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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