Micro-Economics Notes 5/Lesson 8
Micro-Economics Notes 5/Lesson 8 ECON 2022
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This 1 page Class Notes was uploaded by Paige Holub on Sunday February 28, 2016. The Class Notes belongs to ECON 2022 at University of Colorado Denver taught by Brian Duncan in Winter 2016. Since its upload, it has received 28 views. For similar materials see Principles of Microeconomics in Economcs at University of Colorado Denver.
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Date Created: 02/28/16
Paige DeWitt-Holub 2/22 “Lecture #7 I. Important Quota II. Per Unit Tax III. A Consumer and Producer Burden” Price floor: -graph, complicated but necessary What is the logic behind the implementation of a minimum wage - > common sense Smaller amount of money still within living means/standards DWL = C+E Import Quota: II. Per Unit Tax -some places in the world trade off not having tax for having higher priced commodities “Lecture #8: I. Per unit tax A. Tax burden B. Tax example C. C. Elasticity and tax burden Per Unit Tax: Demand curve graph is shifted down by a tax increase, is shifted up by a tax relief Prices are in relationship to the amount being bought by the business and then also the amount being sold to buyers (all different, but the price the buyer pay is usually higher- difference is considered to be the tax, sellers aren’t going to sell the item at a lower price simply because there is a tax involved) Dead Weight Loss: occurs when buyers have a demand for an item that is reasonably priced and the sellers still can’t manage to sell it -in one example, the consumer lost after tax, sellers don’t gain money, might lose buyers or the ability to change price although you will gain tax revenue -> money can be tracked as being a part of exchange in an economic system ** always make you that you have a straight edge especially for the equilibrium of prices, etc.
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