Micro Economics 218 Skills Inventory:

Dr. Stokes

Name: ______SS #: ______

This course is taught on the principle “Economic Theory that cannot be applied is of limited use.” This skills inventory is designed to collect data on the skills that you bring into this course, the skills that you might learn in this course, as well as the expectations you have for this course.

1. The objective of the course us to provide “hands on” training in understanding and using modern Micro Economics Theory. Stress will be laid on problem solving using Excel®, B34S® and SPEAKEASY®. Most problems can be solved with Excel, B34S or SPEAKEASY. The course will discuss the relevant theory and how to structure a spreadsheet to solve key micro problems such as:

-How to measure inflation?

-How to measure the effect of inflation on wages, taxes, real wealth and the level of the stock market.

-How to measure demand and supply and make predictions given different market models.

-How to measure the effect of various types of taxes on price and quantity sold.

-How to measure the impact of a tax on the welfare of producers and consumers.

-How to measure the effectiveness of a worker in production and to rationalize worker pay against business profit maximization goals.

-How to measure the gains from exchange.

-How to determine the effectiveness of a marketing program and make predictions on the changes in price and quantity that results.

-How to optimize production decisions given constraints.

-How to determine whether to enter or leave a market, an industry.

Do these questions impact you now? Will they impact you in the future?

  1. What is your major? What role will applied economics have in your future life?
  1. How much training have you had in Excel? In Speakeasy? In programming? Do to have an icarus (SUN) account? Do you have a class2 account? Do you have a PC at home? Does it have Web access? Does it have Excel? (Note: If you answer no to all of the above you will be OK in the course since we have PC labs and icarus)
  1. Are you working now? Are you using your economics training in decision making at your business? To date, have you found your economics training useful? Are you using a PC on the job? If so what are you doing?

5. What are your long run goals as far as working? What decisions are you making now or plan to make in the future that might benefit from economic analysis?

6. What goals do you have for this course? What criteria would you use to evaluate your experience in this course? Are you prepared to bring to class for discussion problems from your work so others can learn?

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