01:220:395 Lecture Notes - Lecture 1: Economic Surplus, Externality

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2 Nov 2016
Department
Exam 1 Review
25 Questions Multiple Choice
Microeconomics and Legal System
Sturges vs Bridgman have the right to impose negative externality
plaintiff doctor filed suit
Supply and Demand Curves (Shortage + Surplus)
Positive Externality
Inoculations
Libraries
Education
Subsidize consumers and producers
Negative
Environmental pollution
Cigarettes
Alcohol
Legislation
Know definitions from worksheet
E > 1 elastic , E < -1 absolute value inelastic
Price Elasticity of Demand
Income Elasticity of Demand
Cross Elasticity of Demand
E = % change Quantity Demanded / % change Price
If E = 1 Unit elastic there is no change in revenue
Sanctions
A formal decree issued by the court
Price which determine future behavior
Steps in Legal Process
1. Plaintiff files a complaint stating what happened
2. Why he feels he has been injured
3. What areas of the law is involved
4. What statute is relevant
5. What relief is requested
Defendant
Person who is alleged to have injured the plaintiff
Answers the complaint
Dispute is then settled
Dispute goes to trial
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