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321_12 - ECON 321 Spring 2011 Lecture 12 Chapter 16 and 18...

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ECON 321 Spring 2011: Lecture 12 Chapter 16 and 18: Equilibrium and Production Functions
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Avg = 0.64 Max = 0.99 Min = 0.31
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Exam 1 Grades , Curve formula, and multiple choice answers posted on Blackboard Available from me in my office. You may keep it if you don’t wish to contest grading Re-grading requests How it works: Come to my office Look at your exam Make sure to check the addition Ask for re-grade with written justification. Reserve the right to re-grade entire exam
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Definitions Chapter 16: Equilibrium Consumer Surplus = area above price below demand Producer Surplus = area below price and above supply Deadweight loss = decrease in total surplus (from, for example, a tax) Pareto Efficiency = no way to change outcome to make anyone better off without making at least one person worse off.
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Definitions Chapter 18: Technology Production set = set of all combinations of inputs and outputs that are possible Production function = a formula yielding the maximal
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