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Economics Lecture Eight (view source)

Revision as of 14:01, October 24, 2009

148 bytes added ,  14:01, October 24, 2009
excise taxes and deadweight loss
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:long run average costs (LRAC) are never more than short run average costs (SRAC) for a given Q.  Why?  See the alternative definition of “long run” in “Medium” list above
 
:long run average costs (LRAC) are never more than short run average costs (SRAC) for a given Q.  Why?  See the alternative definition of “long run” in “Medium” list above
 
:LRAC = P x (I / Q), where I is input and Q is output and P is price of the input
 
:LRAC = P x (I / Q), where I is input and Q is output and P is price of the input
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== Excise Taxes and "Deadweight Loss" ==
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<Define and explain these two concepts>
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There is a sample problem about this in the last section below.
 
 
 
==Example: Homeschool Dinner Event==
 
==Example: Homeschool Dinner Event==
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