Social Goals vs. Market Efficiency. Jump Start Chapter 6 section 3 1.Which of the following is an example of a price ceiling? A.Minimum wage B.free lunch.
Putting Supply & Demand Together ECO 284 - Foster Price Controls Distortions to the Supply & Demand Model: Price Controls.
NOW PLAYING: MARKET ANALYSIS Presented by: Mr. Kuzmich Economics.
: Supply, Demand, and Government Policies In a free, unregulated market system, market forces establish equilibrium prices and exchange quantities. While.
Price Ceilings and Price Floors1 PRICE CEILINGS AND PRICE FLOORS ECO 2023 Principles of Microeconomics Dr. McCaleb.
Applications of Demand and Supply Topic 3. So far… Demand & Supply Equilibrium determined by market forces Equilibrium maintained by market forces.
Managerial Economics & Business Strategy Chapter 2 Market Forces: Demand and Supply.
Bachelor microeconomics (seminars) Petr Wawrosz. The demand side of the Market The demand curve: Relationship between price (independent variable, vertical.
SUPPLY, DEMAND, AND GOVERNMENT POLICIES. Overview Economists have two roles: 1.As scientists, they develop and test theories to explain the world around.
Brief Response: Use the Image, p. 128 Given other factors, is it worth producing….. explain 110 units? – Yes, – Marginal product is still high, total profit.
Warm Up What is Marginal Cost? What is Variable Cost? What are the 7 factors that shift the supply curve? What are the 3 Stages of production? Explain.
6.1 I. Advantages of Prices A. Prices are neutral because they do not favor the buyer or the seller. Prices are the result of competition Prices.