Principles of Microeconomics / Unit 17 MIC 1640 review, 2 to 3 minutes
What This Course Rests On
The idea
A course that teaches weighing evidence owes an account of its own. It rests on one anchor, an open textbook the examining board names; one witness, a second open textbook cited section by section; and primary documents for what neither supplies. Five decisions, taken on the companion course's precedent, await the owner's confirmation: the anchor, the witness, the unit map, the name and the outline on record. One anchor chapter, on the public economy, was left out, and four of its ideas were carried where they belonged. Where the witness had nothing, the course said so: the information and insurance run of unit fifteen and the kinked demand curve rest on the anchor alone. Where the anchor had nothing, the witness led: the cost-minimizing input rule, marginal factor cost by name, excess capacity, the horizontal sum of demands, the Gini coefficient, and the investment rule. Where neither had it, a primary source did, dated: the Nash equilibrium from Nash's nineteen fifty paper, merger thresholds from the twenty twenty-three guidelines, the Gini from the Census, the Doha round from the World Trade Organization, the Coase theorem from Coase's nineteen sixty article, and the résumé audit from its authors. Some standard results are constructed from definitions rather than found in the sources: the tax and tariff triangles, marginal cost as the wage over marginal product, the Gini by trapezoids, the public good's summed benefit. Each is marked; every worked number is the course's own. Contested results carry both sides and no verdict; no administration or advocacy source is voiced; no historical sum is converted to today's dollars. The board's eight sample questions were the calibration set; each has its entry.
In practice
Worked example: the eight questions and where each lives. One, a point inside the frontier: video sixteen oh five, from unit one. Two, a substitute's price falls: sixteen oh nine, from unit two. Three, the income effect by name: sixteen thirteen, from unit five. Four, the cost-minimizing combination: sixteen seventeen, from unit six. Five, shutdown below average variable cost: sixteen twenty-three, from unit seven. Six, marginal factor cost in a competitive market: sixteen thirty-two, from unit thirteen. Seven, marginal social cost above marginal private cost: sixteen thirty-six, from unit eleven. Eight, the quantity from a total-cost table: sixteen twenty-two, from unit seven.
Where people slip
Three cautions. A record of sources is not a warrant of truth; both textbooks contain errors the course found, corrected and logged. The decisions are reversible: a different anchor, a different witness or a different map would produce a different course. And what the course leaves out is as much a choice as what it includes; the omitted chapter, the trimmed sections and the untaught names are listed so that a student who meets them elsewhere knows they were seen and set aside, not missed.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
Builds on
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