lecture5 - Introductory Microeconomics LECTURE 5 FACTORS...

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Introductory Microeconomics LECTURE 5 – FACTORS THAT DETERMINE MARKET OUTCOMES I: ELASTICITY AND ITS APPLICATIONS 1. Administrative issues • Multiple choice test (MCT): (i) Must be completed between March 22 (midday) and March 24 (midday). (ii) Access via the ‘Online MCT’ link at LMS. Can access it from home, uni, etc. (iii) 10 questions, 40 minutes. (iv) If you have any problems/questions with the link, please contact Nahid Khan. 1
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(v) ‘Hints on doing MCT’ available under ‘Practice Tests for MCT’ on LMS. (vi) Three Practice Tests available under ‘Practice Tests for MCT’ on LMS. I will post the solutions on Thursday. (vii) See ‘Announcements’ on LMS for list of resources available (including review session and pitstop times/locations). (viii) Questions for the review sessions on Thursday will be available under ‘Review sessions’ on LMS. • Assignment 1 will be available next week. Due on April 12. 2
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2. Review of Lectures 3 and 4 • Model of a perfectly competitive market: Demand, supply and equilibrium. • Apply the model to study market outcomes: What are the effects of changes in demand and supply on equilibrium? 3
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3. Overview of Lectures 5 and 6 • So far we talked about the direction of the change in equilibrium prices and quantities. What about the magnitude ?
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