2. Design Document Perfect Competition Embedded assignments Turn-based, length determined by Game Master Multiplayer, 5-player minimum

3. Perfect Competition Starting Point: Empty Factory 1 million dollars No advantages: No sense of geography or proximity Everyone has access to the same information

4. On Each Turn Buy the proper equipment in order to enter a specific manufacturing field Set wages Hire workers Set prices Negotiate contracts with suppliers and buyers Research new technologies

5. Embed Assignments in Gameplay Old: Take fictional data made up by the professor, draw graphs, and answer essay questions. New: Receive an in-game news bulletin, draw graphs and interpret data, use the answer to improve your decisions in the next turn.

6. Feedback Loop Old: Students are graded on whether they get the right answer New: Comparison with other players, and comparison with a perfect player

7. Topics We Will Teach Supply and demand Opportunity cost Price elasticity Surplus Substitute products Fixed cost, variable cost, total cost, average cost Equilibrium

8. Consumer Theory Producer Theory Equilibrium Theory Oligopic Markets Game Theory

9. For instance: Price of TiresNumber of Tires People Want to Buy Number of Tires People Want to Sell $100110,00010,000 $20090,00040,000 $30060,00080,000 $40020,000150,000 Equilibrium Point Consumer Surplus Producer Surplus

10. Questions?