Tests are Graded

I just finished grading the tests.
The average (after the curve) was a 75%. That is, 75 was both the mean and the median grade.
The grades were very normally distributed (which is a good thing).
The high was a 105, and the low was a 44.
The distribution is as follows:
F 40's: 1
F 50's: 3
D 60's: 7
C 70's: 6
B 80's: 7
A 90's: 4
A 100s: 1
29 people took the test.
Overall, the grades were lower than the last test, but more concentrated about the mean. The highs grades were not as high, and the low grades were not as low.
See you Wednesday.

Nathan

Midterm 2 Solutions in pdf

I am still grading your tests. There were several good answers on these tests, some which caused me to rethink the problem myself. Posted is one set of solutions. I am grading the tests one problem at a time. The solution to #4 is difficult, and I will be grading this problem more leniently. I wanted to give those who had thought the geometry through a little more to have the chance to show me what they could come up with.
That said, we will cover oligopoly this week, and a bit of review on monopoly, so be sure to have read Ch. 8 and the story of Rockefeller, which is part of the book, Myth of the Robber Barons by Burton Fulsom. You can read a short speech by this author in which he mentions the ideas in this book by clicking here.

Studying for the Exam

1. I told the class that there would be one question on the Hayek paper, and an extra credit question on the Alchian, Demsetz paper. Read this if you have not already.
2. The questions will be similar to those you did for homework, and similar to those in the text.
3. Economics is cumulative.
4. The focus will be on new material from Chapters 5,6,7,14 (13 in the older edition).
5. A lot of people did not turn in Homework 2. Why?
6. Get good rest and carbs and protein before the exam.
Good luck!

Homework 2 Solution Set

Update: The link is fixed.

Here is the link to a pdf of the solution set to HW 2.
Since these questions were mostly out of the text, the solutions are mostly those provided by the authors. Perhaps you will find these helpful. If you have questions, please do not hesitate to ask.
Nathan

All Better Now

Okay, so I discovered a way to connect links here at the blog to the documents you need. In the posts below are included links to the psf of past week's slides and further down a link to the Homework Questions out of the new text edition.
You should be all set to do the homework, reading, and start studying for the second midterm.
Nathan