Home » Externalities, Elasticity, and Public Goods

Externalities, Elasticity, and Public Goods

briefly describes the Learning Objectives (NOT Appendix part) for Chapter 5. Externalities, Environmental Policy, and Public Goods; Chapter 6. Elasticity: The Responsiveness of Demand and Supply and the lecture notes for Supply/Demand and Elasticity located below:
Supply/Demand and Elastic
Externalities, Environmental Policy, and Public Goods
ElasticityThe Responsiveness of Demand and Supply
Chapter 3/6 Notes
A Supply/Demand Review and Elasticity
Production Possibilities Curve
the PPC curve
What makes it move in or out?
An increase in the economy’s resource base would expand our ability to produce goods and services
Advancements in technology
An improvement in the rules under which the economy can increase output; like changes in taxes or tariffs.
By working harder and giving up current leisure we could increase our production of goods and services
Change in Income
Remember opportunity costs.
What is profit/loss?
Demand curve slopes down to the right; price declines-more purchased and vice versa.
the demand curve
Movement along the curve is change in quantity demanded.
Change in demand is movement in/out of the entire curve:
changes in consumer income
change in number of consumers in the market
change in price of related good
change in expectation
demographic changes
changes in taste/preferences.
Supply curve slopes up to the right;price declines-less produced and vice versa.
the supply curve
Movement along the curve is change in quantity supplied.
Change in supply is movement in/out of the entire curve:
change in resource prices
changes in technology
elements of nature and political disruptions
changes in taxes.
Equilibrium is where supply and demand meet.
equilibrium
Elasticity is how much demand/supply change given price increases/decreases. Meth is highly inelastic-very steep. Big price jump-almost same amount purchased. Something very elastic-very flat curve. Small price increase is big drop in demand.
an elastic curve
an inelastic curve
Invisible hand says we engage in activities promoting well-being of society.

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more