1• Title:Money (That’s What I Want)• Artist:Barrett Strong•Economic concepts:money as store of value; feasible set•Representative lyric:Money don't get everything it's true.What it don't get I can't use.I need money; that’s what I wantPAM 200: Intermediate MicroeconomicsProf. John CawleyChapter 2:Supply and Demand
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2Where We AreConsumer Theory Individual Demand Market DemandTheory of Production Costs of Production Perfect Competition Imperfect Competition:MonopolyMonopolistic CompetitionOligopolyPricesGeneral EquilibriumMarket ImperfectionsFactor MarketsStrategy Game TheoryToday’s Outline•Demand and Supply– Plotting–Movement along vs. shifts of–Mathematical functions•Market Equilibrium•Shocking the Equilibrium–Disequilibrium outcomes–Price regulation: price floors and price ceilings–Quantity regulation: Import bans, quotas•When to use supply & demand model