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Lecture 9

Course: ECON 2030, Fall 2011
School: LSU
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2030: ECON Lecture 9 Question o How does the tax get divided between buyers and sellers? o Does not depend upon from whom the tax is collected Maximum tax with minimum deadweight loss o Inelastic items o Sin Taxes Alcohol Cigarettes Gambling Relative sensitivity of CStax depends on magnitude of elasticity of supply and demand Shipping o Who bears the cost to ship an item? 100% of the burden of...

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2030: ECON Lecture 9 Question o How does the tax get divided between buyers and sellers? o Does not depend upon from whom the tax is collected Maximum tax with minimum deadweight loss o Inelastic items o Sin Taxes Alcohol Cigarettes Gambling Relative sensitivity of CStax depends on magnitude of elasticity of supply and demand Shipping o Who bears the cost to ship an item? 100% of the burden of shipping is paid by seller Theory of the Firm o Once a firm decides it what wants to sell, you have two decisions How much do I produce How much do I charge for it o Our assumption is that business will be answering these two questions in order to maximize profits Sometimes, businesses try to achieve other goals Either short term or long term o In order to maximize profit, we need to define profit first Profit o = Total revenue- total cost o Benefit cost Total revenue (TR) Price* Quantity Marginal revenue (MR) How much to produce
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ECON 2030: Lecture 11Relationship between marginal cost and average costo Average cost Determines level of profitabilityo Marginal cost Profit maximizabilityTime Definedo In terms of microeconomicso Measure time by cost Short Run A period of tim
LSU - ECON - 2030
ECON 2030: Lecture 12Perfect Competition againDecisionso Demand is perfectly elastic No control over price Take the price of the marketo Just have to decide how much to produceFixed vs. Variable Costo In the short run, anything can happenConclusi
LSU - ECON - 2030
ECON 2030: Lecture 13Monopolyo Exact opposite market structure of perfect competitiono One seller is the entire supply side of the marketo No distinction between the farm and the sellero No close substituteso Serves the entire marketo Demand is pri
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ECON 2030: Lecture 14Monopolistic Competitiono Market Structure Many small buyers and sellers Competition Any individual buyer or seller cannot move market price Slightly differentiated goods Each firm is selling their own unique good Slightly dif
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LSU - ECON - 2030
Econ 2030: Lecture 16Macro ContinuedUnemploymento No true measure of unemploymento We define these terms in a certain way Collect data in order to say something about ito Relationship to the business cycle Countercyclical More workers, more jobs
LSU - ECON - 2030
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ECON 2030: Lecture 18Connection between economic growth, GDP, and inflation rateso Definitiono Expansion and Recessions Expansions Periods of time when economy is growing above averagelong term level Recession Periods of time when economy is growi
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ECON 2030: Lecture 19Aggregate Supplyo Short run (SRAS) vs. Long run (LRAS)o Total willingness and ability to sell all goods included in GDP at variousprices Short Run SRAS is exactly the same as micro Maximize profits Determinants of SRAS Labor
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ECON 2030: LECTURE 20Money \$ Basicso Has always been the primary way of provisioning societyo Definition Roussells preferred definition Money is a social process of obligations and fulfillment Engage in certain activities and create certain obligati
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