Midterm%202%20Topics

Midterm%202%20Topics - Announcements Exam Wednesday Exam...

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nnouncements Announcements am ednesday Exam Wednesday Office hours Monday 1 2 and Tuesday 2 4pm r by appt or by appt. There will be a Homework due Monday–it will be up on MyEconLab by tomorrow
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Consumers Theory of the Consumer Marginal Utility Law of Diminishing Marginal Utility Maximizing utility (MU/P=MU/P for all goods and spend all income LDMU and a progressive tax system Indifference curves and budget constraints Marginal rate of substitution Utility maximization–where IC and BC are tangent
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Consumers Price changes – income and substitution effect. Consumer surplus roducer surplus Producer surplus Total Surplus Deadweight loss
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Consumers ouseholds supply labor land and capital Households supply labor, land and capital Labor vs. leisure–cost of leisure is the wage te rate. Labor supply curve. Savings vs. consumption – cost of saving is
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Midterm%202%20Topics - Announcements Exam Wednesday Exam...

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