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Demand curve is a function of?
- Price of related goods
Supply curve is a function of?
- Selling Price
- Cost of Materials
- English (ascending)
- Sealed Bid
- Vickery (sealed bid)
- Dutch (descending bid)
- modified Dutch (all get lowest)
what is the deadweight loss from over supply and under supply?
- over and under supply = deadweight loss to both producer and consumer
- slope of D & S depends who bears most.
How to calculate GDP?
- income approach (total income from households + bus)
- expenditure approach (total amount spent on goods and services produced... 2 methods- sum of value added or value of final product)
GDP = C + I + G + (X-M)
Types of income
- National Inc - sum of income received by all factors of productions that go into final output
- Persona Inc - pretax income households
- Disposable Inc - PI after taxes
GDP = NI + CCA (dep of phys capital) + stat discrep (income approach vs expend approach)
Relationship between fiscal balance etc
(G-T) = (S-I)-(X-M)
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