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Discussion_2b_Summer_2019_Econ521

From GABRIEL MARTINEZ July 13th, 2019

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1.1 Review of the Classical Theory: Part 1 -…

237 | duration 7 minutes 36 seconds

1.1 Review of the Classical Theory: Part 1 -…

1.1 Review of the Classical Theory: Part 1 - Preferences

From G-WSB-Teaching&Learning January 28th, 2015

1.5 Review of the Classical Theory: Part 1 -…

127 | duration 33 seconds

1.5 Review of the Classical Theory: Part 1 -…

1.5 Review of the Classical Theory: Part 1 - Demand

From G-WSB-Teaching&Learning January 28th, 2015

1.7 Review of the Classical Theory: Part 1 -…

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1.7 Review of the Classical Theory: Part 1 -…

1.7 Review of the Classical Theory: Part 1 - Demand Curves

From G-WSB-Teaching&Learning January 28th, 2015

1.6 Review of the Classical Theory: Part 1 -…

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1.6 Review of the Classical Theory: Part 1 -…

1.6 Review of the Classical Theory: Part 1 - Household Behavior

From G-WSB-Teaching&Learning January 28th, 2015

1.8 Review of the Classical Theory: Part 1 -…

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1.8 Review of the Classical Theory: Part 1 -…

1.8 Review of the Classical Theory: Part 1 - Summary

From G-WSB-Teaching&Learning January 28th, 2015

1.4 Review of the Classical Theory: Part 1 -…

124 | duration 2 minutes 45 seconds

1.4 Review of the Classical Theory: Part 1 -…

1.4 Review of the Classical Theory: Part 1 - Utility Maximization

From G-WSB-Teaching&Learning January 28th, 2015

1.2 Review of the Classical Theory: Part 1 -…

114 | duration 3 minutes 5 seconds

1.2 Review of the Classical Theory: Part 1 -…

1.2 Review of the Classical Theory: Part 1 - Properties of Preferences

From G-WSB-Teaching&Learning January 28th, 2015

1.3 Review of the Classical Theory: Part 1 -…

201 | duration 14 minutes 22 seconds

1.3 Review of the Classical Theory: Part 1 -…

1.3 Review of the Classical Theory: Part 1 - Existence of Utility Function

From G-WSB-Teaching&Learning January 28th, 2015

2.7 Review of the Classical Theory: Part 2 -…

68 | duration 1 minute 44 seconds

2.7 Review of the Classical Theory: Part 2 -…

2.7 Review of the Classical Theory: Part 2 - Summary

From G-WSB-Teaching&Learning January 28th, 2015

2.5 Review of the Classical Theory: Part 2 -…

98 | duration 2 minutes 3 seconds

2.5 Review of the Classical Theory: Part 2 -…

2.5 Review of the Classical Theory: Part 2 - Review

From G-WSB-Teaching&Learning January 28th, 2015

Here is the second part of the discussion. Feel free to jump to the specific problem you are interested in.

Here is a timeline for your convenience:

Q5: 0:20
Q6: 19:00
Q7: 30:28

Erratum: In minute 11:30 I make an algebra mistake.

The value of X_0=(3/10)-(1/6)*(P1-P2)
After fixing this missed sign the best responses for each firm are:
P1=(9/10)+(1/2)*P2
P2=(21/10)+(1/2)*P1
Therefore, the equilibrium is not "weird", it is:
P1=2.6
P2=3.4

Apologies for the mistake :)

Tags: economicsgame theorydiscussion

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