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 s Midterm next Tuesday s Midterm Review: Thurs., 5/15, 8pm-9:50pm, LEDDN Aud
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Economics 100B: May 15, 2008 Example s Suppose Q D = 12 – P, and the supply curve is given by P = Q 2 /2 s What are consumer and producer surplus?
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Economics 100B: May 15, 2008
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Economics 100B: May 15, 2008 s 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 s Government sets price floor b Agricultural price floor (despite widespread starvation) b European Common Agricultural Policy s $280 billion in subsidy s If below eqm price, no effect s If above eqm price, creates excess supply b Excess has to be stored or destroyed s Supposedly benefits small farmers b 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 s Creates shortage s 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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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 Lecture12 - 5-15 - Economics 100B: Lecture 12 S....

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