ZOMG MICRO ECONOMICS WTFFFF

[Wilpro]

Econ major too, although i have no idea about most stuff.
Econ is prob the easiest degree to blag, pretty much why i chose it

[Karak567]

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econometrics is fun and easy if you are a stats oriented person

im in advanced econometrics right now, which is a lot more difficult, but the stuff you can do with it is pretty damn cool

milton friedman is like marx to some austrians lol

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I thought chicago and austrian school were fairly close and stuff? I don't know much about the chicago school tbqh but from what i've read about the austrian school an stuff i really like how they approach things.

also, abolish the fed. that is all. microlollaments, etc.

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they are similar, but some austrians are so hardcore that the fact that milton friedman still advocates some government agencies and intrusions makes them angry

chicago and public choice are similar to austrian economics, but they def have their differences

the econ program at my school is a highly ranked program and is also a very difficult program

[Borodog]

All three schools really agree on most practical matters. The main difference betweem the Austrian School and the Chicago L&E & Public Choice Schools is that the latter two claim to be pro free market schools, but spend a lot of intellectual capital spinning new apologetics for state intervention.

This is not to say that the Chicago & Public Choice schools have not produced some great work; they definitely have. Public Choice really illuminates a lot of government, and Coase did some really great things, although he missed the mark with his most famous thing (the so-called "Coase Solution").

[NT!]

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The important thing about elasticity of demand is that if you are in the inelastic portion of the demand curve and raise prices, you increase revenue, while if you are in the elastic portion of the demand curve and raise prices you will decrease revenue.

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Wow, see this is really useful and good to know. And they never told us this.

LOL social work economics class-aments

Boro, is this a hard and fast rule? Or is there some wiggle to it depending on features of the curves?

[ADLinden]

i would help but i just got a 60% on mine, ballin

[NT!]

i think this is going to end up getting curved and i am less dumb than most of my class. so like a 70 is probably an A imo.

[Karak567]

i one time got a 46 % on an upper level macro test

turned out to be a B

[ADLinden]

i took this test knowing that only our better midterm grade counts and i already got a 78 in a curved class so i didnt try very hard

[Borodog]

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The important thing about elasticity of demand is that if you are in the inelastic portion of the demand curve and raise prices, you increase revenue, while if you are in the elastic portion of the demand curve and raise prices you will decrease revenue.

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Wow, see this is really useful and good to know. And they never told us this.

LOL social work economics class-aments

Boro, is this a hard and fast rule? Or is there some wiggle to it depending on features of the curves?

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You have to be careful mang, I don't want to steer you wrong. I come at all of this from an Austrian perspective, which is different from the mainstream. In Austrian economics, for example, supply curves are vertical, because at any one time the supply of whatever good is actually fixed. The upward sloping supply curves are called "long run supply curves". The point being the analysis is different.

So, with that caveat in mind, yes, its hard and fast. It's pretty much the definition of elastic and inelastic, in Austrian economics, anyway. If the price goes up and revenue increases, that's inelastic. If the price goes up and revenue decreases, that's elastic. Essentially, goods for which there are lots of alternatives or substitutes have more elastic demand curves, since people can just choose something else if the price goes up, while things that don't have good substitutes tend to be inelastic (e.g. heroin). If the price went up by 20% and quantity sold only went down by 15%, that's inelastic (1.2*0.85 = 1.02), whereas if the price went up by 20% and the quantity sold went down by 25%, that's elastic (1.2*0.75 = 0.9).

[NT!]

so 1.0 is still the cutoff in austrian theory right?

interesting stuff

all i am going to have to do on this test is a couple of gay problem set type questions and an essay that she is going to grade super harshly because she hates my guts. prob 1 elasticity, 1 simple S+D with a shock to the equilibrium, 1 surplus problem etc.