Lec3_08 - Supply, Demand, Welfare, and Efficiency...

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Supply, Demand, Welfare, Supply, Demand, Welfare, and Efficiency and Efficiency
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Administrative Stuff Administrative Stuff READ THE SYLLABUS Read article posted on CTools for discussion section First homework Due Friday, Jan. 18 on Ctools Midterm dates Friday Feb. 8, Mon. March 24
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Today Today Welfare & Efficiency
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Supply and Demand Review Supply and Demand Review Definitions, origins Movements along vs. shifts of Shifters Equilibrium Definition Private market equilibrium
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Equilibrium Equilibrium 0 10 20 30 40 50 0 1 2 3 4 MAF $/AF MC AC Demand Bureau of Reclamation uses AC pricing.
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BuRec Policy BuRec Policy Should the BuRec use MC pricing? Should the BuRec use AC pricing?
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Positive vs. Normative Analysis Positive vs. Normative Analysis Positive: Value-neutral Normative Prescriptive What should be
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Economics and Policy Analysis Positive economic analysis
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Lec3_08 - Supply, Demand, Welfare, and Efficiency...

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