Menu_21_Feb_11 - 1 Assumption 2 Profit a Definitions i...

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TODAY’S MENU: Monday 21 February 2011 I. BUSINESS A. Practice Problems 1. Chapter 8: 1, 3, 7-13, 16, 20 2. Chapter 12: 1-3, 7-10, 12, 15 II. SUBSTANCE A. Incidence of taxation 1. Tools a. Elasticity b. Economic surplus i. Consumer surplus ii. Producer surplus iii. Government revenue iv. Deadweight loss 2. Examples a. Who bears the burden of a tax? b. How is economic surplus affected? B. Theory of the Firm: The Basics
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Unformatted text preview: 1. Assumption 2. Profit a. Definitions i. Total Revenue (TR) ii. Marginal Revenue (MR) iii. Total Cost (TC) α. Explicit β. Implicit iv. Marginal Cost (MC) b. Accounting c. Economic d. Maximizing rule: MR=MC e. Normal f. Examples III. NEXT TIME A. Finish Chapter 12: “Production and Cost Analysis I”...
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