Social Choice in Practice Cullis and Jones: Chapter 2 Stiglitz: Chapter 5 • The government attempts to identify and measure the net benefits (benefits minus costs) received…
1. Ch 4. Consumers in the Marketplace • Consumption choices change as a function of price and/or income • Price increases – Lead to decreases in quantity demanded –…
Demand, Supply and the Market 1 Coverage What are demand and supply What determines demand and supply What is the relationship between demand, supply and price How does the…
In microeconomic theory, an indifference curve is a graph showing different bundles of goods between which a consumer is indifferent. That is, at each point on the curve,…
Slide 1Economic Models: Production Possibilities Frontier Illustrating Opportunity Cost, Trade-offs and the cost of idle resources Slide 2 1/8/2014 2 Todays Agenda A simple…
Slide 1 Slide 2 #1 The law of demand states that: A.as the price of a good increases, more units are demanded. B.there is a direct relationship between the price of a good…
Slide 1The Heckscher-Ohlin Model: Features, Flaws, and Fixes II: What's Not to Like about the H-O Model? Alan V. Deardorff University of Michigan Slide 2 Nottingham…
Slide 1INDIVIDUAL AND MARKET DEMAND 4-1 Chapter 4 *Focus is on how purchase decisions respond to variations in price and income. *Recall the Budget Constraint: P S *S + P…