section1_notes

section1_notes - 1 Section Handout Week 1 Outline 1....

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 1 Section Handout Week 1 Outline 1. Introductions 2. Course/Section expectations 3. Review of essentials Econ Essentials Review Today well briefly review the essential math and graphs that will be used in the class. Basi- cally this should give you an idea of what you need to recall from your previous microeconomics courses (although by no means complete coverage). 1. Graph the demand function P = 100- 2 Q and the supply function P = 10 + Q . 2. Whats the market equilibrium? Recall that the market equilibrium is the point where the forces of the market (producers supply and consumers demand) converge. Intu- itively, this means that at any other point either excess demand would drive prices up or excess supply would drive prices down. Graphically, this is of course where demand intersects supply. Q eq = P eq = 3. Whats consumer and producer surplus? Recall that consumer surplus is the area under the demand curve (total benefit) but above the price (the area below which represents...
View Full Document

Page1 / 2

section1_notes - 1 Section Handout Week 1 Outline 1....

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online