Market Imperfections & Policy          April 1, 2013
Extra Credit for the Brave• The first person to volunteer to explain Econ 1  in less than one minute to the rest of the  c...
April Fool’s: No extra credit• I just made somebody look very silly.• Thanks anyway – Econ 2 begins with Econ 1
Syllabus & Website• Tour of syllabus• econ2ucsd.worpress.com  – Everything will be posted there, along with my    observat...
Producer surplus• Review• What is the minimal amount you would be willing  to accept for an hour of labor? Write it down, ...
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040113

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040113

  1. 1. Market Imperfections & Policy April 1, 2013
  2. 2. Extra Credit for the Brave• The first person to volunteer to explain Econ 1 in less than one minute to the rest of the classgets +10% extra credit.
  3. 3. April Fool’s: No extra credit• I just made somebody look very silly.• Thanks anyway – Econ 2 begins with Econ 1
  4. 4. Syllabus & Website• Tour of syllabus• econ2ucsd.worpress.com – Everything will be posted there, along with my observations before & after class
  5. 5. Producer surplus• Review• What is the minimal amount you would be willing to accept for an hour of labor? Write it down, along with a sentence describing your reasoning.• Form a group of five and compare your wages. How do they differ? Why do they differ?• Draw a Supply of Labor graph for your group.• What is the total producer surplus of your group if the going wage is equal to your group’s highest wage?
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