Week 5 Part 1

ECON1101 Term 2 2026 Week 5 Part 1 5:04 recap of previous lecture 12:12 taxation in more detail, recapping last week 19:56 linking elasticity of supply/demand to the burden of a tax 21:57 inelastic demand vs elastic demand and tax burden on a graph 35:06 linking elasticity of supply/demand to government revenue and deadweight loss 43:15 winners and losers of a tax 44:40 subsidy definition 45:03 subsidy on a graph 50:25 distribution of surplus with a subsidy 55:06 government expenditure on a subsidy and DWL 59:25 winners and losers of a subsidy 59:55 "government intervention is bad" and public goods 1:04:06 international trade introduction 1:06:28 world price and domestic price definitions 1:07:20 small open economy, closed economy definitions 1:11:06 model of a small open economy 1:11:51 exporting a good on a graph 1:13:55 distribution of surplus when exporting goods, gains from trade