Review

Info iconThis preview shows page 1. Sign up to view the full content.

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

Unformatted text preview: PADP 8670 Fertig The 5 elements of a policy analysis Kingdon Model Pareto efficiency Pareto improvement Social Surplus, Consumer Surplus, Producer Surplus Deadweight loss Effect of tax on social surplus Tax Revenue Implication of 1st and 2nd welfare theorem Definition of Perfect Competition Profit maximization under perfect competition Cost curves (AC and MC) Short-run to long-run industry adjustment in perfect competition Definition of Monopoly Marginal Revenue Profit maximization for monopoly Deadweight loss caused by monopoly Price Discrimination Indifference curve Marginal rate of substitution Diminishing MRS Budget Line Equation of a line Consumer's optimal bundle is found at tangency of budget and indifference curves How changes in price and income affect budget line Substitution and income effects Normal vs. inferior goods Elasticity How public transfer programs change the budget line/set Crowd-out Relative efficiency Kaldor-Hicks Compensation Principle...
View Full Document

This note was uploaded on 01/18/2012 for the course PADP 8670 taught by Professor Staff during the Fall '10 term at University of Georgia Athens.

Ask a homework question - tutors are online