Lecture10(2005.10.18 Class today: Chapter 3 review question and choices Recap Part 1 Preview Part 2 Chapter 4: p91+100 Chapter 4: Elasticity Slide 1
MB MC Chapter 4: Elasticity Slide 1 Lecture 10 (2005.10.18) Class today: ◼ Chapter 3 :review question and choices ◼ Recap Part 1 ◼ Preview Part 2 ◼ Chapter 4 : p91~100
Review Part 1 Introduction Chapter 1 Thinking Like an Economist a Chapter 2 Comparative Advantage a Chapter 3 Supply and Demand: An Introduction Chapter 4: Elasticity Slide 2
MB MC Chapter 4: Elasticity Slide 2 Review Part 1 Introduction ◼ Chapter 1 Thinking Like an Economist ◼ Chapter 2 Comparative Advantage ◼ Chapter 3 Supply and Demand: An Introduction
Part 2 Competition and the Invisible Hand Chapter 4 Elasticity Chapter 5 Demand: The benefit side of the market a Chapter 6 Perfectly Competitive Supply The cost side of the market Chapter 7 Efficiency and Exchange a Chapter 8 The Quest for Profit and the Invisible hand Chapter 4: Elasticity Slide 3
MB MC Chapter 4: Elasticity Slide 3 Part 2 Competition and the Invisible Hand ◼ Chapter 4 Elasticity ◼ Chapter 5 Demand: The benefit side of the market ◼ Chapter 6 Perfectly Competitive Supply: The cost side of the market ◼ Chapter 7 Efficiency and Exchange ◼ Chapter 8 The Quest for Profit and the Invisible Hand
Part 2 Competition and the Invisible Hand Part Ii uses an extended treatment of markets to present the ideas of competition and the invisible hand. The chapters go into greater detail as to what lies behind the demand and supply curves introduced in Chapter 3. The demand curve is used to introduce important concepts including elasticity, utility, and consumer surplus. Chapter 6 presents costs and producer surplus so that efficiency and the invisible hand process can be considered in Chapters 7 and 8 Chapter 4: Elasticity Slide 4
MB MC Chapter 4: Elasticity Slide 4 Part 2: Competition and the Invisible Hand ◼ Part II uses an extended treatment of markets to present the ideas of competition and the invisible hand. The chapters go into greater detail as to what lies behind the demand and supply curves introduced in Chapter 3. The demand curve is used to introduce important concepts including elasticity, utility, and consumer surplus. Chapter 6 presents costs and producer surplus so that efficiency and the invisible hand process can be considered in Chapters 7 and 8
Elasticity MB MC 匚 CHAPTER
MB MC Elasticity