1

Synthesis

Econ 109 Fall 2002

Looking Back

2

Outline

• Themes: The Big Issues

• Economic Concepts

• Perspectives By Course Section– What We Learned– Why We Learned It– How We Can Use It

3

The Big Issues• Looking Out for # 1

– answer: save and invest (Course: Part I)

• Can a country (or civilization) generate a surplus to finance military power and/or the arts and sciences?– Answer: Malthus- landowners squeeze the

peasants– Answer: Marx- capitalists squeeze the workers,

(Course: Part III)– Answer: Adam Smith- markets lead to

efficiency and general welfare

4

The Big Issues (cont.)

– Answer: Modern economists- population growth increases the labor force; saving and investing increases capital; capital deepening increases worker productivity; research and development promotes technologival change (Course: Parts II and III)

– Answer: Monopoly power squeezes consumers (Course: Part III)

5

Is Globalization & Trade Good or Bad?• Good• trade permits

decoupling of production and consumption, i.e. promotes specialization

• growth in GDP per capita leads to more equity

• trade promotes competition and curbs monopoly power

• Bad• growth uses up world

resources• global warming• loss of forests• loss of clean oceans

and rivers (Course: Part IV)

6

Is Capitalism a Good Economic System or Not? (Course: Parts II, III, IV)

• Good• if markets are

competitive, then economy is efficient

• Bad• instability, subject to

fear, decreases in consumption and investment, capital flight

• monopoly power exploits consumers, wastes resources, and corrupts democracy

7

Economic Concepts• Economic Paradigm: A Way of Thinking

– #1 set out your options for choice– #2 value these options ( using market prices or

personal values or social values)– #3 optimize, i.e. pick the best choice

• Marginal Principle– set marginal benefit(revenue) equal to marginal

cost (if marginal revenue is constant then marginal revenue=average revenue=price)

• Reality Principle

• Scarcity and Opportunity Cost

• Diminishing Returns

8

Concept Applications

• Economic Paradigm– buying a car; Lecture 2– supplying your time to the labor market: L.4– choosing the investments with the average rate

of return-risk tradeoff that is best for you: L5– crime (pollution)-consumption possibility

frontier, community choice of optimal crim (pollution) levels L.17

9

Tools Applications• Keynesian Cross: L. 6, L. 7 & L. 10

• Production Possibility Frontier– Guns or Butter L. 8, L. 10– Agricultural goods or manufacturing goods L. 12– Ag. Or mfg. Goods: a closed economy vs. trade andan

open economy

• Demand and Supply– demand for mortgage credit: L. 3– demand & supply of funds in the bond market: L. 4– demand & supply of banking reserves: L. 9 & L. 10

10

Tools Applications• Demand and Supply

– demand and supply of world copper L.14– demand and supply of pesos: capital flight from

peso L. 15– demand & supply of $, capital flight from the

baht L. 16– demand and supply of bahts, capital flight from

the baht L. 16– demand & supply of low-skilled labor

contrasted to demand & supply of high-skilled labor, the wage differential for skill L 16

11

Tools Applications• Production Function, wage bill, surplus L. 11

• Marginal product of labor (demand), supply of labor, surplus L. 12– demand & supply of labor: minimum wage L. 12– demand & supply of labor: capital deepening L.13– demand & supply of labor: technological change L. 13

• Consumer Surplus & Competitive Markets L. 13– consumer surplus, monopoly profit, and dead-weight

loss L.14

12

Tools Applications• Lorenz Curve and Gini Coefficient: L.16

13

Perspective

• What we learned

• Why we learned it

• How we can use it

14

Part I: Personal Finance, Economics of Everyday Life

15

Purchasing the Big Ticket Items: Cars and Homes

• Why: Need to be well informed about the important decisions in our lives

• What: cars and houses last a while, and a $ this year is equivalent to a $ next year times one plus the interest rate $(t) = $(t+1)(1 + r)

• What: cars depreciate physically and most cars depreciate economically

• What: houses depreciate physically and will likely appreciate in value in CA

16

Cont.

• What: mortgage payments on loans are front loaded with interest, so equity will build slowly

• What: Need to save for the down payments, so we need to budget our expenditures

• How to use this info: when the time comes, tools are available for free on the internet or at low cost in common software packages

17

Tool: Income-Expense StatementTool: Income-Expense Statement

Income Amount Expenditure Amountown salary taxesspouse “ life insuranceinsurance carsdividends foodinterest clothingrent housingother otherTotal Total

Savings Equals Income Minus Expenditure

18

Economic PrinciplesEconomic Principles• A dollar today is not the same as a dollar

tomorrow!– $10 today @ 6.9% = $10 * 1.069 next year

• The “opportunity cost” of spending your money is the foregone interest.

• The cost of buying the services of the car, neglecting operating costs:– depreciation: owning a new car– foregone interest

19

Increasing the Length of the LoanTradeoffs

Increasing the Length of the LoanTradeoffs

• monthly payment amount decreases

• amount of total payments increases

• amount of total interest payments increases

• total interest as % of total payments increases

20

Thinking About Problems:The Economic Paradigm

Thinking About Problems:The Economic Paradigm

• describing the alternatives to choose among

• pricing the alternatives

• choosing the best alternative

21

The Economic Paradigmexample: buying a car

The Economic Paradigmexample: buying a car

• describing the alternatives to choose among– cash: the opportunity cost of losing interest– lease: depreciation included in payments– loan: sell the car to account for depreciation

• pricing the alternatives: valuation– Oscar Wilde- economists know the price of

everything and the value of nothing

• choosing the best alternative– best: lowest cost– possibly subject to a constraint: having the $

22

What to Do with Those Savings• Why: investments that earn more will let

you buy your cars and house sooner• What: investments have two attributes,

average rate of return(the reward), a good, and variability in the rate of return(the risk), a bad

• What: You want the investment with the highest average rate of return for a given level of risk

• What: returns are equal to capital gains (losses) plus dividends

23

Two UC Funds: Monthly Rate of Return, Sept 95 - Aug 01

-15

-10

-5

0

5

10

Se

p-9

5

De

c-9

5

Ma

r-9

6

Jun

-96

Se

p-9

6

De

c-9

6

Ma

r-9

7

Jun

-97

Se

p-9

7

De

c-9

7

Ma

r-9

8

Jun

-98

Se

p-9

8

De

c-9

8

Ma

r-9

9

Jun

-99

Se

p-9

9

De

c-9

9

Ma

r-0

0

Jun

-00

Se

p-0

0

De

c-0

0

Ma

r-0

1

Jun

-01

Year:Month

Ra

te

Equity Fund

Insurance Contract

An Example of Two Alternative Investments

24

Return Versus Risk for Six UC Funds Sept 95-Aug 01

Money Market

Savings

Insurance

Multi-Asset

Bond

Equity

0.00

0.20

0.40

0.60

0.80

1.00

1.20

0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00

Risk: Volatility

Av

era

ge

Re

turn

Tool: Efficient Portfolio- Most Return for Given Risk

Economic paradigm step1

25

Economic Paradigm step 2: Valuation of Mean Return and Risk

Assumption: Mean Return is Good, Risk is Bad: U =U(M,R)

MeanReturn,M

Risk, R

better

worse

Iso - Preference CurvesA

B

C

Prefer B to A; Prefer B to C

26

Economic Paradigm step 3: Choosing the Best Investment for You

Economic Paradigm step 3: Choosing the Best Investment for You

UC Funds: Mean Return Vs. Risk (Standard Deviation)

Equity

BondMulti-Asset

Money Market

Savings

Insurance

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2.00

0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50Standard Deviation

Mean

Retu

rn

Investor B: not very risk averse

Optimum for B

27

Personal Earnings and Human Capital

• Why: Your major source of $ is likely to be income

• What: Your Earnings will depend upon– your ability– your knowledge– your work experience

• How: Hang in until you get your college degree

28

Families: Average Income and Average Net Worth, 1995

Quintile Av. Income Av. Net Worth

Lowest 20% $8,032 $3,000

Second 20% $17,916 $14,600

Third 20% $28,965 $31,185

Fourth 20% $43,930 $51,133

Highest 20% $73,058 $118,171

Source: Consumer Federation of America

Even with wealth of $100, 000, at 5%, you earn only $ 5, 000 of incomeso you will need to work

2924 hours0 hours

Leisure(learning)

Earnings

$480

Opportunities for trading leisurefor earnings (income) at a rate,$20 per hour, the market wage,determined by your stock of human capital(step one of the paradigm: describing the alternatives for choice)

$ 0

Tool: Earnings Opportunities: Trading Time for Money

Economic Paradigm step 1

30

24 hours0 hoursLeisure(learning)

Earnings

$480

$ 0

Iso-Preference Curves:You value all points on a curve equally

high

low value

high value

Depicting your tastes graphically

Tool: Your preferences (tastes) for 2 goods, income & leisure

Economic paradigm step 2

3124 hours0 hours

Leisure(learning)

Earnings

$480

$ 0

high

low value

high valueOptimum

15 hoursof leisure

$180for 9 hrsof work

Individual’s Supply of Labor

Putting the 2 tools together: explaining your supply of labor

Economic paradigm step 3

32

Part Five: Economic Welfare and Public Policy

• Why: we need to consider the welfare of fellow citizens, not just me-me-me

• What: most folks that are poor are poor because they do not work

• What: most folks that do not work have a low level of human capital, i. e. the labor market places a low value on their time

• What: persistent pockets of poverty among female heads of households and their kids

33

Cont.

• In the US, the rich are getting richer and the poor are getting poorer

• In the US economy, there is a growing earnings premium on ability, on education, and on experience, i.e. on human capital

• In the US, we can’t seem to get the poverty rate below 10%

• How to use this info: on public policy issues when you vote

34

24 hours0 hours

Leisure(learning)

Earnings

$480

$ 0

high

low valueslope of the iso-preference curve through the 24 hour endowment is the lowest wage at which you are willing to work

$96

dropout is unwilling to work for $4/hr

Life does not offer very good options for the uneducated

35

Poverty and Female Heads of Households

Lab10: Children, Poverty, and Politics: US Census Bureau: Poverty in the United States: 2000

36

Percentage of Births Occuring Out of Wedlock, . White Women by Age Group, US .

0

5

10

15

20

25

30

35

1955 1960 1965 1970 1975 1980

Year

Perc

en

t

15-19

20-24

25-29

One Difficulty in Reducing Poverty: Adverse Social Trends

37

Poverty and Youth

Lab 10: Children, Poverty, and Politics

38

Trends in Shares of US Family Income .

0

10

20

30

40

50

60

19

70

19

72

19

74

19

76

19

78

19

80

19

82

19

84

19

86

19

88

19

90

19

92

19

94

19

96

19

98

Year

Perc

en

t

Top 5 %

Top 20 %

Bottom 40%

In the US, the Rich Get Richer and the Poor get Poorer

39

Ratio of Median Earnings, Males: College Grad to High School Grad

Source: Economic Report of the President, 1997

40

Source: Economic Report of the President, 1997

Growing Wage Differentials Between the Less Skilled and More Skilled:Less Demand for Less Skilled and More Demand for the More Skilled

41

Cont.• What: In the world, developed countries

have a more equitable distribution of income than undeveloped countries, one of the positive consequences of growth

• What: In the world, political systems and history also count. Socialist countries and countries with mixed economies tend to be more equitable. However, their tax burden is also greater

42

The Distribution of Income and Growth

Honduras

Jamaica

Brazil

Mexico

Malaysia

Hong Kong

Singapore

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0 2000 4000 6000 8000 10000 12000 14000 16000 18000

GDP Per Capita, 1990

Gin

i Co

effi

cien

t

43

Tool: Lorenz Curves for Hungary and Brazil

44

http://www.worldbank.org/depweb/

Income Inequality Across the World

Lab 7, Ch. 23, Internet Exercises, World Bank Links

45

Lab 7, Ch. 23, Internet Exercises,

“Taking a Look at the Level of Economic Development and Well-Being in Countries Around the World”

Link to Handbook of InternationalEconomic Statistics

Higher Tax Burden in France than in the US

46

Part Two: Macroeconomics and the US Economy

• Why: because the economy affects your prospects for finding and keeping a job, the interest rate you pay on loans, and the return you get on your investments

• What: There are two ways to measure the size of an economy, National Income and National Expenditure or GDP (circular flow). They have to be the same, i.e. in equilibrium

47

Cont.

• What: GDP is equal to consumption by consumers plus investment by firms, plus spending by government plus net exports ( exports minus imports)

• GDP = C + I + G + X - M

48

: Chapter Twenty: Chapter Twenty• Conceptual Framework: Circular Flow

Firms

Households

Income Labor

Firms

Households

SupplyGoods

Demand Goods

Income Perspective Expenditure Perspective

Y = GDP

49

Expenditure Perspective: OpenExpenditure Perspective: Open

Firms

Households

SupplyGoods

Demand Goods

Households: Consumption of Goods and ServicesFirms: Investment in Plant and EquipmentGovernment: Purchase of Goods and ServicesAll Three: Exports - Imports = Net Exports

Imports(puchases)

Exports(Sales)

Government

50

Consumption, CInvestment, IGDP

National Income, Y

GDP = C + I +G

450

GDP = Y

Income = expenditureI.e. Y = GDP

TotalExpenditureGDP Line

AggregateExpenditure

Unemployment Rate Oct. 2000= 3.9%

Bust

Unemployment RateSept 2001 = 4.9 %

Graphical Tool: The Keynesian Cross

51

US Postwar ExpansionsUS Postwar ExpansionsTrough - Peak Duration, MonthsOct. ‘45 - Nov. ‘48 37Oct. ‘49 - July ‘53 45May ‘54 - Aug. ‘57 39April ‘58 - April ‘60 24Feb. ‘61 - Dec. ‘69 106Nov. 70 - Nov. ‘73 36March ‘75 - Jan. ‘80 58July’80 - July ‘81 12Nov. ‘82 - July ‘90 92March ‘91 – March ‘01 121

52

Cont.• What: In addition to fiscal policy, I.e

taxation policy and government spending, the US central bank, the Federal Reserve, engages in monetary policy

• What: the Fed can buy government securities on the secondary bond market (open market operations) and if it buys from a private bank, for example, credits this bank with reserves. This private bank can use any excess reserves over those required by the Fed to make loans to consumers and businesses. In turn these groups can spend.

53

Cont.• What: the federal funds rate is the rate of

interest banks pay to borrow from one another. If the Fed increases the supply of reserves through open market operations, this results in a decrease in the federal funds rate.

• What: The central bank acts as a bank of last resort, lending money to private banks at the discount window, charging them interest at the discount rate.

54

Impact of the Supply of Reserves on the Federal Funds Rate

Impact of the Supply of Reserves on the Federal Funds Rate

FFR,price ofreserves

quantity of reserves

Demand for Reserves by Banks

Supply of Reserves: Fed

55

Fighting Recession, the Fed Cuts the Federal Funds Rate from 6.5% in Dec. 2000 to 2.5% in Oct 2001

During the Same Period, the Fed Cut the Discount Rate from 6% to 2 %

56

57

Part Three: Competition, Monopoly, and Public Policy

• Why: Growth in GDP per capita increases the standard of living for people and means that we can avoid the Malthusian trap and avoid Marx’s prediction of the increasing immiseration of the working class

• What: Growth depends on increasing worker productivity, i.e. output per worker or average product. Output per worker increases as capital per worker rises (capital deepening), including social infrastructure, and as technology improves

58

Cont. • What: Malthus believed that population

increases would devour any surplus in output, keeping peasants at a subsistence wage.

• What: Marx believed that capitalists would seek more profit by introducing labor saving machines, displacing workers and creating an army of the unemployed. This surplus of workers would keep wages at the subsistence level. Neither Malthus nor Marx foresaw capital accumulation and technological change saving the day.

59

Cont.

• What: Because economic growth leads to prosperity, more and more countries are embracing free markets, capitalism, and international trade.

• How to use this info: You can stay up at night worrying whether science, engineering and technology will bail us out in the coming century, as it did in the past two, or whether Malthus and Marx will ultimately be right.

60

GNP Per Capita, Growth Rates Around the World

61

Average, Marginal Product

Input, # of workers

APL

MPL1954

Things Improve with capital deepening:

Output perWorker

MPL1874

Labor Supply1874

Real Wage1874

L1874

Labor Supply1954

L1954

Real Wage1954

Output per workerincrease, shifting APL

62

Capital Stock

Depreciation

NetInvestment-

GrossInvestment

+

Capital Formation

NationalSavings

63

Table 23.2

Source of Real GDP Growth, 1929-1982 (average annual percentage rates)

Due to capital growth 0.56 19 %

Due to labor growth 1.34 46 %

+ technological progress 1.02 35 %

Output growth 2.92 100 %

Source: Edward F. Denison, Trends in Economic Growth 1929-82

(Washington, DC: The Brookings Institution, 1985).

64

Research and Development as a Percentage of GDP

Chapter 23, Figure 23.5

65

LATC

Optimal Size of Plant with Variable Returns to Scale

SATCIII

SATCIV

SMCIV

LMC

Quantity

pM

LATC

SMCIII

SD

Market(differentscale foroutput)

Reference: Lecture 14

66

The Social Cost of Monopoly: Example, Constant Returns to Scale

LATC = LMC

Market Demand

Competition Monopoly

Market Demand

LATC = LMCPM

Consumer Surplus

MR

QCOMP QMONOP

PM

Under monopoly, some consumer surplus is redistributed to the monopolist as profit, and some is lost to society

Profit

Dead Weight Loss

67

The Ghost of Malthus

68

Population Growth Rates Around the World

69

Part Five(again): Economic Welfare and Public Policy

• Why: Economic growth and prosperity may not be unambiguously good. Growth may bring pollution as a byproduct. Free markets and free societies may have more deviant behavior.

• What: Societies must choose through their political system how much GDP to allocate to cleaning up the environment and how much GDP to allocate to fighting crime and keeping citizens and their property safe

70

Tool: Crime (pollution) - Consumption Possibility Frontier

Consumption: good

Offenses (pollution): bad

The first step of the paradigm: the options for choice

Opportunity cost ofless crime

Minimum possible

71

Community Values Confront Reality:Crime (pollution) - Consumption Possibility Frontier

Consumption: good

Offenses (pollution): bad

The second step of the paradigm: pricing the options

Community preferences

Community wishlist

optimum

72

The Developed Countries Are Increasing the Risk of Global Climate

Change

73

The Developed Countries Are Also the Ones That Can Afford To Clean Up

Llad Phillips 76

Central Government Expenditure as a % of GDP, 1995

http://www.worldbank.org/depweb

74

Part Four: Trade, the Balance of Payments and the Global Economy

• Why: Globalization characterizes our times. World trade is stimulating economic growth, breaking down the barriers that protect inefficient domestic industries.

• What: Trade, or voluntary exchange, benefits both parties. Trade allows them to specialize on what they do best, rather than be self-sufficient, and specialization increases productivity. Trade permits the decoupling of production from consumption.

75

Cont.• What: Trade of goods and services may not

always be in balance however. Imports may exceed exports and countries, like people, may borrow to live a little higher on the hog. For people, this is often reflected by credit card debt. In the case of countries, we call them debtor nations.

• What: The danger in being a debtor nation is the possibility of capital flight. Foreigners who own a country’s bonds may sell them and then sell this country’s currency to buy their own, i.e. cash out and go home.

76

Cont. • What: If the target country’s central bank

does not have sufficient reserves of foreign currencies to permit them to buy their own currency, and offset the effect of capital flight on the exchange rate, they will have to devalue their currency.

• What: A stable exchange rate means trade and economic activity is less risky.

• What: Currently, the only mechanism to offset capital flight and avoid international monetary crises is cooperation among central banks, arranging loans for the target.

77

Growth in World TradeGrowth in World Trade

Source: Source: Economic Report of the President, 1997 Economic Report of the President, 1997

http://www.gpo.ucop.edu/catalog/erp97.htmlhttp://www.gpo.ucop.edu/catalog/erp97.html

78

Around the World, Trade is Growing Faster Than GNP

79

Agriculture

Manufactures

Trade Allows the West to Decouple Production & Consumption

Production Possibility Frontier, PPF

Regional Tastes:

Eastern Prices: Ag/ Mf = PMf/PAg

A

BC

QMf

QAg

CMf

CAg

Exports

Imports

80

Capital FlightCapital Flight1. foreigners sell their Thai investments1. foreigners sell their Thai investments2. foreigners exchange their Baht proceeds for say dollars2. foreigners exchange their Baht proceeds for say dollars3. Demand for dollars shifts and price of the dollar in Bahts rises 3. Demand for dollars shifts and price of the dollar in Bahts rises

Bahts per US $Bahts per US $

quantity of dollarsquantity of dollars

demand for dollarsdemand for dollars supply of dollarssupply of dollars

Figure 1A: Before Capital Flight Figure1B: After Capital Flight

$ price of theEuro

Quantity of Euros

Supply of Euros

Demand for Euros

$/Euro

Quantity of Euros

Demand for Euros

$ price of theEuro

$/Euro

Part III. (45 points) Answer all three questions.

1. Suppose, in the future, countries in the European Monetary Union (EMU) lose

confidence in the attractiveness of the United States as a haven for their investments,

perhaps in part because US interest rates decline dramatically. Suppose this causes a

repatriation of money to EMU countries, and fewer Euros are supplied to the US and to

the foreign exchange

a. After capital flight, show the shift in the supply curve of Euros in Figure 1B.

b. Does the equilibrium quantity of Euros increase or

decrease?__decrease____________

c. Does the Euro appreciate or depreciate? __appreciate_______________

d. Illustrate the new exchange rate in Figure 1B.

e. If the U S Federal Reserve intervenes in the foreign exchange market using its

reserves of foreign exchange, which curve will shift, the demand curve for Euros

or the supply curve for Euros? __supply____________

2. Currently, for the third quarter of 2000, the economy is at full employment at $10.05

trillion(T) for GDP. Net exports, X-M, are in deficit at $-0.39 T and government

expenditures, G, are $1.75 T. So together, government expenditures and net exports are $

1.36 T. Note that the government is in surplus, i.e. expenditures exceed receipts from

taxes etc., so the government is absorbing purchasing power rather than generating it.

For the sake of simplicity, assume government expenditures and net exports do not vary with national

income, as illustrated in Figure 2.

In thinking about the prospects about a recession in 2001, the expenditure

emphasis is on the private domestic economy: consumers and business firms.

Figure 2: The Keynesian Cross and GDP Expenditure = National Income

GDP,ExpenditureComponentsIn $ Trillions

450

$10.05 T

G + (X-M) = $ 1.36 T

National Income

Full EmploymentNational Income, $10.05T

Total GDPLine

G + (X-M) < $ 1.36 T

Total GDP Line if C + I fall

a. Together, how many trillions must consumption and investment total at the full

employment level of national income? _____$8.69 T______________

b. Draw in the total expenditure (or GDP) line in Fig. 2, which increases with

national income, since consumption increases with national income, showing

its intersection with the GDP= National Income line at $10.05 T.

c. Suppose consumer confidence continues to weaken, and consumption and

investment expenditure fall. Illustrate the consequent shift in the total

expenditure (or GDP) line in Figure 2.

d. If the balance of trade deficit grows worse, and fiscal policy and government expenditure do not

change, illustrate the effect on the G + (X-M) line in Figure 2.

e. If all of these unfortunate things come to pass, what will happen to the unemployment rate? __it ___

___will_______ ___rise_____________.

3. The technology for electricity generation has increasing returns to scale and therefore a downward sloping long-

run average total cost (LATC) curve, as illustrated in Figure 3. These are the conditions for a natural monopoly.

Price perKilowatt Hour

LATC

Billions of Kilowatt Hours,q

Long Run Marginal Cost

Market Demand

Marginal Revenue

qR

pR

qM

pM

Figure 3: Market Demand and Long Run costs per Kilowatt Hour for Electricity

a. If the government deregulates electricity, as has happened in California, and

the monopolist is free to determine output and price, show in Fig. 3 the price,

pM, and the output, qM, the monopolist will choose.

b. Under government control of electricity, an efficient use of resources would

result from setting price equal to long run marginal cost (LMC) where LMC

crosses the demand curve. Why isn’t this a feasible price for the government

to set? The low price would benefit the consumer. _monopolist_________

_makes_____ _a_ __loss___________.

c. With government regulation of the electricity market, using average cost

pricing, the government could set long-run average total cost to price where

LATC crosses the demand curve. Illustrate this regulated price, pR, and

corresponding quantity, qR, in Fig. 3. Comparing, deregulation, with the

monopolist free to maximize profits, to regulation, is the consumer better off

or worse off? _better________ ___off_________( with regulation).

86

Course Grading

Quiz 40Midterm 80Final 169Course 289

If you complete over 70 % of both the text Problems and Lab Exercises, then your course grade is increased by 1/3 grade point

87

Thursday, Dec. 12, 4:00-7:00 PM, Final, You will need a scantron sheet and #2 pencil.

• Good Luck