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January 26-January 30

by: Alex Payton

January 26-January 30 101

Marketplace > Economic Sciences > 101 > January 26 January 30
Alex Payton
GPA 2.9

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These are all of the lecture notes for 1/26-1/30.
Class Notes
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This 2 page Class Notes was uploaded by Alex Payton on Friday January 30, 2015. The Class Notes belongs to 101 at a university taught by Spangler in Fall. Since its upload, it has received 160 views.

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Date Created: 01/30/15
126 Supply shifters 1 Input prices decrease input price gt increase profit Prices of related goods and services Changes in technology Changes in expectation Changes in number of producers entry implies more sellers in market increasing supply exit implies fewer sellers in market decreasing supply 9593 Individual Supply Curve and Market Supply Curve add up quantities at certain price When QsQd at certain market is in equilibrium Qs quantity supplied Qd quantity demanded ex 20000 Seahawks fans want season tickets and there are 20000 season tickets to be sold then the market is in equilibrium Surplus gt quantity supplied gt quantity demanded Shortage gt quantity demanded gt quantity supplied Price and quantity move together gt demand change Price and quantity move in opposite directions gt supply change 128 Consumer surplus difference between market price and what consumers would be willing to pay Producer surplus difference between market price and price at which the good or service is being sold Total surplus sum of producer and consumer surpluses 130 Price controls legal restrictions on how high or low a market price may go Price ceiling maximum price sellers are allowed to charge to good or service usually set BELOW equilibrium Price oor minimum price buyers are required to pay usually set ABOVE equilibrium price ceiling gt excess demand price oor gt excess supply price controls that create shortages lead to bribery and wasteful lines Key Tax landlords make the key worth a lot of money because there is a price control on rent Ex New York City landlord makes 500month but the property may be worth 2500month so the landlord will put a Key Tax of 2000month as a way to cheat the system At controlled price sellers have more customers than goods Black Market market goods and serVices bought and sold illegally either because prohibited or equilibrium price is illegal Price ceilings benefit those in minority Binding or effective price oor ABOVE equilibrium Nonbinding price oor BELOW equilibrium price oor causes inefficiently low quantity price oors misallocate sales by allowing highcost firms to operate preventing lowcost firms from entering industry government had too much cheese gt gave to homeless because supply was higher than demand price oors encourage black markets


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