Menu_07_Feb_11

Menu_07_Feb_11 - 1 Binding(i.e effective 2 Non-binding(i.e...

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TODAY’S MENU: Monday 07 February 2011 I. BUSINESS A . Practice Problems 1. Chapter 5: 1-5, 9, 11, 14 2. Chapter 7: 1-4, 7, 8, 11-17, 20, 24, 25 B. First Exam: One week from today II. SUBSTANCE A. The Method reviewed 1. Who is directly affected? 2. How does behavior change? 3. What is the result? B. Price controls 1. Price ceiling a. Binding (i.e., effective) b. Non-binding (i.e., ineffective) c. Examples 2. Price floor a. Binding (i.e., effective) b. Non-binding (i.e., ineffective) c. Examples C. Quantity restrictions
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Unformatted text preview: 1. Binding (i.e., effective) 2. Non-binding (i.e., ineffective) 3. Examples D. Elasticity 1. Motivation 2. Price elasticity of demand a. Definition b. Measure i. Elastic ii. Inelastic iii. Unit elastic c. Determinants i. Number and availability of substitutes ii. Necessity or luxury iii. Proportion of budget spent on good iv. Time III. NEXT TIME A. Finish Chapter 7: “Describing Supply and Demand: Elasticities”...
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