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Unformatted text preview: Consumer Surplus and Producer Surplus iii. Perfectly competitive markets are efficient iv. Market failures Chapter 17: Taxes i. Taxes on consumers ii. Taxes on producers iii. Tax burden iv. Consumer surplus, producer surplus, government revenue, total surplus, and DWL. Chapter 18: International Trade i. Efficiency of free trade vs. a closed economy (no trade) ii. Who gains and who loses under trade (it depends on the world price) a. What are the incentives to limit trade (who wants to limit trade policy in each case?) iii. TariffsTrade policy a. What is the change in efficiency compared to free trade? b. Who gains and who loses....
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This note was uploaded on 06/08/2008 for the course ECON 304K taught by Professor Ledyard during the Spring '08 term at University of Texas at Austin.
- Spring '08