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F I R M S A N D M A R K E T S I I PMAP 8141: Economy, Society, - PowerPoint PPT Presentation

Feb 08, 2023 •94 likes •746 views

F I R M S A N D M A R K E T S I I PMAP 8141: Economy, Society, and Public Policy October 15, 2019 Fill out your reading report on iCollege! P L A N F O R T O D A Y Surplus, taxes, incidence, and DWL Changes in supply and demand Price

  1. F I R M S A N D M A R K E T S I I PMAP 8141: Economy, Society, and Public Policy October 15, 2019 Fill out your reading report on iCollege!

  2. P L A N F O R T O D A Y Surplus, taxes, incidence, and DWL Changes in supply and demand Price taking Escaping the price taking world

  3. S U R P L U S , TA X E S , I N C I D E N C E , A N D D W L

  4. <latexit sha1_base64="oiq46QjQwYGWREdNWodP5spFPuE=">ACKXicbVDJSgNBFOxN25Rj14agyKIQycoLiC4HTxGNCpkQujpvGhjT8/Q/UYMQ7Hi7/ixYPb1R+xsyBuBQ1FVT1evwoTJS0y9uYNDA4Nj4yOjecmJqemZ/Kzc+c2To2AiohVbC5DbkFJDRWUqOAyMcCjUMFeHPY8S9uwVgZ6zNsJVCL+JWTSk4Oqme3w8Q7jA7gojrxg5tL9My3aVrzN84oau0xGgQ5HqR0zRJVOsrwvxSL1LPF5jPuqB/SbFPCqSPcj3/FDRikUagUShubXIEqxl3KAUCtq5ILWQcHDr6DqOYR2FrWPbVNl5zSoM3YuKeRdtXvExmPrG1FoUtGHK/tb68j/udVU2xu1TKpkxRBi96iZqoxrTG21IAwJVyxEujHR/peKaGy7QtZtzJR/n/yXVEr+ts9O1gt7B/02xsgCWSQrpEg2yR45JmVSIYLck0fyTF68B+/Je/Xe9EBrz8zT37A+/gElahXQ=</latexit> <latexit sha1_base64="oiq46QjQwYGWREdNWodP5spFPuE=">ACKXicbVDJSgNBFOxN25Rj14agyKIQycoLiC4HTxGNCpkQujpvGhjT8/Q/UYMQ7Hi7/ixYPb1R+xsyBuBQ1FVT1evwoTJS0y9uYNDA4Nj4yOjecmJqemZ/Kzc+c2To2AiohVbC5DbkFJDRWUqOAyMcCjUMFeHPY8S9uwVgZ6zNsJVCL+JWTSk4Oqme3w8Q7jA7gojrxg5tL9My3aVrzN84oau0xGgQ5HqR0zRJVOsrwvxSL1LPF5jPuqB/SbFPCqSPcj3/FDRikUagUShubXIEqxl3KAUCtq5ILWQcHDr6DqOYR2FrWPbVNl5zSoM3YuKeRdtXvExmPrG1FoUtGHK/tb68j/udVU2xu1TKpkxRBi96iZqoxrTG21IAwJVyxEujHR/peKaGy7QtZtzJR/n/yXVEr+ts9O1gt7B/02xsgCWSQrpEg2yR45JmVSIYLck0fyTF68B+/Je/Xe9EBrz8zT37A+/gElahXQ=</latexit> <latexit sha1_base64="oiq46QjQwYGWREdNWodP5spFPuE=">ACKXicbVDJSgNBFOxN25Rj14agyKIQycoLiC4HTxGNCpkQujpvGhjT8/Q/UYMQ7Hi7/ixYPb1R+xsyBuBQ1FVT1evwoTJS0y9uYNDA4Nj4yOjecmJqemZ/Kzc+c2To2AiohVbC5DbkFJDRWUqOAyMcCjUMFeHPY8S9uwVgZ6zNsJVCL+JWTSk4Oqme3w8Q7jA7gojrxg5tL9My3aVrzN84oau0xGgQ5HqR0zRJVOsrwvxSL1LPF5jPuqB/SbFPCqSPcj3/FDRikUagUShubXIEqxl3KAUCtq5ILWQcHDr6DqOYR2FrWPbVNl5zSoM3YuKeRdtXvExmPrG1FoUtGHK/tb68j/udVU2xu1TKpkxRBi96iZqoxrTG21IAwJVyxEujHR/peKaGy7QtZtzJR/n/yXVEr+ts9O1gt7B/02xsgCWSQrpEg2yR45JmVSIYLck0fyTF68B+/Je/Xe9EBrz8zT37A+/gElahXQ=</latexit> ������� P = − 0 . 5 Q + 20 ������� P = 0 . 25 Q + 2

  5. Consumer surplus Difference between WTP and price How good of a deal consumer gets Producer surplus Difference between price and WTA How good of a deal producer gets

  6. <latexit sha1_base64="/3FZGOerARFa3gvJgZJdYZID/9g=">ACDnicbZDLSsNAFIYn9VbjLerSzWCxCGJIisULCEVduGzR2EITymQ6bYdOLsxMhBL6Bm58FTcuVNy6dufbOG0jaOsPAz/fOYcz5/djRoW0rC8tNze/sLiUX9ZXVtfWN4zNrTsRJRwTB0cs4g0fCcJoSBxJSONmBMU+IzU/f7lqF6/J1zQKLyVg5h4AeqGtEMxkgq1jOLNGazC4jkswQNomaVyDbqufvUDLXioaLnWMgqWaY0FZ42dmQLIVG0Zn247wklAQokZEqJpW7H0UsQlxYwMdTcRJEa4j7qkqWyIAiK8dHzPEO4p0oadiKsXSjimvydSFAgxCHzVGSDZE9O1Efyv1kxk58RLaRgnkoR4sqiTMCgjOAoHtiknWLKBMghzqv4KcQ9xhKWKUFch2NMnzxqnZJ6adu2oULnI0siDHbAL9oENjkEFXIMqcAGD+AJvIBX7VF71t6090lrTstmtsEfaR/fTAOVdA=</latexit> <latexit sha1_base64="/3FZGOerARFa3gvJgZJdYZID/9g=">ACDnicbZDLSsNAFIYn9VbjLerSzWCxCGJIisULCEVduGzR2EITymQ6bYdOLsxMhBL6Bm58FTcuVNy6dufbOG0jaOsPAz/fOYcz5/djRoW0rC8tNze/sLiUX9ZXVtfWN4zNrTsRJRwTB0cs4g0fCcJoSBxJSONmBMU+IzU/f7lqF6/J1zQKLyVg5h4AeqGtEMxkgq1jOLNGazC4jkswQNomaVyDbqufvUDLXioaLnWMgqWaY0FZ42dmQLIVG0Zn247wklAQokZEqJpW7H0UsQlxYwMdTcRJEa4j7qkqWyIAiK8dHzPEO4p0oadiKsXSjimvydSFAgxCHzVGSDZE9O1Efyv1kxk58RLaRgnkoR4sqiTMCgjOAoHtiknWLKBMghzqv4KcQ9xhKWKUFch2NMnzxqnZJ6adu2oULnI0siDHbAL9oENjkEFXIMqcAGD+AJvIBX7VF71t6090lrTstmtsEfaR/fTAOVdA=</latexit> <latexit sha1_base64="/3FZGOerARFa3gvJgZJdYZID/9g=">ACDnicbZDLSsNAFIYn9VbjLerSzWCxCGJIisULCEVduGzR2EITymQ6bYdOLsxMhBL6Bm58FTcuVNy6dufbOG0jaOsPAz/fOYcz5/djRoW0rC8tNze/sLiUX9ZXVtfWN4zNrTsRJRwTB0cs4g0fCcJoSBxJSONmBMU+IzU/f7lqF6/J1zQKLyVg5h4AeqGtEMxkgq1jOLNGazC4jkswQNomaVyDbqufvUDLXioaLnWMgqWaY0FZ42dmQLIVG0Zn247wklAQokZEqJpW7H0UsQlxYwMdTcRJEa4j7qkqWyIAiK8dHzPEO4p0oadiKsXSjimvydSFAgxCHzVGSDZE9O1Efyv1kxk58RLaRgnkoR4sqiTMCgjOAoHtiknWLKBMghzqv4KcQ9xhKWKUFch2NMnzxqnZJ6adu2oULnI0siDHbAL9oENjkEFXIMqcAGD+AJvIBX7VF71t6090lrTstmtsEfaR/fTAOVdA=</latexit> <latexit sha1_base64="/3FZGOerARFa3gvJgZJdYZID/9g=">ACDnicbZDLSsNAFIYn9VbjLerSzWCxCGJIisULCEVduGzR2EITymQ6bYdOLsxMhBL6Bm58FTcuVNy6dufbOG0jaOsPAz/fOYcz5/djRoW0rC8tNze/sLiUX9ZXVtfWN4zNrTsRJRwTB0cs4g0fCcJoSBxJSONmBMU+IzU/f7lqF6/J1zQKLyVg5h4AeqGtEMxkgq1jOLNGazC4jkswQNomaVyDbqufvUDLXioaLnWMgqWaY0FZ42dmQLIVG0Zn247wklAQokZEqJpW7H0UsQlxYwMdTcRJEa4j7qkqWyIAiK8dHzPEO4p0oadiKsXSjimvydSFAgxCHzVGSDZE9O1Efyv1kxk58RLaRgnkoR4sqiTMCgjOAoHtiknWLKBMghzqv4KcQ9xhKWKUFch2NMnzxqnZJ6adu2oULnI0siDHbAL9oENjkEFXIMqcAGD+AJvIBX7VF71t6090lrTstmtsEfaR/fTAOVdA=</latexit> S : P = 2 + 0 . 25 Q D : P = 20 − 0 . 5 Q

  7. W H Y D O G O V E R N M E N T S T A X ? Raise revenue for services Redistribute resources Encourage or discourage consumption

  8. W H A T H A P P E N S W H E N G O V E R N M E N T S T A X ? Revenue raised for public goods Resources redistributed Markets distorted; loss of efficiency

  9. <latexit sha1_base64="/3FZGOerARFa3gvJgZJdYZID/9g=">ACDnicbZDLSsNAFIYn9VbjLerSzWCxCGJIisULCEVduGzR2EITymQ6bYdOLsxMhBL6Bm58FTcuVNy6dufbOG0jaOsPAz/fOYcz5/djRoW0rC8tNze/sLiUX9ZXVtfWN4zNrTsRJRwTB0cs4g0fCcJoSBxJSONmBMU+IzU/f7lqF6/J1zQKLyVg5h4AeqGtEMxkgq1jOLNGazC4jkswQNomaVyDbqufvUDLXioaLnWMgqWaY0FZ42dmQLIVG0Zn247wklAQokZEqJpW7H0UsQlxYwMdTcRJEa4j7qkqWyIAiK8dHzPEO4p0oadiKsXSjimvydSFAgxCHzVGSDZE9O1Efyv1kxk58RLaRgnkoR4sqiTMCgjOAoHtiknWLKBMghzqv4KcQ9xhKWKUFch2NMnzxqnZJ6adu2oULnI0siDHbAL9oENjkEFXIMqcAGD+AJvIBX7VF71t6090lrTstmtsEfaR/fTAOVdA=</latexit> <latexit sha1_base64="/3FZGOerARFa3gvJgZJdYZID/9g=">ACDnicbZDLSsNAFIYn9VbjLerSzWCxCGJIisULCEVduGzR2EITymQ6bYdOLsxMhBL6Bm58FTcuVNy6dufbOG0jaOsPAz/fOYcz5/djRoW0rC8tNze/sLiUX9ZXVtfWN4zNrTsRJRwTB0cs4g0fCcJoSBxJSONmBMU+IzU/f7lqF6/J1zQKLyVg5h4AeqGtEMxkgq1jOLNGazC4jkswQNomaVyDbqufvUDLXioaLnWMgqWaY0FZ42dmQLIVG0Zn247wklAQokZEqJpW7H0UsQlxYwMdTcRJEa4j7qkqWyIAiK8dHzPEO4p0oadiKsXSjimvydSFAgxCHzVGSDZE9O1Efyv1kxk58RLaRgnkoR4sqiTMCgjOAoHtiknWLKBMghzqv4KcQ9xhKWKUFch2NMnzxqnZJ6adu2oULnI0siDHbAL9oENjkEFXIMqcAGD+AJvIBX7VF71t6090lrTstmtsEfaR/fTAOVdA=</latexit> <latexit sha1_base64="/3FZGOerARFa3gvJgZJdYZID/9g=">ACDnicbZDLSsNAFIYn9VbjLerSzWCxCGJIisULCEVduGzR2EITymQ6bYdOLsxMhBL6Bm58FTcuVNy6dufbOG0jaOsPAz/fOYcz5/djRoW0rC8tNze/sLiUX9ZXVtfWN4zNrTsRJRwTB0cs4g0fCcJoSBxJSONmBMU+IzU/f7lqF6/J1zQKLyVg5h4AeqGtEMxkgq1jOLNGazC4jkswQNomaVyDbqufvUDLXioaLnWMgqWaY0FZ42dmQLIVG0Zn247wklAQokZEqJpW7H0UsQlxYwMdTcRJEa4j7qkqWyIAiK8dHzPEO4p0oadiKsXSjimvydSFAgxCHzVGSDZE9O1Efyv1kxk58RLaRgnkoR4sqiTMCgjOAoHtiknWLKBMghzqv4KcQ9xhKWKUFch2NMnzxqnZJ6adu2oULnI0siDHbAL9oENjkEFXIMqcAGD+AJvIBX7VF71t6090lrTstmtsEfaR/fTAOVdA=</latexit> <latexit sha1_base64="/3FZGOerARFa3gvJgZJdYZID/9g=">ACDnicbZDLSsNAFIYn9VbjLerSzWCxCGJIisULCEVduGzR2EITymQ6bYdOLsxMhBL6Bm58FTcuVNy6dufbOG0jaOsPAz/fOYcz5/djRoW0rC8tNze/sLiUX9ZXVtfWN4zNrTsRJRwTB0cs4g0fCcJoSBxJSONmBMU+IzU/f7lqF6/J1zQKLyVg5h4AeqGtEMxkgq1jOLNGazC4jkswQNomaVyDbqufvUDLXioaLnWMgqWaY0FZ42dmQLIVG0Zn247wklAQokZEqJpW7H0UsQlxYwMdTcRJEa4j7qkqWyIAiK8dHzPEO4p0oadiKsXSjimvydSFAgxCHzVGSDZE9O1Efyv1kxk58RLaRgnkoR4sqiTMCgjOAoHtiknWLKBMghzqv4KcQ9xhKWKUFch2NMnzxqnZJ6adu2oULnI0siDHbAL9oENjkEFXIMqcAGD+AJvIBX7VF71t6090lrTstmtsEfaR/fTAOVdA=</latexit> S : P = 2 + 0 . 25 Q D : P = 20 − 0 . 5 Q

  10. <latexit sha1_base64="56utO6Q9JlMs+Y7yzYyr2mOSA=">ACNHicbZBLS0JBFMfn2svsZbVsMyRFIMm9kvSAQKpFixaKmYJXZO46uDcBzPnhnLxS7Xpe7SqRYuKtn2GxkdQ2h8G/vzOZw5fycQXIFpvhixufmFxaX4cmJldW19I7m5daf8UFJWpr7wZdUhignusTJwEKwaSEZcR7CK070c1iv3TCrue7fQD1jdJW2PtzgloFEjeVM6wW8f46zOI3NTDZXxLaduPqBJj7UdAxLjcgG1oMISG8wmBlL41wjmTIz5kh41lgTk0ITFRrJ7vp09BlHlBlKpZgD1iEjgVLBwg4VCwjtkjaraesRl6l6NLp6gPc0aeKWL/XzAI/o74mIuEr1XUd3ugQ6aro2hP/VaiG0TuoR94IQmEfHi1qhwODjYS4ySWjIPraECq5/iumHSIJBR10QodgTZ8a8rZzGnGKh6l8heTNOJoB+2iA2ShY5RH16iAyoiB/SM3tC78Wi8Gh/G57g1ZkxmtEfGV/f07qhg=</latexit> <latexit sha1_base64="56utO6Q9JlMs+Y7yzYyr2mOSA=">ACNHicbZBLS0JBFMfn2svsZbVsMyRFIMm9kvSAQKpFixaKmYJXZO46uDcBzPnhnLxS7Xpe7SqRYuKtn2GxkdQ2h8G/vzOZw5fycQXIFpvhixufmFxaX4cmJldW19I7m5daf8UFJWpr7wZdUhignusTJwEKwaSEZcR7CK070c1iv3TCrue7fQD1jdJW2PtzgloFEjeVM6wW8f46zOI3NTDZXxLaduPqBJj7UdAxLjcgG1oMISG8wmBlL41wjmTIz5kh41lgTk0ITFRrJ7vp09BlHlBlKpZgD1iEjgVLBwg4VCwjtkjaraesRl6l6NLp6gPc0aeKWL/XzAI/o74mIuEr1XUd3ugQ6aro2hP/VaiG0TuoR94IQmEfHi1qhwODjYS4ySWjIPraECq5/iumHSIJBR10QodgTZ8a8rZzGnGKh6l8heTNOJoB+2iA2ShY5RH16iAyoiB/SM3tC78Wi8Gh/G57g1ZkxmtEfGV/f07qhg=</latexit> <latexit sha1_base64="56utO6Q9JlMs+Y7yzYyr2mOSA=">ACNHicbZBLS0JBFMfn2svsZbVsMyRFIMm9kvSAQKpFixaKmYJXZO46uDcBzPnhnLxS7Xpe7SqRYuKtn2GxkdQ2h8G/vzOZw5fycQXIFpvhixufmFxaX4cmJldW19I7m5daf8UFJWpr7wZdUhignusTJwEKwaSEZcR7CK070c1iv3TCrue7fQD1jdJW2PtzgloFEjeVM6wW8f46zOI3NTDZXxLaduPqBJj7UdAxLjcgG1oMISG8wmBlL41wjmTIz5kh41lgTk0ITFRrJ7vp09BlHlBlKpZgD1iEjgVLBwg4VCwjtkjaraesRl6l6NLp6gPc0aeKWL/XzAI/o74mIuEr1XUd3ugQ6aro2hP/VaiG0TuoR94IQmEfHi1qhwODjYS4ySWjIPraECq5/iumHSIJBR10QodgTZ8a8rZzGnGKh6l8heTNOJoB+2iA2ShY5RH16iAyoiB/SM3tC78Wi8Gh/G57g1ZkxmtEfGV/f07qhg=</latexit> <latexit sha1_base64="56utO6Q9JlMs+Y7yzYyr2mOSA=">ACNHicbZBLS0JBFMfn2svsZbVsMyRFIMm9kvSAQKpFixaKmYJXZO46uDcBzPnhnLxS7Xpe7SqRYuKtn2GxkdQ2h8G/vzOZw5fycQXIFpvhixufmFxaX4cmJldW19I7m5daf8UFJWpr7wZdUhignusTJwEKwaSEZcR7CK070c1iv3TCrue7fQD1jdJW2PtzgloFEjeVM6wW8f46zOI3NTDZXxLaduPqBJj7UdAxLjcgG1oMISG8wmBlL41wjmTIz5kh41lgTk0ITFRrJ7vp09BlHlBlKpZgD1iEjgVLBwg4VCwjtkjaraesRl6l6NLp6gPc0aeKWL/XzAI/o74mIuEr1XUd3ugQ6aro2hP/VaiG0TuoR94IQmEfHi1qhwODjYS4ySWjIPraECq5/iumHSIJBR10QodgTZ8a8rZzGnGKh6l8heTNOJoB+2iA2ShY5RH16iAyoiB/SM3tC78Wi8Gh/G57g1ZkxmtEfGV/f07qhg=</latexit> S : P = 2 + 0 . 25 Q D : P = 20 − 0 . 5 Q S ��� : P = 2 + 0 . 25 Q + 5

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