lecture7 - Introductory Microeconomics LECTURE 7 Welfare...

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Introductory Microeconomics LECTURE 7 – Welfare and Markets 1 Good Friday tutorials – 1. Alternative tutorials have been arranged. 2. Please follow the link in the email sent last Friday for the times and locations of the alternative tutorials. Remember MCT – 1. Follow ‘Online MCT’ on LMS subject site. 2. Do test between midday today and midday Thursday. 3. Any problems – contact Nahid Khan: 8344-3621; [email protected] . 4. Test results will be available by Friday, 5pm. 1
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Assignment 1 – 1. Will be available this week through the ‘Assessments’ link on LMS. 2. Due on April 12, by 2pm. 3. Additional information for doing Assignment 1 will be posted on LMS. 2
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1. Questions we are trying to answer • Welfare economics = Study of how allocation of resources (economic activity) affects society’s well-being. • For example: (i) Does international trade make us better off? (ii) Should there be more investment in tertiary education? (iii) How much immigration should we target to have? (iv) How much do new products add to our well-being? What should be the government’s innovation policy? 3
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2. Lecture overview (i) How to measure well–being? • ‘Surplus’ = Net gains that buyers and sellers receive from economic activity. Amount by which we are made better off by trading compared to not trading. • A reference point for judging whether a population is as well off as possible: ‘Efficiency’.
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