ECON 1101 Study Guide - Midterm Guide: Sugary Drink Tax, Tax Cut, Production Function
28 Feb 2018
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Income effect: equilibrium(supply and demand is like a magnet) d. Ceilings and floors. i: trade, countries can specialize incompletely. Big countries trading with small i: big countries desires can"t be fulfilled. Non-linear ppfs: analyzing specific markets ii. i. ii. Show net gains- but specific losses: trade interference, why: i. ii. iii. iv, how: i. ii. iii. Dumping: economists prefer tariffs because it reduces deadweight loss. Gdp: why worry about gdp, gdp is linked to well-being i. ii. Rising gdp increases income: higher gdp makes other activities possible. Democracy is voting + groceries iv: what is gdp, total market value of all new final goods and services produced in a given country over a given time period. Total market value i. ii: money is a yardstick. allows various goods to be put together, gdp = p i i * qi, add the monetary value of all of production of economy. i.
