Re: ZOMG MICRO ECONOMICS WTFFFF
 

My dick is perfectly elastic. Wait. What?

Re: ZOMG MICRO ECONOMICS WTFFFF
 

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land is perfectly inelastic. E=100000000000000000000, because no matter what the price change, there will be no change in quantity consumed.

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Wait. What?

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uhhh

this depends on how you define "land consumption"

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lets just say it involves nomnomnom.

Re: ZOMG MICRO ECONOMICS WTFFFF
 

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consumer surplus is when someone buys a product for $5 dollars that they value at 6 dollars. they have a surplus of 1 dollar.
producer surplus is when someone sells something for 5 dollars they value at 3 dollars.
Essentially, society (consisting only of buyer and seller) has gained 3 dollars worth of utility from this transaction. thus, there is a social surplus.

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yeah that's what i thought it was, the other way you explained it sounded kinda weird

honestly i was expecting photochops of milton friedman secksing penguins ITT but this is cool too

Re: ZOMG MICRO ECONOMICS WTFFFF
 

okay think of it like this. my butt is in supply and in demand. get it now?

Re: ZOMG MICRO ECONOMICS WTFFFF
 

if you do some googling im sure you can find some graphs that will show social surpluses in a "micro way" pretty clearly

i find that is an easier way of looking at it, sometimes

Re: ZOMG MICRO ECONOMICS WTFFFF
 

He probably was a penguin [censored].

THANKS FOR THE WITHHOLDING TAX MILT YOU CHICAGO SCHOOL DOUCHEBAG

Re: ZOMG MICRO ECONOMICS WTFFFF
 

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okay think of it like this. my butt is in supply and in demand. get it now?

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supply is much larger than demand imo.

Re: ZOMG MICRO ECONOMICS WTFFFF
 

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okay think of it like this. my butt is in supply and in demand. get it now?

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supply is much larger than demand imo.

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9.0

Would've been higher but you get no points for difficulty.

Re: ZOMG MICRO ECONOMICS WTFFFF
 

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hi bbv,

i have an allegedly difficult midterm on this topic tomorrow.

i would appreciate your thoughts on:

supply and demand
elasticity
aggregate demand curves
social surplus & dead weight loss
intertemporal consumption models
why i am not 'cramming' (LOL) for this with hot chicks

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Supply and Demand:

Demand is how much consumers are willing to buy. As price goes up, quantity demanded goes down - downward sloping.

Supply is how much producers are willing to sell. As price goes up, quantity supplied goes up - upward sloping

Equilibrium is where S = D, and you get equilibrium price and quantity. Analysis is performed based on demand or supply shocks and that is where you get changing prices and changing quantities.

Elasticity:

There are several forms, but the easiest is price elasticity of demand = % change in quantity demanded / $ change in price. Elasticity can get complex, so you may want to look into that on your own.

Aggregate demand curves:

sum total of all planned expenditures in the economy. These are close to other demand curves, but hold alot more in them based on your analysis.

Social Surplus & Dead Weight Loss:

Not sure what social surplus is, but it sounds like it could be related to consumer surplus.

Dead Weight Loss comes from monopolies where they try to maximize profits, but they restrict output.

Intertemporal Consumption Models:

This is based on when you decide what to do with your income, you can consume all now or save part for the future.
You have 2 time periods, 1 and 2. You have consumption, C1 and C2, Income M1 and M2 and interest r In Period 1, you can use your entire income for consumption C1. So your C1 = M1 + M2/(1+r). Or you can save all of your income until period 2 and have C2 = M2 + M1(1+r). The closer you are to C2, the more patient you are and the closer to C1, the more impatient.

Re: ZOMG MICRO ECONOMICS WTFFFF
 

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okay think of it like this. my butt is in supply and in demand. get it now?

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supply is much larger than demand imo.

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urded i swear

http://i117.photobucket.com/albums/o...ul07014sw2.jpg
http://i117.photobucket.com/albums/o...ul07027fv6.jpg