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Econ 101 Winter 2010 Lecture 9

Econ 101 Winter 2010 Lecture 9 - Economics 101...

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Click to edit Master subtitle style Lecture 1 Economics 101 Microeconomics University of Michigan Winter 2010 Lecture 9
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Lecture 1 22 Announcements n Today’s reading: n Chapter 4, p 102 – 117 n Office Hours: n Monday: 12 – 2 n Tuesday: 11 – 1 n Wednesday: 12 – 2 n Thursday: 11 – 2 n Or call (734) 358 1590 for an appointment n Problem set 5 available on CTools this afternoon n Exam 1: Monday, Feb 15, 8:00 – 10:00 pm n No Lecture that day n Review Sessions and extra pooled office hours will be posted on CTools n Practice Exam available this afternoon
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Lecture 1 33 Lost consumer surplus Agricultural Price Support Q Demand Supply P P* Q* Psupport Qd Qs Government purchase Deadweight Loss (if the govt purchase is distributed to the public) Deadweight Loss (if the govt purchase is not distributed to the public) Increased Producer Surplus Net effect on consumer and producer surplus Taxes Raised
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Lecture 1 44 Price ceiling: Rent Control Rent control takes various forms n Simple case – ceiling imposed on prices n To charge higher rents is illegal Rent control is supposed to be a benefit to renters n Is it?
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