22SP: EC202: Microeconomics

Discussed how recent attacks on Asian people in Atlanta would affect hate toward Asians. Included reasons for effects in both directions. Discussed social circumstances in which each effect likely dominated (e.g. whose hate would be emboldened and who might adopt more anti-racist practices). Used economic ideas rather than just intuition.

Discussed how a hurricane impacted demand for and supply of important goods like bottled water and gasoline. Described how laws against price gouging likely affected access to those goods. Gave specific examples of behaviors of suppliers that would differ between worlds with and without those laws.

Discussed reasons for increasing demand for or supply of electric cars. Described short- and long-run demand/supply responses and gave specific examples of what those responses would look like in the real world.

Described externalities from horse transportation in (US?) cities in the late 1800s. Covered why private actions did not eliminate the externalities (e.g. information and coordination problems). Discussed potential solutions (that could have been used in the past).

Described effects of college athlete recruiting practices on information asymmetry and effects of those information problems. Note: We did not spend much time on this concept this semester.

Described a change in the population of an invasive species and how it impacted the costs and benefits of hunting other species and changed external effects of hunting.

Described seasonal changes in demand for and supply of snow skiing. Mentioned hot cocoa as a complement and water skiing as a substitute.

Described the closure of a Kodak factory in central New York. Reported numbers of jobs lost and related stats from news reports. Briefly mentioned that this would decrease (“hurt”) demand for all goods and services in the area. Not great because

• Only use of class concepts was a simplistic 12 second mention at the end
• Almost all of the analysis was not original. It was taken from articles online.

Said that demand for a particular broad category of good was less elastic than demand for a specific good within that category. Correct but much too simple.

Said that the pandemic increased demand for masks and showed a graph with increased demand. Correct but too simple. Also said that the greater demand increased supply, which is incorrect.

Described a chocolate “shortage” using an article from The Economist as a source. Analysis was all from the article. There was no shortage.