Price Floor and Price Ceiling (Upside down house)

Consumer Surplus, Producer Surplus, and Deadweight Loss (1/2 * B * H)

Shifts of Demand and Supply (TIMER and RATNEST)

Excise Taxes

• Tax Per Unit: Vertical Distance between Supply curves

• Tax Revenue = Tax * Q

Quotas and Tariffs

• Quota: Difference between Qd and Qs

• There is no DWL with a quota

• A tariff will raise the price

Elasticity Calculations (remember that change in quantity always goes on the top)