LESON3B

LESON3B - Econ 275 - Public Finance - Winter 1994 - 1/13/94...

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Econ 275 - Public Finance - Winter 1994 - 1/13/94 - Lesson #3 - leson3b.275-- Page -- Admin Fogel lecture on Thursday 3:30: handout. ODE Cameron lecture on Friday, 11-12, 230 TNRB "how do gasoline prices respond to crude oil price changes" Today's outline. Bring colored chaulk Review and Overview: Economic Rationales for government intervention in the economy Market failure: This is the one we'll be dealing with over the next few weeks in some detail. We need to have some idea when markets work. Income redistribution Paternalism: government knows best Spend a few minutes talking about various government programs and classify them into these different roles. Spend some time about various ways the government can affect the economy Development of the demand curve Need to develop supply curve Basic micro: Appendix to Ch 1. Consumer Theory Indifference curves--tradeoff Budget constraint consumer optimization Demand curve Income and substitution effects Consumer surplus Producer theory maximize profits production function cost functions, profit function marginal cost function-supply curves. Producer surplus Equilibrium prices signal both demand and supply forces. Contain information. Printed:
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Econ 275 - Public Finance - Winter 1994 - 1/13/94 - Lesson #3 - leson3b.275-- Page -- Ch 2: Efficiency, markets and governments Efficiency conditions--preclude government involvement in
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This note was uploaded on 07/07/2010 for the course ECON 275 taught by Professor Mcintyre during the Winter '05 term at BYU.

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LESON3B - Econ 275 - Public Finance - Winter 1994 - 1/13/94...

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