measuring the Cost of Living.
  Solutions to Chapter 27 here: The Monetary System.
  Solutions to Chapter 16 here: Oligopoly.

Here is the mid-term exam. Here are solutions to the midterm.
Here is the Cover Sheet for the Final Exam.

---

Up
Last Updated 26 March, 2004

Robert Marks, bobm@agsm.edu.au