CH-6,8 PPT

CH-6,8 PPT - Chapter6 Supply, Demand, and Government...

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Supply, Demand, and Government Policies M icroeconomics P R I N C I P L E S   O F P R I N C I P L E S   O F N. Gregory Mankiw N. Gregory Mankiw Chapter 6
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Application: The Costs of Taxation M icroeconomics P R I N C I P L E S   O F P R I N C I P L E S   O F N. Gregory Mankiw N. Gregory Mankiw Chapter 8
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Three Topics Price controls Price ceilings Price floors Quantity controls Economics of Taxation Tax incidence Deadweight loss from taxation
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Approximately how many people die each year in the U.S. because of a shortage of kidneys needed for transplants?
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Price Quantity S D 100 5 4 60 125 7
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$ Quantity S D 5 100
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$ Quantity S D 5 100 4 60
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$ Quantity S D 5 100 IV I III VI Without a Price Ceiling CS = I + II PS = II + IV + V TS = I + II + III + IV + V
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$ Quantity S D 4 60 II IV I III VI CS = I + III PS = V TS = I + III + V With a Price Ceiling
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$ Quantity S D 5 100 4 60 IV I III V VI Deadweight loss = II + IV
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Deadweight loss is the fall in total surplus that results from a market distortion.
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2008 NPR debate on a market for organs www.npr.org/templates/story/story.php?storyId=90632108
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Price Quantity S D 100 P 1 40 125
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Price Quantity S D 100 5 60 125 7
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Price Quantity S 1 D 100 5 60 7 S 2 4
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This note was uploaded on 09/25/2011 for the course BMGT 220 taught by Professor Bulmash during the Spring '08 term at Maryland.

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CH-6,8 PPT - Chapter6 Supply, Demand, and Government...

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