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Lecture

MICRO-ECONOMICS LECTURE 3
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Department
Economics
Course
EC120
Professor
Ken Jackson
Semester
Fall

Description
EC120 Understanding Demand and Supply September 15 2014Lecture 3Review of the Gains from Trade Calculate opportunity cost of production what else could you make with the same inputsdraw a PPF for each participant Lower opportunity costs determine comparative advantage which drives tradeCountries will specialize according to comparative advantageDemand for University EducationWhat factors affect a demand function number of potential buyers Income Is university education a normal good Luxury good Inferior goodOpportunity cost A labour market for young adults education market in other countries Expectationshow does education affect wellbeingfuture income job satisfactioncurrent consumption value Supply for University Education Input prices combination of wages subsidies Technologywill technology allow education to be delivered more cheaplyExpectationeducation cannot be stored Number of sellerssupply is strictly controlled by government Equilibrium AnalysisOne can consider supplydemand analysis Market for education far from competitive Universities are subsidized and not profit motivatedUniversities have substantial market power What is a MarketGroup of buyers and sellers of a good or service Can be organized or disorganized Size of market depends on the nature of the good
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