ECC1000 Lecture Notes - Lecture 6: Carpool, Price Ceiling, Marginal Utility
23 May 2018
School
Department
Course
Professor
○Solution NOT protectionism BUT to divide the pie to best benefit everyone
Summary
Mid-Semester Test Notes
Details
●During week 6 allocated lecture
●Week 1 -5 content
●20 MC
●5 min reading + 60 min working time
What to Bring
●Student ID
●Two HB pencils and erasers
●University-approved HP calculator
●NOTE: Can’t bring computers/books; phone needs to be off
●MUST answer on response sheet, exam paper can be scratch paper
Answer Sheet
●Just fill in student details as well as answers
●Make sure to fill in test ID
●Need to return exam paper and answer sheet
Week 6 - Tutorial Review of Mid-Sem
●Good habit with questions about elasticity = draw a graph
Document Summary
Solution not protectionism but to divide the pie to best benefit everyone. 5 min reading + 60 min working time. Note: can"t bring computers/books; phone needs to be off. Must answer on response sheet, exam paper can be scratch paper. Just fill in student details as well as answers. Make sure to fill in test id. Need to return exam paper and answer sheet. Good habit with questions about elasticity = draw a graph. Taxi industry and ride sharing = different industries = there are substitutes for price increases/decreases; if you include them as the same industry = less substitutes = decrease price elasticity aka create a more inelastic industry. Subsidy (opposite of a tax; buyer or seller gets paid by government for every purchase) for solar panels - seller receives more than the buyer pays; producers benefit the most as they get more additional surplus.
