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by: Mr. Zelma Aufderhar


Mr. Zelma Aufderhar
GPA 3.51


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Class Notes
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This 2 page Class Notes was uploaded by Mr. Zelma Aufderhar on Monday October 19, 2015. The Class Notes belongs to PP 607 at Oregon State University taught by Staff in Fall. Since its upload, it has received 25 views. For similar materials see /class/224462/pp-607-oregon-state-university in Plant Biology at Oregon State University.


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Date Created: 10/19/15
ECON 439539 OREGON STATE UNIVERSITY Winter 2009 Public Policy Analysis Department of Economics C Tremblay Study Questions and Revised Reading List Efficiency and Equity Revised Reading List Part 1 The Role of Public Policy 11 Introduction 12 Efficiency and Equity Welfare Economics 121 Partial Equilibrium and Efficiency Katz Michael L and Harvey S Rosen Microeconomics Second Edition Burr Ridge Ill Irwin 1994 pp 377385 Jro en hd 122 General Equilibrium and Efficiency gt Pindyck Robert S and Daniel L Rubinfeld Microeconomics Sixth edition Upper Saddle River NI Pearson Prentice Hall 2005 pp 579584 590 604607 123 Equity Katz and Rosen pp 422426 gt Pindyck and Rubinfeld pp 591593 124 When Should the Government Intervene gt Pindyck and Rubinfeld pp 607610 Study Questions Partial Equilibrium and Efficiency Define consumer surplus producer surplus and total surplus verbally and graphically Explain and show graphically why total surplus is maximized in perfect competition Show how consumer surplus producer surplus and total surplus change when price controls are imposed Define deadweight loss and show graphically Explain why society might impose rent control laws even if total surplus falls Show how a rent control policy can actually reduce consumer surplus Illustrate how a federal tax on a good would affect total surplus Define excess burden General Equilibrium and Efficiency Note PowerPoint slides for the lecture are posted on my website for this topic Define partial equilibrium analysis and general equilibrium analysis Construct a supply and demand model of Z interrelated markets ie where the goods are complements goods are substitutes or 1 good is an input in the production of the other good Show how a partial equilibrium model understates the effects of a change in price or quantity in one market when there are feedback effects from a related market Explain when a General Equilibrium occurs Define a Pareto efficient allocation State the first and second theorems of welfare economics Define Marginal Rate of Substitution MRS Marginal Rate of Technical Substitution MRTS and Marginal Rate of Transformation MRT List the 3 conditions needed for economic efficiency Describe the equalities that must hold for each of the following types of efficiency Efficiency in exchange Efficiency in production Efficiency in the output market Why do competitive markets satisfy the 3 conditions of efficiency Use equalities to show your answer Suppose that the MRTS for good X 2 and the MRTS for good y3 Should society change the amount of X produced and the amount of y produced If so how Explain why an allocation of goods is efficient only if the goods are distributed so that the MRS between any pair of goods is the same for all consumers Practice problems in Pindyck and Rubinfeld pp 3435 2 3 skip the Edgeworth Box use a chart like 161 note that there is more than 1 answer Using a utility possibilities frontier illustrate that 1 an efficient allocation need not be equitable 2 an inefficient allocation may be more equitable than an efficient allocation Define a social welfare function verbally and in equation form State 4 views of equity Critique the idea of social welfare maximization as a method of attaining social goals When Should the Government Intervene Briefly discuss 4 situations in which free markets are not efficient Explain why monopoly power violates the conditions of economic efficiency How does the second welfare theorem relate to government intervention


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