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https://quizlet.com/_3z7htb

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https://drive.google.com/open?id=1F7XS5vB4LSDwh6G5uePEDhIWY0ZkYmHp-5HsZjkPgnc

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legal max
effective = binding if BELOW equilibrium
- creates a shortage

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price ceilings are non-binding if placed above equilibrium

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price ceilings are non-binding if placed above equilibrium

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equilibrium can still legally be obtained

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increase on price of crude oil (input to gas) causes supply curve to shift left
--> non-binding price ceiling now becomes binding since equilibrium shifted ABOVE equilibrium and price ceiling is BELOW equilibrium

created a shortage

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total expenditure of consumer with a shortage

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total expenditure of consumer with a shortage

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quantity the consumers are able to purchase times the price at which the price ceiling is at

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government regulation on amounts charged for rented housing

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supply and demand are inelastic in the short run... SUPPLY IS PERFECTLY INELASTIC IN SHORT RUN (vertical graph)

small shortage created with price ceiling falling below equilibrium

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supply and demand are elastic in the long run (gradual slopes for each curve)

shortage gets larger as curves become more elastic

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legal min
effective = binding if ABOVE equilibrium
- creates surplus

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price floors are non-binding if placed below equilibrium

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price floors are non-binding if placed below equilibrium

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equilibrium can still legally be obtained

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increase in minimum wage (price of labor) causes labor surplus

- labor surplus = unemployment

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total wages for workers with surplus of labor

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total wages for workers with surplus of labor

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number of people actually working times the wage at which the price floor is at

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rent may be affordable but housing would be of lower quality

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rent may be affordable but housing would be of lower quality

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tax always reduces quantity no matter who it is imposed on

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tax always reduces quantity no matter who it is imposed on

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shift supply curve left/up

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shift demand curve left/down

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tax box = total amount of money going to government as tax

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tax box = total amount of money going to government as tax

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money suppliers receive per unit is within tax box

revenue suppliers receive =
(P x Q) - tax

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tax drives a wedge between buyers and sellers

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tax drives a wedge between buyers and sellers

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the tax is a burdened shared by the buyer and sellers

if equal elasticities = tax burden is same for supply and demand

if one curve more inelastic than the other = more inelastic curve carries bigger burden of tax

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tax things that are inelastic to make the most revenue

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tax things that are inelastic to make the most revenue

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gas

taxing luxury items on yachts hurts sellers more than buyers

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price buyers pay - price sellers receive

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per unit tax x quantity