econ303reviewq1spring2010 (1)

econ303reviewq1spring2010 (1) - of bread Cost/benefit...

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Econ 303 Quiz 1 review topics The invisible hand Specialization and the law of comparative advantage Georgia/Washington example First Laws of supply and demand Gas line example—how price ceilings lead to shortages and black markets San Francisco quake example: why reduced supply of houses caused no shortages, but increased demand after WWII did cause a shortage Minimum wages and labor surpluses Algebra of supply and demand—how to find equilibrium P and Q Bread/wheat example, how price ceilings caused a shortage of wheat without causing a shortage
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Unformatted text preview: of bread Cost/benefit analysis using CS and PS: sugar imports, palm springs water exports, water-diamond paradox, price ceilings, min wage, milk price floor On Monday (or Tuesday) I expect to talk about: Price supports Taxes and burdens on buyers and sellers Tariffs Note that the final exam review topics from last year are posted to the “Course Documents” section of Blackboard. This list of topics will give you a good idea of the topics that are coming up....
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