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11 Pages

### MEA chapter 3 notes

Course: MEA 130, Spring 2008
School: N.C. State
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Word Count: 862

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3: Chapter Temperature For the Record: Air Temperature Data Air temperature is measured at thousands of locations worldwide using a variety of thermometers. Daily Mean: Daily Range: Monthly Mean: Annual Mean: Annual Range: In order to examine the distribution of temp. on maps, we use: lines indicating equal (iso) temperature (therms) (Fig 3.2). Why Temperatures Vary: The Controls of Temperature Latitude (which...

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Wednesday, September 06, 2006 Microeconomics Fish/hr 3 oz/hr 2 oz/hr Fish/day 24 oz/day 16 oz/day Fred 5/3 oz/corn 3/5 oz/corn Corn/hr 5 oz/hr 4 oz/hr Corn/day 40 oz/day 32 oz/day Tom 2 oz/corn oz of fish TOM Fish oz/day 16Fisherman Fred Farmer To
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Friday, September 08, 2006 Microeconomics Example 1 Country Portugal England Portugal Wine/hr 8 Wine per Hour 8 bottles/hr 4 bottles/hr Cloth per Hour 6 yrds/hr 5 yrds/hr England Wine/hr46Cloth/hr5Cloth/hrPortugal has absolute advantage i
N.C. State - EC - 201
Monday, September 11, 2006 Microeconomics Malaysia Rubber Ton/yr 30 Philippines Rubber Ton/yr1020Steel Ton/hr Philippines 4 tons of steel tons of rubber40 Steel Ton/hrOpportunity Costs 1 ton of Rubber 1 ton of steelMalaysia 2/3 tons of s
N.C. State - EC - 201
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N.C. State - EC - 201
Friday, September 15, 2006 Microeconomics QUANTITY DEMANDED The amount of a good or service that consumers are willing and able to buy DEMAND the relationship between the price and the quantity of a good or service that consumers are willing and ab
N.C. State - EC - 201
Wednesday, September 20, 2006 Microeconomics CONSUMER'S INCOME OR WEALTH P 1. Suppose Income 2. Suppose Income P0 1. Suppose Income 2. Suppose Income D1 D Q0 Q1 Q , Demand , Demand Inferior Good (Ex. Ramon Noodles) , Demand , Demand Normal GoodPRIC
N.C. State - EC - 201
Monday, September 25, 2006 Microeconomics P S Determinants of Supply 1. Price of the product = change results in change in quantity supplied 2. Price of the inputs used in production 3. Technology used in the Production Process 4. Expectations about
N.C. State - EC - 201
Friday, September 29, 2006 Microeconomics Ex. 4 COMPUTERS P S1S2 P*0 P*1 D2 D1 Q*0 P S1 S2 P*1 P*0 D2 Q*1 Q* Advance in technology * Increase in consumer income (computers are normal goods)* Equilibrium Definitely increases * Change in price is
N.C. State - EC - 201
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N.C. State - EC - 201
Wednesday, October 04, 2006 Microeconomics CHAPTER 7 WELFARE ECONOMICS study of how the allocation of resources affect economic well being CONSUMER SURPLUS A buyer's willingness to pay minus the amount the buyer actually pays LAWN CARE Price P Per
N.C. State - EC - 201
Friday, October 06, 2006 Microeconomics PRODUCER SURPLUS is the price of the product minus the willingness to accept LAWN CARE Price per lawn P 12 10 8 6 4 2 Allen Q 1 2 3 4 5 6 Q # of lawns cut Toby Hank Kenny Willie Price Producer SurplusS Waylon
N.C. State - EC - 201
Monday, October 09, 2006 Microeconomics ELASTICITY is a measure of how buyers and sellers respond to changes in market conditions. GASOLINE P P*1 P*0S2 S1D Q*1 Q*2 Q ELASTICITY PRICE ELASTICITY OF DEMAND (E d,p) is a number which measures the res
N.C. State - EC - 201
Wednesday, October 11, 2006 Microeconomics TWO ROLES FOR THE PRICE ELASTICITY OF DEMAND 1. Characterization of points along a demand curve 2. Characterization of a demand curve (a b = b a) same thing P 6 A Elastic 5 4 3 2 1 2 4 6 8 10 12 B C D E F
N.C. State - EC - 201
Monday, October 16, 2006 Microeconomics If demand is elastic price and total revenue are opposite If demand is inelastic price and total revenue are the same P Slope = Q P = Q2d Q1d P2 P1D Q Q2d Q1d % Qd Ed,p = Q2d + Q1d Q2d Q1d P2 + P1 Q2 d
N.C. State - EC - 201
Wednesday, October 18, 2006 Microeconomics ELASTICITY OF SUPPLY Q2s Q1s % Qs Es,p = %P = P2 P1 P2 + P1 Es,p will always be positive because of the law of supply P P1 S1 Relatively Inelastic S2 Relatively Elastic Q2s + Q1s = Always &gt; 0 = Price elas
N.C. State - EC - 201
Friday, October 20, 2006 Microeconomics TAXES TAX INCIDENCE is how the tax in which the tax burden of a tax is shared among participants in a market. WIDGET Effective Price paid By consumers P S \$1.15 \$1.00 \$0.95 \$0.20 * Tax is levied on the consumer
N.C. State - EC - 201
Wednesday, October 25, 2006 Microeconomics Regardless of how the tax is levied, the implications are equivalent. The amount the buyers end up paying and the amount that sellers end up receiving are the same in both cases P CS SPc Dead Weight loss \$
N.C. State - EC - 201
Friday, October 27, 2006 Microeconomics MARKET FAILURE is a situation where unregulated markets do not provide efficiency outcomes. TWO CAUSES OF MARKET FAILURE 1. Externalities 2. Public Goods