ECON 2105 1-29 - car like Hybrid Price elastic of...

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ECON 2105: Jan. 29 th 2007 Thursday: Review Session Tuesday: Test 1 Chapter 5: (only need to know these things) Price elasticity (sensitivity) of demand : -How price sensitive are buyers? (If you are more elastic you are more sensitive) *See figure 29.1 and 29.2* * Time horizon : longer time frame, more elastic (short-run you buy your gas there even though price has gone up but in long run you start looking for somewhere else or a new
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Unformatted text preview: car like Hybrid) Price elastic of Supply-price sensitivity of sellers -See figure 29.3 FIGURE 29.4 Chapter 6: Price Control and Taxes (don’t need to know taxes) Price Ceiling : max price-figure 29.4-Figure 29.5-Salary Caps Price Floors- min price-figure 29.6 Chapter 7: Welfare Economics (how well are people off) Consumer surplus = willingness to pay –what you did {example:($100-$75=$25)-figure 29.8...
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