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ECON 1000 (397)
Chapter 5-10

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Department
Economics
Course
ECON 1000
Professor
Ardeshir Noordeh
Semester
Fall

Description
Efficiency and Equity Efficiency and Equity Price and Qunatity regulations  TCommandd Subsidies Externalities Majority Rule Contest First­come, first­served Lottery Government regulations: The party with the  PPersonal Characteristicsesources more INELASTIC   Tax/Subsides curve will ALWAYS   Price ceiling/ floor pay more.  Quotas Monopoly It’s not fair if the result isn’t fair: Vice versa for supply It’s not fair if the result isn’t fair: It’s not fair if the result isn’t fair:  well off as possible It’s not fair if the rules aren’t fair:  Cost is what producers pay; price Producer Surplus – excess of amount  Consumer Surplus – excess of the  is what producers receive.  received from the sale. benefit received from a good over the  Value is what people are willing to price received – marginal cost  amount paid. pay;  (minimum supply­price))/quantity  =(marginal benefit (value) –  price is what people must pay. sold price)/quantity bought  Price floor Creates unemployment Government Actions in Markets Cost falls Price rises Quantity decreases Quantity increases Price falls Cost rises Subsidy Government Actions in Markets Markets for Illegal Goods P.S.  Penalties on sellers increase the cost  C.S. of selling the good and decrease the  supply of the good. T.S.  Penalties on buyers decrease their  willingness to pa y and decrease the 
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