lect01-21-10

lect01-21-10 - Readings (Weeks 1 & 2) Miller and...

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Unformatted text preview: Readings (Weeks 1 & 2) Miller and Spoolman, Chapters 1 and 23 Tierney, J. "Betting The Planet" McCoy, C. "When the Boomster Slams the Doomster, Bet on a New Wager" Peterson, W. "Introduction to Demand and Supply" Baumol, W. and A. Blinder "Environmental Protection and Resource Conservation" pp. 739 746 Goodwin, N. "Externality" "Food Prices Not As High As We Think", Perishable Pundit Ausubel, J., D. Victor, and I. Wernik "The Environment Since 1970" Microeconomics How are Market Prices and Quantities Determined? Do Markets Lead to Socially Desirable Results? Policy Implications? Market for One Good Buyers - "Consumers" - Demand Sellers - "Producers" - Supply Laws of Demand and Supply Ceteris Paribus Market for Corn P QD 1 80 2 55 3 35 4 20 5 10 DEMAND SCHEDULE Price of Corn CORN P QD 1 80 2 55 3 35 4 20 5 10 P$5 4 3 2 1 o 10 20 30 40 50 60 70 80 Quantity of Corn Q Demand Curve Price of Corn CORN P QD 1 80 2 55 3 35 4 20 5 10 P$5 4 3 2 1 D 10 20 30 40 50 60 70 80 Quantity of Corn o Q Other Determinants of Demand Tastes and Preferences Number of Consumers Money Incomes Prices of Related Goods Substitutes & Complements Shift in Demand Price of Corn P$5 4 3 2 1 D' D 10 20 30 40 50 60 70 80 Quantity of Corn o Q Market for Corn P QD 1 80 2 55 3 35 4 20 5 10 Demand Schedule Supply Schedule P QS 1 5 2 20 3 35 4 50 5 60 Price of Corn P$5 4 3 2 1 P QS 1 5 2 20 3 35 4 50 5 60 10 20 30 40 50 60 70 80 Quantity of Corn CORN o Q Supply Curve Price of Corn P$5 4 3 2 1 S P QS 1 5 2 20 3 35 4 50 5 60 Q CORN o 10 20 30 40 50 60 70 80 Quantity of Corn Other Determinants of Supply Input Prices Technique of Production Taxes & Subsidies Number of Sellers Shift in Supply Price of Corn P$5 4 3 2 1 S S' o 10 20 30 40 50 60 70 80 Quantity of Corn Q Demand & Supply Price of Corn CORN P QD 1 80 2 55 3 35 4 20 5 10 P$5 4 3 2 1 S P QS 1 5 2 20 3 35 4 50 5 60 D Q CORN o 10 20 30 40 50 60 70 80 Quantity of Corn Demand & Supply Price of Corn CORN P QD 1 80 2 55 3 35 4 20 5 10 P$5 4 3 2 1 P QS 1 5 Market Equilibrium 2 20 3 35 4 50 5 60 D 10 20 30 40 50 60 70 80 Quantity of Corn S CORN o Q Increase in Demand Price of Corn P$5 4 3 2 1 S New Market Equilibrium D' D 10 20 30 40 50 60 70 80 Quantity of Corn o Q Increase in Supply Price of Corn P$5 4 S S' New Market 3 2 1 Equilibrium D 10 20 30 40 50 60 70 80 Quantity of Corn o Q Ehrlich vs. Simon Price of Metal P$5 4 3 2 1 S D 10 20 30 40 50 60 70 80 Quantity of Metal o Q Ehrlich's Prediction Price of Metal P$5 4 3 2 1 S S' D' D 10 20 30 40 50 60 70 80 Quantity of Metal o Q Simon's Prediction Price of Metal P$5 4 3 2 1 S S" D" D 10 20 30 40 50 60 70 80 Quantity of Metal o Q ...
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This note was uploaded on 04/30/2010 for the course ARE 110 taught by Professor Ebbin,s during the Spring '08 term at UConn.

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