Class Notes - 9-28-07

Class Notes - 9-28-07 - Microeconomics Class Notes 9/28/07...

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Microeconomics – Class Notes – 9/28/07 ANNOUNCEMENTS #1.) The answer was “D” on the homework due today (9/28/07 Chapter 4: Elasticity) If you entered (4/5), ask her The homework is worth 3 less, so its out of 11 instead of 14 – PRINT THE RIGHT ANSWERS AND look at number 10 it’s supposed to be elasticity of income (which we are not going to go over income or cross-reference elasticity) Print Chapter 5 homework sheets Chapter 7 tax incidence is coming back – more information Economics tutoring – Sunday through Monday at 7 in Quigley 201 (above the theatre – conference) CHAPTER #5 MATERIAL – Demand from Marginal Benefit I. Deriving the consumer Demand from Marginal Benefit a. Definitions: i. Willingness to Pay : Benefit in dollar terms from consumption of some good (WTP – Willingness To Pay) What an individual would be willing to pay for a good 1. Example: Quantity Willingness to Pay (Benefit) Change in Marginal benefit between first and second term 0 0 1 $4 $4 (between 0 and 1) 2 $6 $2 (between 1 and 2)
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Class Notes - 9-28-07 - Microeconomics Class Notes 9/28/07...

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