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Econ100B Lecture12 - 5-15

Econ100B Lecture12 - 5-15 - Economics 100B Lecture 12 S...

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Economics 100B: Lecture 12 S. Nageeb Ali May 15, 2008
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Economics 100B: May 15, 2008 Administrative Details square6 Midterm next Tuesday square6 Midterm Review: Thurs., 5/15, 8pm-9:50pm, LEDDN Aud
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Economics 100B: May 15, 2008 Example square6 Suppose Q D = 12 – P, and the supply curve is given by P = Q 2 /2 square6 What are consumer and producer surplus?
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Economics 100B: May 15, 2008
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Economics 100B: May 15, 2008 square6 Suppose there is a tax of $4.50. How does this affect PS and CS?
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Economics 100B: May 15, 2008
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Economics 100B: May 15, 2008
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Economics 100B: May 15, 2008 Welfare Effects of Price Floor square6 Government sets price floor boxshadowdwn Agricultural price floor (despite widespread starvation) boxshadowdwn European Common Agricultural Policy square6 $280 billion in subsidy square6 If below eqm price, no effect square6 If above eqm price, creates excess supply boxshadowdwn Excess has to be stored or destroyed square6 Supposedly benefits small farmers boxshadowdwn Most farm subsidies go to large corporations
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Economics 100B: May 15, 2008 Welfare Effects of Price Floor
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Economics 100B: May 15, 2008 Welfare Effects of Price Ceiling square6 Creates shortage square6 Rent Control
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Economics 100B: May 15, 2008 Price Ceiling
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Economics 100B: May 15, 2008
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