Unformatted text preview: Comparative advantage problem (like the hw) CHAPTER 3: (13) Barter game and the benefits of exchange Changes in quantity demanded/supplied (2) Change in demand/supply (3) Consumer and producer surplus Social welfare Scalping Surpluses and shortages The connection between demand and income Solve for the equilibrium Price and Quantity when given equations for Qd and Qs (like the hw) What happens when demand and supply BOTH change at the same time? (like the hw) CHAPTER 4: (6) Minimum wage (2) Price ceilings and floors (2) Different type of rationing mechanisms Auction mechanisms...
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- Spring '08
- Economics, welfare Scalping Surpluses, curve Comparative advantage, Comparative advantage problem, macro Perfection Thinking, mechanisms Auction mechanisms