E303Lect12F09

E303Lect12F09 - September 18, 2009 Reading Baye, Ch 2. pp...

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September 18, 2009 Reading Baye, Ch 2. pp 40-45 46-51 (Today) Collect Problem #3 Problem #4 posted due Wednesday Lecture 12 REVIEW___________________________________________________: II. Chapter Market Forces: Demand and Supply C. The Supply Side. 1. Motivation 2. Definition of Supply Curve 3. Determinants of supply: (Factor Prices, Technology, taxes, number of sellers) PREVIEW_____________________________________________ 4. Changes in Supply vs. Changes in Qty. Supplied 5. Producer Surplus 6. An Analytical Example D. Equilibrium. Putting Supply and Demand Together 1. Definition. 2. Properties of Equilibrium a. Stability LECTURE___________________________________________________ 4. Changes in supply vs. changes in quantity supplied. (Similar to demand). A change in quantity supplied occurs in response to a change in the price of a good, all other things held constant. A change in supply occurs in response to a change in something other than price. Again, price is, by definition, the one thing that cannot change supply. 5. Producer Surplus. Symmetric to the notion of consumer surplus, in a market where a single price is charged for all transactions, producers typically receive more from
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This note was uploaded on 04/12/2010 for the course ECON 303 taught by Professor Shrestha during the Fall '08 term at VCU.

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E303Lect12F09 - September 18, 2009 Reading Baye, Ch 2. pp...

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