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Micro Prelim 1

QuestionAnswer
Changes in Equilibrium Step 1 Sketch Supply and Demand Diagram BEFORE event
Changes in Equilibrium Step 2 decide whether the event will affect supply OR demand
Changes in Equilibrium Step 3 decide whether effect on supply or demand is negative or positive
Changes in Equilibrium Step 4 Compare new equilibrium price + quantity to original ones
demand curve relationship between quantity demanded and price in given market on a graph
supply curve relationship between the quantity supplied at price in given market on a graph.
Equilibrium Occurs when the supply and demand curves cross on the graph
Surplus Price of quantity supplied is MORE than quantity demanded. Economic pressures will push back towards equilibrium.
Shortage Price of quantity supplied is LESS than the quantity demanded. Economic pressures will push back towards equilibrium.
Ceteris Paribus Assuming other factors do not change in any given event.
changes in taste, population, income, prices of substitute or complement goods, expectations about future conditions/prices. Factors that shift DEMAND curve
input prices, natural conditions, changes in technology, and government taxes, regulations, or subsidies. Factors that shift SUPPLY curve
Price ceiling Prices prevented from rising ABOVE a certain level, if set below equilibrium price - shortage will occur.
Price floor Prices prevented from falling BELOW a certain level, if set above equilibrium price - excess will occur.
Deadweight loss loss in surplus that occurs when economy creates inefficient quantity
Social surplus Consumer surplus + producer surplus
Producer surplus gap between price producers will sell a product (cost basis) and the current market equilibrium price
Consumer surplus gap between price consumers will pay (preference basis) and the current market equilibrium price
Created by: user-2063784
 

 



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