ARE120_20Figure_2000

ARE120_20Figure_2000 - S P 1 Quantity (Q) P 0 0 D A B C E Q...

Info iconThis preview shows pages 1–7. Sign up to view the full content.

View Full Document Right Arrow Icon
Figure 0-1. Consumer Demand and Consumer Surplus Quantity (Q) a P = a - bQ d CS P 0 Q expenditure ( a/b) Quantity (Q) Price (P) Price (P) P = 10 – 2 Q d 10 P 0 = 4 Δ CS = $7 CS = $9 P 1 = 2 0 Q d0 = 3 Q d1 = 4
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Figure 0-2. Supply and Producer Surplus Price (P) P = c + d Q s P 1 Qs 1 Quantity (Q) P 0 Qs 0 - (c /d) 0 PS Cost of production Δ PS c
Background image of page 2
Figure 0-3. Market Equilibrium Quantity (Q) Price (P) P = 10-2Qd P = 2+2Qs 10 6 2 -1 0 1 2 3 4
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Figure 0-4. Effects of a Tariff in a Small, Open Economy Price (P)
Background image of page 4
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 6
Background image of page 7
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: S P 1 Quantity (Q) P 0 0 D A B C E Q S0 Q S1 Q d1 Q d0 M 0 M 1 F G H P W + T P W Figure 0-5. An Externality Quantity (Q) Price (P) MSC=S-T P W +T P W 0 Q Q * Figure 0-6. Market Equilibrium with a Price Floor Quantity (Q) Price (P) S P T P 0 P 1 0 Q d (P T ) Q Q S (P T ) Deficiency Payment ? Non-price rationing Government Purchases? ? Figure 0-7. Dynamics of Supply Response Quantity (Q) Price (P) S LR P 1 P 0 0 Q Q 1 IR Q 1 LR S SR S IR...
View Full Document

Page1 / 7

ARE120_20Figure_2000 - S P 1 Quantity (Q) P 0 0 D A B C E Q...

This preview shows document pages 1 - 7. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online