Department of Economics ECONOMICS 100 INTRODUCTION TO MICROECONOMICS
Mondays and Wednesdays 11:00 a.m. to 12:20 p.m., McCosh 50
SPRING TERM 2010 INSTRUCTOR: Bobby Willig, 401 Robertson Hall, [email protected], tel. 8-4843, office h
Chapter 5/Elasticity and Its Applications 127
Reading 1: Article on pharmaceuticals:
Explain that regulation is not always straightforward; there are so
many ways that you can overregulate and underregulate. Have to have the
perfect balance because there are type one error and ty
1st Fundamental Theorem of Welfare Economics
If you dont intervene in the market, then the competition will lead to a
pareto efficiency on the contract curve.
o Not everybody makes the best rational decision that we
Same as for midterm
McCosh 50 all Thursday and Friday precepts
and C04B Ioann
division of labor
price controls When price controls were implemented, quality of drugs decreased.
Difference between quantity supplied and actual supply (one is the actual quantity,
and the other is the supply curve.
Marginal costs go down
REASONS WHY MARKETS FAIL
- antitrust and google
google will give you all the things related to google instead of the
links related to the competition when you search.
Now google has to show both the rivals links and g
Chapter 8 Applications: The Costs of Taxation
MULTIPLE CHOICE 1. In 1776, the American Revolution was sparked by anger over a. the extravagant lifestyle of British royalty. b. the crimes of British soldiers stationed in the American Colonies. c. British t
Chapter 7 Consumers, Producers, and the Efficiency of Markets
MULTIPLE CHOICE 1. Welfare economics is the study of a. the wellbeing of less fortunate people. b. welfare programs in the United States. c. the effect of income redistribution on work effort.
Chapter 13 /The Costs of Production 113
The Theory of Consumer Choice
The theory of consumer choice illustrates that people face tradeoffs, which is one of the Ten Principles of
LOC: Utility and consumer choice