POLS1017
• Week 7 question – Cold war and Asia – by Monday
• This week’s reading required:
• Textbook – pgs. 323-351
• Reader – p129-199, 173-85
• Next week’s readings:
• Textbook – pg 352-364
• Reader – p.140-161; p1-26
• Tutorial Questions
• How did the war in Vietnam escalate to such a level? Was the war necessary? What elements of Cold War thinking and policy contributed?
• Why did the West support the emergence of General Soeharto in Indonesia after October 1965? Were wester ‘interest’ in Indonesia legitimate, and was this a legitimate way of securing them?
ACCT1501
• EXAM STUDY – by Tuesday
• This week’s readings: Chp 6 296-312; Chp 5 p 230-4
• Next week’s readings: Chp 5 p 226-7; Chp 7 p 339-57
• Preparation questions:
[scans]
ECON1101
• EXAM STUDY – by Friday
• This week’s readings: Chp 10
• Next week’s readings: Ch11, 15; pp 356-358, 363-365
• ASSIGNMENT NEXT WEEK!!! [You MUST pay attention to both lecture and tutorial in order to do the write up for the presentation correctly!!!]
Discussion Question 11
List and explain the characteristics of Perfect Competition.
What are the consequences of these characteristics for the relationship between price and marginal revenue for the typical firm?
Explain why the firm’s marginal cost supply curve is its supply curve.
If the characteristics of Perfect Competition are unrealistic, what is the purpose of the Perfectly Competitive model?
Discussion Question 12
Use a diagram like 11.9 to illustrate and explain the long run equilibrium position for both the firm and the industry in the Perfect Competition Model.
What does this model predict will be the response to an increase in market demand for the product?
How is your answer affected if an increase in industry production causes an increase in demand for inputs and increases their price?
What does your model imply is the role of “above-normal†profit in the competitive model?
Review Questions
1. Ch 10, Q1
2 Sweatshop P/L produces cotton shirts. Sweatshop is a price taker and must decide on its hourly production rate. The costs of production are:
Quantity of Shirts Total Cost
(per hour) ( $ per hour)
0 6
1 10
2 12
3 21
4 34
5 56
6 82
7 112
(Only completed shirts are counted)
Complete the table to include AFC, AVC, SAC and MC
If the price of shirts is $10-per shirt, what is Sweatshop’s profit maximising production rate?
What is the maximum profit Sweatshop can make?
Suppose the market price were to fall. At what price would decide to Sweatshop cease production?
3. Text Ch 10 Q3
ECON1202
• EXAM STUDY – by Friday
• This week’s readings: HPW 6.6; HPW 6.1-6.3
• Next week’s readings: HPW 7.1; HPW 7.3
• Tutorial Questions:
1. Find the determinants of the following matrices
a) A = b) B =
2. HPW 6.6 Problem 16, p.299
3. Suppose that when 3 products (1, 2, and 3) are priced at p1,p2 and p3, respectively, the quantities demanded are q1D,q2D, and q3D respectively, and the quantities supplied are q1S, q2S, and q3S. The demand and supply functions are interrelated and given by:
Write as three equilibrium equations then convert to matrix form, Ap = b. Find the inverse of A then multiply to find the equilibrium prices ( p=A−1b). Finally find the equilibrium quantities. Check your matrix inversion and multiplication using Excel. Remember to use array formulas as shown in the computing guide.
4. HPW 6.6 Problem 37, p. 300
5. If D, E , F and X are all matrices which have inverses, find X if DE−1XF =D−1E