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2.13 LecNotes - Admin Wednesday,February06,2008 3:06PM...

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Covering topic 3. Read chapter 5 and 6 and email me questions. Admin Wednesday, February 06, 2008 3:06 PM 0213 Page 1
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Econ 1 – PRINCIPLES OF MICROECONOMICS LECTURE NOTES Foster, UCSD 30-Jan-08 TOPIC 3 – APPLICATIONS A. Price Controls 1) A price ceiling is a law establishing a maximum legal price that may be charged for some good. a) Defn and effects. [Fig. 1] 1. Price Ceilings: 2) If P max < P*, result is a shortage. 3) If P max P*, there is no effect. 0213 Wednesday, January 30, 2008 5:04 PM 0213 Page 2
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