1-21-09 - Microeconomics Class Notes 1/21/09 PROBLEMS FOR...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Microeconomics – Class Notes – 1/21/09 PROBLEMS FOR FRIDAY (REVIEW FOR THE QUIZ): #33, 34, 35, 39, 41, 43, 46, 47, 49, 52, 55, 58 THINGS THAT SHIFT THE SUPPLY CURVE: 1. Change in the costs of production: a. A change in the price of inputs b. A change in technology 2. A change in government policies 3. Expectations of the future price: a. If firms expect the price to rise, they will restrict the present supply (in order to have more to sell later) 4. Number of firms (sellers)
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
A shortage exists (at $20) 1. A Black Market forms and goods are sold at a higher price than the price ceiling 2. Stand in line (classic way of allocating goods among consumers when there is a shortage [example: communistic Soviet Union] What if the government institutes a price ceiling ABOVE the equilibrium price? The price ceiling will have NO EFFECT What if the government institutes a price floor? Common floors
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 06/03/2009 for the course ECON 200 taught by Professor Nonnenmacher during the Spring '09 term at Allegheny.

Page1 / 7

1-21-09 - Microeconomics Class Notes 1/21/09 PROBLEMS FOR...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online