332_MicroReview

332_MicroReview - GEOG 332 Economic Geography Lecture 2...

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Unformatted text preview: GEOG 332 Economic Geography Lecture 2 Slide 1 Lecture Outline Key Concepts in Microeconomics 7 Principles of Microeconomics Market Demand Market Supply Market Equilibrium and Comparative Statics Consumer and Producer Surplus Short Run Inelasticity versus Long Run Elasticity Effects of a Tax (or Distance!) on Deadweight Loss Effects of Relative Elasticity on Deadweight Loss GEOG 332 Economic Geography Lecture 2 Slide 2 Key Microeconomics Concepts 7 principles of microeconomics demand curve supply curve movement along demand or supply versus shifts in demand or supply market equilibrium of supply and demand stability of market equilibrium surpluses and shortages real versus nominal prices and wages price elasticity (know that definition!) short-run versus long-run elasticity effects of price controls relative elasticity of different curves effects of a demand curve shift effects of a supply curve shift causes of a demand curve shift causes of a supply curve shift effects of a shift in both demand and supply consumer and producer surplus deadweight loss transactions cost (esp. re distance) tax effects of taxes or transaction costs relationship of elasticity to tax or transportation revenue relationship of elasticity to deadweight loss GEOG 332 Economic Geography Lecture 2 Slide 2 Key Microeconomics Concepts 7 principles of microeconomics demand curve supply curve movement along demand or supply versus shifts in demand or supply market equilibrium of supply and demand stability of market equilibrium surpluses and shortages real versus nominal prices and wages price elasticity (know that definition!) short-run versus long-run elasticity...
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332_MicroReview - GEOG 332 Economic Geography Lecture 2...

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