Econ100B Lecture11 - 5-13

Econ100B Lecture11 - 5-13 - Economics 100B Lecture 11 S...

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Economics 100B: Lecture 11 S. Nageeb Ali May 13, 2008
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Economics 100B: May 13, 2008 Administrative Details s Midterm next Tuesday b Will follow style of problem sets and earlier midterm b Not cumulative: Ch. 8 and Ch. 9 b Covers material until end of lecture today s Midterm Review: Thurs., 5/15, 8pm-9:50pm, LEDDN Aud
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Economics 100B: May 13, 2008 Where Were We? s Producer Surplus b Area between price and supply curve b Equivalent to firm’s profits (but excluding fixed costs) b PS(q) = pq – VC(q)
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Economics 100B: May 13, 2008 Where Were We? s Total Welfare = CS + PS b Deadweight Loss from interfering with market s Will talk about other forms of “interference” today
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Economics 100B: May 13, 2008 Govt policies that affect supply s Restrict # of firms s Raising entry and exit costs
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Restriction on # of Firms s Causes supply to shift to left b Equilibrium price rises, equilibrium quantity falls s Application: Cab licenses b Most US cities limit # of taxicabs b
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This note was uploaded on 07/22/2008 for the course ECON 100B taught by Professor Rauch during the Spring '07 term at UCSD.

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Econ100B Lecture11 - 5-13 - Economics 100B Lecture 11 S...

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