omer uner
Classification: Unit 1
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Crash report
Economics WEC11/01 October 2023
1. Government failure examples: unintended tax consequences increasing smuggling, market bubbles, inefficient resource allocation, external cost taxation effects.
2. Production possibilities shifts: natural disasters, unemployment rates, technological improvements, immigration impact on capital and consumer goods output.
3. Price elasticity of demand for car types: diesel (–0.99), petrol (–1.08), electric (–1.27); elasticity effects on total revenue and consumer responsiveness.
4. Market equilibrium vs social optimum quantity; welfare gain areas in externalities; marginal social benefit (MSB), marginal private benefit (MPB), marginal social cost (MSC), and marginal private cost (MPC) relationships.
5. Financial market behaviors: moral hazard in banking pre-2008 crisis, risk-taking incentives, government bailouts, free-rider problems.
6. Substitutes and complements in product markets: cross-price elasticity, example of PlayStation 5 and Xbox Series X game consoles relationship.
2. Production possibilities shifts: natural disasters, unemployment rates, technological improvements, immigration impact on capital and consumer goods output.
3. Price elasticity of demand for car types: diesel (–0.99), petrol (–1.08), electric (–1.27); elasticity effects on total revenue and consumer responsiveness.
4. Market equilibrium vs social optimum quantity; welfare gain areas in externalities; marginal social benefit (MSB), marginal private benefit (MPB), marginal social cost (MSC), and marginal private cost (MPC) relationships.
5. Financial market behaviors: moral hazard in banking pre-2008 crisis, risk-taking incentives, government bailouts, free-rider problems.
6. Substitutes and complements in product markets: cross-price elasticity, example of PlayStation 5 and Xbox Series X game consoles relationship.