lecture6 - Introductory Microeconomics LECTURE 6 FACTORS...

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Introductory Microeconomics LECTURE 6 – FACTORS THAT DETERMINE MARKET OUTCOMES II: GOVERNMENT REGULATION 1. Administrative issues • Review sessions today for the MCT: - 12pm (Redmond Barry, Lowe Theatre) - 1pm (repeat - Redmond Barry, Lyle Theatre) - 3:15pm (repeat - Doug McDonnell, 103 Herbert Wilson Theatre) • I will post the solutions to the review session questions and practice tests today. 1
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• Pitstops for the MCT: - Friday, March 18: 2:15pm - 5:15pm (FBE, 404); 5:15pm - 6:15pm (FBE, 304) - Monday, March 21: 11am - 1pm (FBE, 304); 2:15pm - 6:15pm (FBE, 304) 2
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2. Overview of Lectures 5 and 6 Demand and supply Elasticity Government regulation Equilibrium/ Market outcome 3
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3. Overview of this lecture - Types of government intervention (i) Indirect intervention - Tax/Subsidy (ii) Direct controls - Price ceiling/Price floor/Quota Tax : - Who would be adversely affected by the proposal for a tax on bank deposits? - Will the alcopop tax work? - What will be the effect of the Italian ‘boat tax’? Subsidy : - Who gets the benefit from government subsidies, such as 1 st home buyer allowance and rent relief schemes? 4
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Direct regulation : - What is the effect of minimum wages on employment? Is it possible to regulate CEO’s salaries?
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