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Econ101_W2010_Exam2_ReviewSlides

Econ101_W2010_Exam2_ReviewSlides - Economics101...

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Economics 101 Microeconomics Midterm 2 R i S i Review Session March 27, 2010 University of Michigan Winter 2010 Sebastien Bradley
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Lecture 1 Plan for Review Session 1. Overview of Key Concepts El ti it Elasticity Supply and Demand Functions Taxes Producer Revenue International Trade Trade barriers Efficiency/welfare Externalities Efficiency/welfare Corrective mechanisms 2. Questions 2
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Lecture 1 Elasticity General concept: An elasticity is a measure of the percent change in one thing in response to a particular percent change in something else something else. Examples: (O ) i l i i f d d ( l ) (Own )price elasticity of demand (supply) Cross price elasticity of demand (supply) Income elasticity of demand 3
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