FIN 6930 - Foundations of Economics & Finance - CRN 50050
Summer Session "A" - May 11, 2015 through June 20, 2015

Week-by-Week Class Assignment List
Last Updated: May 9, 2015

Note - Each week's online Thinkwell Online Exercises will be recorded at 8:30 a.m. on the "Date to be Recorded" that is listed below. I go in an download scores and enter them into the grade book so get them done by the deadlines.

Thinkwell Online Exercises Finance Problems	Date that the Thinkwell Grades are Recorded
Week 1: May 11-17, 2015 Thinkwell: 1.1, 1.2, 1.3, 1.4, 2.1, 2.2, 2.3,2.4, 2.5 Finance Unit 1 PPT Unit 1 Discussion Questions Unit 1 Problem Set Unit 1	May 17
Week 2: May 18-24, 2015 Thinkwell: 3.1, 3.2, 3.3, 3.4, 3.5, 3.6, 4.1, 4.2, 4.3, 4.4 Finance Unit 2 PPT Unit 2 Discussion Questions Unit 2 Problem Set Unit 2	May 24
Week 3: May 25 - May 31, 2015 Thinkwell: 5.1, 5.2, 5.3, 5.4, 6.1	May 31 The Midterm Examination will be available on Thinkwell - SEE THE COURSE SYLLABUS FOR DATES AND TIMES. It will cover Microeconomics only and will be worth 30% of your grade. You can take the test at any contiguous six-hour time frame. It is open book and you will be asked to sign an Honesty Pledge for the examination. The honesty pledge is required for a score on each examination. Please print the honesty pledge, sign it and send it to me regular 1st class mail at: Professor Brad Hobbs, Florida Gulf Coast University, College of Business, 10501 FGCU Blvd. South, Fort Myers, FL 33965-6565.
Week 4: June 1 - 7, 2015 Thinkwell: 7.1, 7.2, 7.3, 8.1, 8.2, 8.3, 8.4, 8.5, 9.1, 9.2, 9.3, 9.4, 9.5 Finance Unit 3 PPT Unit 3 Discussion Questions Unit 3 Problem Set Unit 3	June 7
Week 5: June 8-14, 2015 Thinkwell: 10.1, 10.2, 10.3, 10.4, 10.5, 11.1, 11.2, 11.3, 11.4, Finance Unit 4 PPT Unit 4 Discussion Questions Unit 4 Problem Set Unit 4	June 14
Week 6: June 15-22, 2015 12.1, 12.2, 12.3, 12.4, 12.5	June 23 The Final Examination will be available on Thinkwell - SEE THE COURSE SYLLABUS FOR DATES AND TIMES. It will cover Macroeconomics only and will be worth 30% of your grade. You can take the test within any contiguous six-hour time frame. It is open book and you will be asked to sign an Honesty Pledge for the examination. The honesty pledge is required for a score on each examination. Please print the honesty pledge, sign it and send it to me regular 1st class mail at: Professor Brad Hobbs, Florida Gulf Coast University, College of Business, 10501 FGCU Blvd. South, Fort Myers, FL 33965-6565.

Microeconomics Section
NOTE: Thinkwell used to be on disk and I have left the Disk notations there for anyone who might be using them. There may also be slight changes or updates - what is online rules.

1 Introduction to Economic Thinking
1.1 The Basics of Economics
1.1.1 Defining Economics (Disc 1, 6:36)
1.1.2 What Economists Do (Disc 1, 13:20)
1.1.3 Macroeconomics and Microeconomics (Disc 1, 11:21)
1.1.4 An Overview of Economic Systems (Disc 1, 10:50)
1.1.5 Case Study: The Work of Adam Smith (Disc 1, 8:58)

1.2 Advanced Graphical Concepts
1.2.1 Understanding Tangent Lines (Disc 1, 11:44)
1.2.2 Working with Three Variables on a Graph (Disc 1, 8:09)

1.3 Production Possibilities
1.3.1 Understanding the Concept of Production Possibilities Frontiers (Disc 1, 24:46)
1.3.2 Understanding How a Change in Technology or Resources Affects the PPF (Disc 1, 10:10)
1.3.3 Deriving an Algebraic Equation for the Production Possibilities Frontier (Disc 1, 21:58)

1.4 Comparative Advantage
1.4.1 Defining Comparative Advantage with the Production Possibilities Frontier (Disc 1)
1.4.2 Understanding Why Specialization Increases Total Output (Disc 1)
1.4.3 Analyzing International Trade Using Comparative Advantage (Disc 1, 25:35)

2 Understanding Markets
2.1 Demand
2.1.1 Understanding the Determinants of Demand (Disc 1, 11:58)
2.1.2 Understanding the Basics of Demand (Disc 1, 11:54)
2.1.3 Analyzing Shifts in the Demand Curve (Disc 1, 8:13)
2.1.4 Changing Other Demand Variables (Disc 1, 10:43)
2.1.5 Deriving a Market Demand Curve (Disc 1, 9:16)

2.2 Supply
2.2.1 Understanding the Determinants of Supply (Disc 1, 6:00)
2.2.2 Deriving a Supply Curve (Disc 1, 9:49)
2.2.3 Understanding a Change in Supply versus a Change in Quantity Supplied (Disc 1, 6:52)
2.2.4 Analyzing Changes in Other Supply Variables (Disc 1, 8:47)
2.2.5 Deriving a Market Supply Curve from Individual Supply Curves (Disc 1, 7:16)

2.3 Equilibrium
2.3.1 Determining a Competitive Equilibrium (Disc 1, 11:04)
2.3.2 Defining Comparative Static's (Disc 1, 7:02)
2.3.3 Classifying Comparative Static's (Disc 1, 13:04)

2.4 Elasticity
2.4.1 Defining Elasticity (Disc 1, 4:57)
2.4.2 Calculating Elasticity (Disc 1, 11:43)
2.4.3 Applying the Concept of Elasticity (Disc 1, 8:42)
2.4.4 Identifying the Determinants of Elasticity (Disc 1, 6:50)
2.4.5 Understanding the Relationship between Total Revenue and Elasticity (Disc 1, 8:10)

2.5 Interfering with Markets
2.5.1 Understanding How Price Controls Damage Markets (Disc 1, 9:38)
2.5.2 Understanding the Problem of Minimum Wages in Labor Markets (Disc 1, 14:47)
2.5.3 Understanding How an Excise Tax Affects Equilibrium (Disc 1, 9:12)

3 Production and Costs
3.1 The Basics of Production
3.1.1 Understanding Output, Inputs, and the Short Run (Disc 1, 8:48)
3.1.2 Explaining the Total Product Curve (Disc 1, 15:57)
3.1.3 Drawing Marginal Product Curves (Disc 1, 7:22)
3.1.4 Understanding Average Product (Disc 1, 10:32)
3.1.5 Relating Costs to Productivity (Disc 1, 5:25)

3.2 Variable Costs
3.2.1 Defining Variable Costs (Disc 1, 4:23)
3.2.2 Graphing Variable Costs (Disc 1, 4:57)
3.2.3 Graphing Variable Costs Using a Geometric Trick (Disc 1, 5:03)

3.3 Marginal Costs
3.3.1 Defining Marginal Costs (Disc 1, 6:44)
3.3.2 Deriving the Marginal Cost Curve (Disc 1, 10:59)
3.3.3 Understanding the Mathematical Relationship between Marginal Cost and Marginal Product (Disc 1, 10:26)

3.4 Average Costs
3.4.1 Defining Average Variable Costs (Disc 1, 5:37)
3.4.2 Understanding the Relationship between Average Variable Cost and Average Product of Labor (Disc 2, 6:06)
3.4.3 Understanding the Relationship between Marginal Cost and Average Variable Cost (Disc 2, 7:54)

3.5 Total Costs
3.5.1 Defining and Graphing Average Fixed Cost and Average Total Cost (Disc 2, 6:55)
3.5.2 Calculating Average Total Cost (Disc 2, 4:51)
3.5.3 Putting the Cost Curves Together (Disc 2, 4:51)

3.6 Long-Run Production and Costs
3.6.1 Defining the Long Run (Disc 2, 5:55)
3.6.2 Determining a Firm's Return to Scale (Disc 2, 9:01)
3.6.3 Understanding Short-Run and Long-Run Average Cost Curves (Disc 2, 15:06)
3.6.4 Understanding the Difference between a Movement along a Cost Curve and a Shift in a Cost Curve (Disc 2, 3:26)

4 Perfect Competition
4.1 The Basic Assumptions of Competitive Markets
4.1.1 Understanding the Role of Price (Disc 2, 3:43)
4.1.2 Understanding Market Structures (Disc 2, 10:55)
4.1.3 Finding Economic and Accounting Profit (Disc 2, 13:54)

4.2 Calculating Profit and Loss
4.2.1 Finding the Firm's Profit-Maximizing Output Level (Disc 2, 14:24)
4.2.2 Proving the Profit-Maximizing Rule (Disc 2, 4:20)
4.2.3 Calculating Profit (Disc 2, 12:26)
4.2.4 Calculating Loss (Disc 2, 9:13)
4.2.5 Finding the Firm's Shut-Down Point (Disc 2, 8:35)

4.3 Market Supply
4.3.1 Deriving the Short-Run Market Supply Curve (Disc 2, 20:44)
4.3.2 Relating the Individual Firm to the Market (Disc 2, 18:52)
4.3.3 Examining Shifts in the Short-Run Market Supply Curve (Disc 2, 5:15)
4.3.4 Deriving the Long-Run Market Supply Curve (Disc 2, 9:13)

4.4 Competitive Firms' Responses to Price Changes
4.4.1 Examining the Firm's Long-Run and Short-Run Adjustments to a Price Increase (Downloadable version)

5 Other Market Models
5.1 Monopolies
5.1.1 Defining Monopoly Power (Disc 2, 10:10)
5.1.2 Defining Marginal Revenue for a Firm with Market Power (Disc 2, 12:43)
5.1.3 Determining the Monopolist's Profit-Maximizing Output and Price (Disc 2, 14:18)
5.1.4 Calculating a Monopolist's Profit and Loss (Disc 2, 6:24)
5.1.5 Graphing the Relationship between Marginal Revenue and Elasticity (Disc 2, 15:06)

5.2 The Social Cost of Monopoly
5.2.1 Determining the Social Cost of Monopoly (Disc 2, 12:22)
5.2.2 Calculating Deadweight Loss (Disc 2, 15:23)
5.2.3 Understanding Monopoly Regulation (Disc 2, 13:06)

5.3 Oligopoly
5.3.1 Introducing Oligopoly and the Prisoner's Dilemma (Disc 2, 17:26)
5.3.2 Understanding a Cartel As a Prisoner's Dilemma (Disc 2, 10:47)
5.3.3 Understanding the Kinked-Demand Curve Model (Disc 2, 4:22)

5.4 Monopolistic Competition
5.4.1 Defining Monopolistic Competition (Disc 2, 7:01)
5.4.2 Understanding Pricing and Output under Monopolistic Competition (Disc 2, 8:58)
5.4.3 Understanding Monopolistic Competition As a Prisoner's Dilemma (Disc 2, 6:44)

6 Market Failures
6.1 Uncertainty
6.1.1 Understanding Expected Value, Risk, and Uncertainty (Disc 2, 7:17)
6.1.2 Understanding Asymmetric Information as an Economic Problem (Disc 2, 12:24)
6.1.3 Understanding Moral Hazards in Markets (Disc 2, 10:00)

Macroeconomics Section
7 Macroeconomic Measurements
7.1 Aggregate Output and Income
7.1.1 The Production Possibilities Frontier: Macroeconomic Applications (Disc 3, 18:18)
7.1.2 The Circular Flow Model (Disc 3, 9:38)
7.1.3 Real GDP (Disc 3, 16:03)
7.1.4 The New BEA Procedure for Calculating Real GDP (Disc 3, 8:15)
7.1.5 Limitations of GDP and Alternative Indexes (Disc 3, 10:40)

7.2 Approaches to Calculating GDP
7.2.1 The Expenditures Approach (Disc 3, 9:29)
7.2.2 The Income Approach (Disc 3, 7:02)

7.3 Cost of Living
7.3.1 Changes in the Cost of Living and the CPI (Disc 3, 9:59)
7.3.2 Case Study: The Index of Leading Economic Indicators (Disc 3, 6:30)
7.3.3 Calculating the Rate of Inflation (Disc 3, 10:12)
7.3.4 Comparing the CPI and the GDP Deflator (Disc 3, 6:02)

8 Economic Fluctuations: Unemployment and Inflation
8.1 The Business Cycle
8.1.1 Recessions, Depressions, and Booms (Disc 3, 10:32)
8.1.2 Theoretical Explanations for Cycles (Disc 3, 10:09)

8.2 Measuring Unemployment
8.2.1 Measuring the Labor Force and Unemployment (Disc 3, 9:30)
8.2.2 Types of Unemployment (Disc 3, 9:37)

8.3 The Natural Rate of Unemployment
8.3.1 Understanding the Natural Rate of Unemployment (Disc 3, 8:37)

8.4 Causes of Unemployment
8.4.1 Minimum Wage Laws
8.4.2 An Analysis of Labor Unions and Unemployment

8.5 Inflation
8.5.1 Inflation, Deflation, Stagflation, and Hyperinflation (Disc 3, 9:34)
8.5.2 Inflation and Purchasing Power (Disc 3, 7:45)
8.5.3 Short-Run Causes: Demand-Pull and Cost-Push (Disc 3, 9:59)
8.5.4 The Quantity Theory of Money (Disc 3, 11:58)
8.5.5 The Costs of Inflation (Disc 3, 9:23)
8.5.6 Case Study: Behavior during Hyperinflation (Disc 3, 6:14)

9 The Aggregate Expenditures Model
9.1 Historical Background
9.1.1 Say's Law and Keynes: An Overview (Disc 3, 8:35)

9.2 Components of Aggregate Expenditures
9.2.1 The Aggregate Expenditures Identity (Disc 3, 14:05)
9.2.2 Average and Marginal Propensities to Consume and Save (Disc 3, 12:45)
9.2.3 The Aggregate Expenditures Model (Disc 3, 13:05)
9.2.4 Autonomous Investment (Disc 3, 13:26)

9.3 Equilibrium GDP
9.3.1 The Expenditures Approach and the Saving Approach (Disc 3, 17:58)

9.4 The Multipliers
9.4.1 Applications of the Multipliers (Disc 3, 14:23)

9.5 Comparative Static's: The AE Model
9.5.1 Changes in Aggregate Expenditures (Disc 3, 14:27)
9.5.2 Changes in Taxes (Disc 3, 18:40)
9.5.3 Changes in Net Exports (Disc 3, 10:28)

10 Money: Banking, Spending, Saving, and Investing
10.1 Money in the Economy
10.1.1 The Money Supply (Disc 4, 10:42)
10.1.2 Determinants of Money Demand (Disc 4, 9:00)
10.1.3 The Money Market (Disc 4, 10:02)

10.2 Financial Markets
10.2.1 Financial Markets and Intermediaries
10.2.2 Hot Topic: Should the U.S. Government Bail Out Failing Financial Institutions?
10.2.3 Stocks and Bonds
10.2.4 The Price of Bonds and the Interest Rate

10.3 The Fed
10.3.1 The Federal Reserve System (Disc 4, 8:13)
10.3.2 The Fed's Tools of Monetary Policy (Disc 4, 9:47)

10.4 The Creation of Money
10.4.1 How Goldsmiths Created Money (Disc 4, 7:40)
10.4.2 How Banks Create Money (Disc 4, 12:09)
10.4.3 How the Fed Changes the Money Supply (Disc 4, 10:06)

10.5 Saving and Investment
10.5.1 Investment Demand (Disc 4, 11:36)
10.5.2 The Market for Loanable Funds and Government Policy (Disc 4, 8:09)
10.5.3 Equilibrium in the Money Market (Disc 4, 9:49)

11 Aggregate Demand/Aggregate Supply Model
11.1 Aggregate Demand
11.1.1 Deriving the Aggregate Demand Curve (Disc 4, 7:26)
11.1.2 Movement along the Aggregate Demand Curve (Disc 4, 9:15)
11.1.3 Shifts in Aggregate Demand (Disc 4, 6:03)

11.2 Aggregate Supply
11.2.1 The Short-Run Aggregate Supply Curve (Disc 4, 9:03)
11.2.2 The Labor Market (Disc 4, 7:20)
11.2.3 The Long-Run Aggregate Supply Curve (Disc 4, 11:17)

11.3 Differences in the Long Run and the Short Run
11.3.1 The Classical View (Disc 4, 9:01)
11.3.2 Equilibrium in the Long Run and the Short Run (Disc 4, 12:10)
11.3.3 Expectations in the Long Run and the Short Run (Disc 4, 14:36)
11.3.4 Long-Run Macroeconomic Equilibrium (Disc 4, 16:55)

11.4 The Phillips Curve
11.4.1 Definitions and the Historical Record (Disc 4, 13:38)
11.4.2 Expectations and the Phillips Curve (Disc 4, 9:15 )
11.4.3 Hot Topic: Is the Roller Coaster Ride Over? The Future of the Business Cycle (Disc 4, 7:39)

12Monetary and Fiscal Policy
12.1 Recessions and Booms
12.1.1 Unanticipated Changes in Aggregate Demand (Disc 4, 12:04)
12.1.2 Unanticipated Changes in Aggregate Supply (Disc 4, 15:43)

12.2 Fiscal Policy: The Mainstream
12.2.1 Fiscal Policy Using the AD/AS Model (Disc 4, 16:10)
12.2.2 The Market for Loanable Funds and Crowding Out (Disc 4, 11:46)
12.2.3 Timing Problems and the AD/AS Model (Disc 4, 6:58)
12.2.4 Automatic Stabilizers (Disc 4, 8:40)

12.3 Fiscal Policy: Alternative Approaches
12.3.1 New Keynesian and New Classical Approaches to Fiscal Policy (Disc 4, 11:03)
12.3.2 Supply-Side Policy (Disc 4, 5:26)

12.4 Monetary Policy: The Mainstream
12.4.1 The Quantity Theory of Money (review) (Disc 4, 9:27)
12.4.2 Monetary Policy Using the AD/AS Model (Disc 4, 9:56)
12.4.3 Monetary Responses to Changes in the Economy (Disc 4, 12:20)
12.4.4 Monetary Policy: Accommodation (Disc 4, 9:41)

12.5 Monetary Policy: Alternative Approaches
12.5.1 New Keynesian's versus Monetarists (Disc 4, 11:23)
12.5.2 New Classical Macroeconomics (Disc 4, 8:31)
125.3 Case Study: Policy in the Great Depression (Disc 4, 8:22)