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ECO 3620. Environmental Economics

Markets

Rational choice theory

  1. Benefits and costs
  2. Marginal analysis
  3. Incentives

Demand

  1. Law of demand - marginal benefits, price and quantity demanded
  2. Individual and market demand curve
  3. Shifts of the demand curve - prices of related goods, income, tastes and preferences, number of consumers, expectations

Supply

  1. Law of supply - marginal costs, price and quantity supplied
  2. Individual and market supply curve
  3. Shifts of the supply curve - input prices, technology, number of producers, expectations

Markets

  1. Equilibrium - surplus, shortage
  2. Shifts of the demand curve
  3. Shifts of the supply curve

Market efficiency

  1. Consumer surplus
  2. Producer surplus
  3. Efficiency