ECON 1010 Lecture Notes - Social Cost, Marginal Utility, Indifference Curve
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The copyrights is hold by evan chen, ( ). The purpose of sharing the notes, is helping student to study and well prepare class, please do not plagiarize . If you have any questions related with the notes or any other issues, please contact with me directly by qq: 2833306644 or email: evancc88@hotmail. com. A price ceiling set below the equilibrium price results in excess demand. A subsidies is inefficient overproduction increase in marginal cost above marginal benefit. Perfectly inelastic supply- seller pay all perfectly inelastic demand- buyer pay all. If indifference curve is steep the marginal rate of substitution is high. Marginal social benefit of good > marginal social cost. A supply curve is a marginal cost curve. Mu per dollor must equal for both goods.
