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Unformatted text preview: • Absolute advantage Chapter 3 • Supply and demand model • Laws of demand and supply • Movement along the curve vs. shift in the curve • Substitutes and complements • Normal and inferior goods • Surplus • Shortage Chapter 4 • Consumer and producer surplus • Efficiency Chapter 5 • Price ceiling • Price floor • Quotas • Quota rent • Deadweight loss Chapter 6 • Price elasticity of demand and supply • Inelastic and elastic • Relationship to total revenue • Cross price elasticity • Income elasticity of demand...
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This note was uploaded on 10/24/2009 for the course CHEMISTRY CHEM taught by Professor Eastman during the Winter '07 term at East Central College.
- Winter '07