Slide 1Markets and Competitive Equilibrium Lecture 5 Slide 2 In This Lecture Market Equilibrium and the Forces Moving the Market Toward Equilibrium The Hypothesis of a Single…
Slide 1Public Goods Are goods with benefits that cannot be withheld from those who do not pay and are shared by large groups of consumers Usually made available politically…
Slide 1 Supply and Demand Aggregated Behavior of Producers and Consumer Slide 2 Scarcity and Individual Preferences xy x x = units of sheep y y = units of tobacco sticks…
Slide 1 Ethernet: Bridging Based on Radia Perlman’s Interconnections Slide 2 Administravia Project 1 deadline: pushed back to Friday, October 24 since the TCP server wasn’t…
Slide 1 Our Friend Elasticity Or, how I learned to love percentages Slide 2 Measuring Responsiveness or Sensitivity Slope –Unit dependent Currency Quantities –No Starting…
Slide 1 Price Elasticity of Demand Overheads Slide 2 How much would your roommate pay to watch a live fight? How does Showtime decide how much to charge for a live fight?…