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PAGE 120?Chapter 6/Supply, Demand, and Government Policies
Chapter 6/Supply, Demand, and Government Policies? PAGE 119
? 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
? 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
PAGE 104
? 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
6
6
SUPPLY, DEMAND, AND GOVERNMENT POLICIES
SUPPLY, DEMAND, AND GOVERNMENT POLICIES
WHAT’S NEW IN THE SIXTH EDITION:
There is a new In the News feature on “Should Unpaid Internships Be Allowed?”
LEARNING OBJECTIVES:
By the end of this chapter, students should understand:
? the effects of government policies that place a ceiling on prices.
? the effects of government policies that put a floor under prices.
? how a tax on a good affects the price of the good and the quantity sold.
? that taxes levied on sellers and taxes levied on buyers are equivalent.
? how the burden of a tax is split between buyers and sellers.
CONTEXT AND PURPOSE:
Chapter 6 is the third chapter in a three-chapter sequence that deals with supply and demand and how markets work. Chapter 4 developed the model of supply and demand. Chapter 5 added precision to the model of supply and demand by developing the concept of elasticity—the sensitivity of the quantity supplied and quantity demanded to changes in economic conditions. Chapter 6 addresses the impact of government policies on competitive markets using the tools of supply and demand that you learned in Chapters 4 and 5.
The purpose of Chapter 6 is to consider two types of government policies—price controls and taxes. Price controls set the maximum or minimum price at which a good can be sold while a tax creates a wedge between what the buyer pays and what the s
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