Midterm2_topics - Consumer Surplus and Producer Surplus...

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List of Topics for Second Midterm Economics 304K: Principles of Microeconomics Prof. Meg Ledyard This is a list of topics that we have covered since the first midterm. They are in no way exhaustive, and ANYTHING we have covered in class may appear on the exam. Chapter 4: Supply, demand, and government policy i. Price floors ii. Price ceilings Chapter 5: Elasticity and its applications i. Price elasticity of demand ii. Income elasticity of demand iii. Cross price elasticity of demand iv. Price elasticity of supply v. Midpoint method Chapter 12: General Equilibrium and the Efficiency of Perfect Competition i. Pareto efficient allocations (definition) ii.
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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.

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