What you will learn

• Surplus & Social Welfare: Applying the concept of surplus to measure the welfare of an economy and use the supply and demand model to illustrate it

• Impact of Government Interventions: Understand how government interventions (eg. price controls) impact social welfare using model of supply & demand

• Price Elasticity of Demand: Learn how to classify goods based on their price elasticity of demand & predict how changes in price might affect revenue

• Analysis of Tax Implications: Use the price elasticity of demand concept to determine the distributional and welfare effects of an excise tax