Podcast
Questions and Answers
Which professor is responsible for the main material and labs?
Which professor is responsible for the main material and labs?
The final exam accounts for 30% of the course assessment.
The final exam accounts for 30% of the course assessment.
False
What is the total percentage weight for the Team Project Work?
What is the total percentage weight for the Team Project Work?
30%
On which day does the Journal Club occur?
On which day does the Journal Club occur?
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What is the opportunity cost of coconuts for Robinson?
What is the opportunity cost of coconuts for Robinson?
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Match the characters with their production functions on the desert island:
Match the characters with their production functions on the desert island:
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In the practice exercise, what has Ann's production function?
In the practice exercise, what has Ann's production function?
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How many fish does Friday produce in total without trading?
How many fish does Friday produce in total without trading?
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What does Bob choose for coconuts without trading?
What does Bob choose for coconuts without trading?
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Study Notes
Course Structure
- The course is split between lectures, labs, a journal club, and a team project
- Lectures take place on Wednesdays and Fridays
- The journal club takes place on Tuesdays
- Labs take place on Wednesdays and Fridays
- The team project defense occurs on Wednesday, March 20th
- The final exam takes place on Friday, March 22nd
Course Assessment
- Course assessment is split between various assignments including a team project, labs, journal club, and final exam
- The team project is worth 30% and is assessed through a formal report and presentation
- Lab reports make up 30% of the course grade
- The journal club is worth 5% of the course grade with a potential bonus of 5%
- The final exam is worth 25% of the course grade
Reading
- Readings for the course are from two books, both of which are recommended
- The first book is Fundamentals of Power System Economics by Kirschen and Strbac, published by Wiley in 2018
- The second book is Power System Economics: Designing Markets for Electricity by Steven Stoft, published in 2002
Desert Island Economy
- The desert island economy example focuses on two people, Robinson and Friday, who can produce both fish and coconuts
- These people can choose to specialize in the production of one good over the other.
- Robinson is better at harvesting coconuts; Friday is better at catching fish
- Even though both parties have a comparative advantage in one good over the other, they can both be made better off by trading with each other and specializing in the production of one good.
- This example shows that specialization and trade can be beneficial for both parties
Practice Exercises
- There are two practice exercises given in the text
- Both exercises involve two people, Ann and Bob, who are stranded on a desert island
- The exercises ask students to analyze the production functions of Ann and Bob to understand how trade can make both people better off
- Each person has a different production function and chooses different amounts of fish and coconuts when they are not trading.
- The exercises encourage students to find an arrangement that could make both people better off by applying concepts like specialization and trade.
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Description
This quiz provides an overview of the structure and assessment of the Power System Economics course. It includes information on lectures, labs, journal club participation, and the team project, alongside details about the readings from recommended textbooks.
