Microeconomics
Logistics and Review
Topics in this class cover 22 questions on the Midterm and 11 questions on the Final.
Logistics
Students absent last week need a syllabus and addendum
Last Week Review
• What is economics?
• Demand, Supply, Law of Demand, Quantity Demanded
• Supply, Law of Supply, Quantity Supplied
• Shifts versus Movement of Curves
• Equilibrium
• Shortage
• Surplus
Chapter 4 : Extensions of Demand and Supply Analysis
Markets and Price System
• Price System
• Prices
• Market
• Transaction Costs
• Middlemen
• Adjustment Speed
Rationing
• Rationing
• Rationing Function of Prices
• Methods of Non-Price Rationing:
Government-Imposed Price Controls
• Price Controls
1 Price Ceilings
2 Price Floors
• Black Markets
Concept Check A2A
Page 95, problems 3 and 7
Break
Chapter 5 : The Public Sector and Public Choice
Market Failures and Externalities
• Market Failure
• Externalities
• Negative Externalities
• Positive Externalities
How the Government Corrects Negative Externalities
• Special Taxes
• Regulation
Other Economic Functions of Government
• Provide a Legal System
• Promote Competition
• Provide Public Goods
• Private Good
• Public Good
• Free Rider Problem
• Ensuring Economic Stability
Paying for the Public Sector
• Taxes
• Average Tax Rate
• Marginal Tax Rate
• Tax Bracket
Taxation Systems
4 Proportional
5 Progressive
6 Regressive
Related Concepts
• Necessity Income
• Discretionary Income
Concept Check A2B
|Tax Bracket |Tax Rate |
|Lower |Upper |Marginal |
| $ - | $ 7,150 |15% |
| $ 7,151 | $ 29,050 |25% |
| $ 29,051 | $ 70,350 |34% |
Form different teams of two. Take time to introduce yourselves.
Using the tax tables provided, figure out what a single person’s average and marginal tax rate is if they make $30,000 per year. Show your work.
Label the assignment A2B
Chapter 6 : Taxes, Transfers, and Public Spending
Economic Issues of Public Education
• Subsidies
• Incentives
Social Security
Homework Assignments
Remember to use the blog:
Writing
W3: Imagine that you are a representative in the US Congress. In about a page, outline and describe the pros and cons of implementing a proportional (flat) consumption tax to replace the current progressive income tax. Label the assignment.
Reading and At-Home Quizzes
Each chapter has four tests. Although only one of the four tests is required, to get an A on your midterm and final, I suggest you do all four. After you have taken the test, click Submit for Grading when you are finished. When you are satisfied with the results, complete the Email Your Results form at the bottom of the page: Fill in your name and at least check the Instructor box and enter my email address in the space provided, selecting HTML in the Send As dropdown list box. You should get 100% on these since you can take them more than once! Send a copy of the test results to your own email address with correct answers to use to study for the midterm and final.
Visit
Find: I am a student who needs to use the free Companion Website.
Click the Student Resources link.
Navigate to the appropriate chapter:
► Chapter 20: Consumer Choice
► Chapter 21: Demand and Supply Elasticity
Use the menu on the left to access quizzes.
IMPORTANT: You are responsible for ensuring I receive your quizzes. Do not assume that just because you sent a quiz I have received it. I recommend you print a copy of each quiz and deliver it to me personally.
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