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PAM_2000_Fall_2008_Chapter_2

PAM_2000_Fall_2008_Chapter_2 - Title Money(Thats What I...

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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 want PAM 200: Intermediate Microeconomics Prof. John Cawley Chapter 2: Supply and Demand
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2 Where We Are Consumer Theory Individual Demand Market Demand Theory of Production Costs of Production Perfect Competition Imperfect Competition: Monopoly Monopolistic Competition Oligopoly Prices General Equilibrium Market Imperfections Factor Markets Strategy Game Theory Today’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
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