TAILIEUCHUNG - Lecture Principles of Microeconomics: Chapter 5 - James D. Miller

Chapter 5 - Policy analysis with supply and demand. After reading this chapter, you should be able to answer the following questions: What is a price floor? What is the effect of minimum wage on the market? What is a price ceiling? What is rent control? What is economics of a draft vs. voluntary enlistment? What is economics of market for human organs? What is economics of healthcare? What is economics of parking meters? What is economics of agricultural subsidies? | Chapter 5 Policy Analysis With Supply and Demand McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All Rights Reserved. Learning Objectives What is a price floor? What is the effect of minimum wage on the market? What is a price ceiling? What is rent control? What is economics of a draft vs. voluntary enlistment? What is economics of market for human organs? What is economics of healthcare? What is economics of parking meters? What is economics of agricultural subsidies? 5- Price Floor Price floor = minimum legal price set by government. It affects only when set above the equilibrium price. Effective price floor creates surplus. Price Floor Supply Demand Price Quantity supplied after the price floor is imposed. Quantity demanded after the price floor is imposed. Quantity 78 60 40 $12 $8 Surplus 5- Minimum Wage and Market for Unskilled Labor Minimum wage = price floor in labor market. Minimum wage law increases wages of unskilled workers with jobs. .

• Kinh tế học
• Principles of Microeconomics
• Lecture Principles of Microeconomics
• Policy analysis with supply
• Policy analysis with demand
• Ten principles of economics
• Scarce resources
• Scarcity implies choice
• Choice implies cost
• Thinking like an economist
• Economic models
• Circular flow diagram
• Production possibilities frontier
• The gains from trade
• Production possibilities
• Comparative advantage
• Absolute advantage
• Market forces
• Supply and demand
• Market economies
• Competitive markets
• Price elasticity of demand
• Price elasticity
• Midpoint method
• Demand curves
• Controls on prices
• Price ceiling
• Price floor
• Market outcomes
• Market failures
• Negative externalities
• Positive externalities
• Market inefficiency
• Public goods
• Common resources
• Types of goods
• Cost benefit analysis
• Tax system
• Federal government
• Marginal tax rate
• Budget surplus
• Costs of production
• Total revenue
• Total cost
• Opportunity costs
• Firms in competitive markets
• Average revenue
• Marginal revenue
• Sunk costs
• Monopoly resources
• Government created monopolies
• Natural monopolies
• Monopoly’s revenue
• Monopolistic competition
• Nash equilibrium
• Equilibrium for oligopoly
• Game theory
• Long run equilibrium
• Perfect competition
• Production possibility frontier
• Opportunity cost
• Rational people
• Indirect effects
• Law of demand
• Factors change demand
• Law of supply
• Market demand
• Demand intersect
• Demand determine prices
• Change in demand
• Change in supply
• Elastic demand curve
• Wealth creation
• Production cost
• Total surplus
• International trade
• Additional benefits of trade
• Average costs
• Break even price
• Increasing marginal costs
• Long run analysis
• Firms profit graphically
• Accounting profit
• Market effectiveness
• Monopolist pricing
• Price discrimination
• Antitrust laws
• Disruptive innovation in oligopolies
• Predatory pricing