Now that we know some basics, we jump in and see how to actually DO Econometrics. Of course, there is much more to learn about details, which we will cover in lectures 5-???. But for now, lets have some fun with data and see how it is done.
Graphing demand functions, solving for equilibrium, and calculating consumer surplus, producer surplus, variable cost, total revenue, and total benefit. We add in production quotas and ceilings, find deadweight loss.