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<h2 class="hd hd-2 unit-title">Foundations of Modern Economics</h2>
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<h2 class="hd hd-2 unit-title">Math Envy and Economic Theories</h2>
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<h2 class="hd hd-2 unit-title">The Beauty of Microeconomics: Theory of Value</h2>
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<h2 class="hd hd-2 unit-title">The Beauty of Microeconomics: Production</h2>
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<h2 class="hd hd-2 unit-title">Price Dynamics and the Hog Cycle</h2>
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<h3 class="hd hd-2">Price Dynamics and the Hog Cycle</h3>
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<h2 class="hd hd-2 unit-title">Interactive: The Hog Cycle</h2>
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<p style="text-align: left;">The interactive graph below simulates the Hog Cycle described in the lecture. You can start by specifying the supply parameter ([mathjaxinline]s_1[/mathjaxinline]<span style="font-size: 1em;">), the demand parameter (</span>[mathjaxinline]d_1[/mathjaxinline]<span style="font-size: 1em;">), and the initial hog price ([mathjaxinline]P_0[/mathjaxinline]). If the hog cycle converges, you will see a red dot appear at the convergence point as well as its coordinates in the Quantity-Price space.</span></p>
<p><span style="font-size: 1em;">The equations for supply and demand given in the lecture are:</span></p>
<p><span style="font-size: 1em;">[mathjax] Q_t^d = d_1 \times P_t + d_2 \text{ (Demand Curve)}, [/mathjax]</span></p>
<p><span style="font-size: 1em;">[mathjax] Q_t^s = s_1 \times P_t^e + s_2 \text{ (Supply Curve)}, [/mathjax]</span></p>
<p><span style="font-size: 1em;">where the adaptive expectation assumption stipulates that </span></p>
<p>[mathjax] P_t^e = P_{t-1} \text{ (Adaptive Expectation)}. [/mathjax]</p>
<p>Note that these conditions can be summarizes as:</p>
<p style="font-size: 16px;"><span style="font-size: 1em;">[mathjax] Q_t^d = d_1 \times P_t + d_2 \text{ (Demand Curve)}, [/mathjax]</span></p>
<p style="font-size: 16px;"><span style="font-size: 1em;">[mathjax] Q_t^s = s_1 \times P_{t-1} + s_2 \text{ (Supply Curve)}. [/mathjax]</span></p>
<p style="text-align: left;"><span style="font-size: 1em;">At equilibrium: </span></p>
<p style="text-align: left;"><span style="font-size: 1em;">[mathjax] Q_t^d = Q_t^s = Q^* \text{ and } P_t^e = P_t = P^* . [/mathjax]</span></p>
<p style="text-align: left;">What happens to the cycle when [mathjaxinline]|s_1|= |d_1|[/mathjaxinline]? or when [mathjaxinline]|s_1| < |d_1|[/mathjaxinline]? or when [mathjaxinline]|s_1| > |d_1|[/mathjaxinline]? The mathematical details will be given in this unit's tutorial session!</p>
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<h2 class="hd hd-2 unit-title">The Efficient Markets Hypothesis: Space Shuttle Challenger</h2>
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<h3 class="hd hd-2">The Efficient Markets Hypothesis: Space Shuttle Challenger </h3>
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<h2 class="hd hd-2 unit-title">The Wisdom of Crowds</h2>
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<h3 class="hd hd-2">The Wisdom of Crowds</h3>
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