Menu_16_Feb_11

Menu_16_Feb_11 - iii Government revenue-taxation is a...

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TODAY’S MENU: Wednesday 16 February 2011 I. BUSINESS A. Practice Problems 1. Chapter 8: 1, 3, 7-13, 16, 20 II. SUBSTANCE A. Incidence of taxation 1. Motivation3 2. Tools a. Elasticity -how sensitive or insensitive are buyers and sellers are to price change -need supply and demand b. Economic surplus (ES)= -over and above, extra =total net benefit of transactions (buying/selling) i. Consumer surplus (CS) + ii. Producer surplus (PS)
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Unformatted text preview: iii. Government revenue-taxation is a problem -2 equilibrium prices-price buyer pay, price buyers reveice iv. Deadweight loss v. Examples 3. Examples a. Who bears the burden of a tax? b. How is economic surplus affected? III. NEXT TIME A. Finish Chapter 8: “Taxation and Government Intervention” B. Begin Chapter 12: “Production and Cost Analysis I”...
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