ECN 3203

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In an effort to ensure your substantive discussion question participation, please address all parts of the questions through single of multi- responses with regards to the three separate days and word count requirement.

 

Describe the relationship between the price mechanism, competition, and efficiency in the capitalist economy; assess in your own words, the major differences between the capitalist and communist economic models.

Videos below and Chapter Slides

Total Consumer Surplus

Producer Surplus

Market Equilibrium

Changes in Market Equilibrium

Price Elasticity of Demand

Elasticity of Supply

 

Chapter 5

Chapter 6

Chapter 7

 

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