1. Draw and describe consumer and producer surplus
2. Show deadweight loss from price ceiling and price floor (2 graphs)
3. Other effects from rent control
4. Draw and explain import restriction and deadweight loss
5. Graph a 5 dollar tax on a product with a 10 equilibrium price
6. Show same graph using inelastic demand. How does result change.
7. Show deadweight loss from tax (use elastic supply curve
8. Describe economic profit and accounting profit in detail
9. Construct a generic income statement and balance sheet.
10. Describe an explicit cost and implicit cosT