Verified Documents at University of Colorado - Boulder

Principles of Microeconomics
University of Colorado - Boulder
Verified Notes

Browse the full collection of course materials, past exams, study guides and class notes for ECON 2010 - Principles of Microeconomics at University of Colorado - Boulder verified …

PROFESSORS

All Professors

Christian Hennigan

Corey Woodruff

Verified Documents for Christian Hennigan

Class Notes

Taken by our most diligent verified note takers in class covering the entire semester.

ECON 2010 Lecture Notes - Lecture 2: Opportunity Cost, Market Failure, Externality

ECON 2010 Lecture Notes - Lecture 3: Scientific Method, Opportunity Cost, Macroeconomics

10:05 am: economists play 2 roles, scientists: try to explain the world, engineers (policy advisors): try to improve it. Economist as a scientist: as s

ECON 2010 Lecture 4: Ch. 3 Interdependence & the Gains from Trade

ECON 2010 Lecture Notes - Lecture 5: Bacon, Normal Good, Inferior Good

ECON 2010 Lecture 5: Chapter 5: Elasticity and Its Application + previous review

ECON 2010 Lecture Notes - Lecture 6: Demand Curve, Starbucks, Economic Equilibrium

Supply curve shifters: the supply curve, shows how price affects quantity supplied, other things being equal, these other things , are non-price determ

ECON 2010 Lecture Notes - Lecture 7: Breakfast Cereal, Midpoint Method, Sunscreen

ECON 2010 Lecture Notes - Lecture 8: Inferior Good, Normal Good

Price elasticity of supply: price elasticity of supply: how much the quantity supplied of a good responds to a change in the price of that good, % chan

ECON 2010 Lecture Notes - Lecture 9: Price Ceiling, Price Floor, Price Controls

Not binding: has no effect on the market outcome. Powerpoint slides from lecture notes as posted by the professor. Landlords provide less maintenance u

ECON 2010 Lecture Notes - Lecture 10: Tax Incidence, Microsoft Powerpoint, Price Floor

The effect is the same (the buyer paid more in both cases) Elasticity (price change) determines who pays more tax. Sellers are more elastic bc they can

ECON 2010 Lecture Notes - Lecture 11: Takers, Economic Surplus

Perfectly competitive market: all goods are the same, a lot of producers and consumers, price takers (not makers) Welfare economics: allocation of reso

ECON 2010 Lecture Notes - Lecture 12: Economic Surplus, Marginal Cost, Opportunity Cost

ECON 2010 Lecture Notes - Lecture 13: Economic Surplus, Economic Efficiency, Market Power

ECON 2010 Lecture 14: ECON 2010 Review for Midterm 1 (Ch. 1-6)

ECON 2010 Lecture Notes - Lecture 16: Luxury Goods, Tax Rate, Economic Surplus

Powerpoint slides from lecture notes as posted by the professor (assume for this example that the intersection of the d curve on the p axis is at 400 a

ECON 2010 Lecture Notes - Lecture 17: North American Free Trade Agreement, Customs War, General Agreement On Tariffs And Trade

Review from chapter 3: a country has a comparative advantage in a good. If it produces the good at lower opportunity cost than other countries: countri

ECON 2010 Lecture Notes - Lecture 18: Social Cost, Salad Bar, Equilibrium Point

Markets are usually a good way to organize economy activity". Government action can sometimes improve upon market outcomes": why markets sometimes fail

ECON 2010 Lecture Notes - Lecture 19: Normal Good, Edmund Muskie, Opportunity Cost

Public policies toward externalities: command-and-control policies, regulate behavior directly, limits on quantity of pollution emitted, requirements t

ECON 2010 Lecture Notes - Lecture 20: Coase Theorem, Externality, Microsoft Powerpoint

Interested parties can enter into a contract: people take their private benefits and costs, without externalities, private and social costs and benefit

ECON 2010 Lecture Notes - Lecture 21: Taco, Private Good, Spotify

ECON 2010 Lecture Notes - Lecture 22: Progressive Tax, Regressive Tax, Tax Rate

ECON 2010 Lecture Notes - Lecture 23: Tax Incidence, Microsoft Powerpoint, Opportunity Cost

ECON 2010 Lecture 24: Ch. 13 The Costs of Production 2

Explicit costs: example, you need ,000 to start your business. In both cases, total (exp + imp) costs are . Economic profit vs. accounting profit: acco

ECON 2010 Lecture 25: Ch. 13 The Costs of Production 3 and Ch. 14 Firms in Competitive Markets

In the long run: atc at any q is cost per unit using the most efficient mix of inputs for that. Q (e. g. , the factory size with the lowest atc) Short

ECON 2010 Lecture Notes - Lecture 26: Sunk Costs, Perfect Competition, Market Power

Should a firm shutdown vs. exit: shutdown: a short-run decision not to produce anything because of market conditions, exit: a long-run decision to leav

ECON 2010 Lecture Notes - Lecture 27: Natural Monopoly, De Beers, Market Power

ECON 2010 Lecture Notes - Lecture 28: State Ownership, Clayton Antitrust Act, Deadweight Loss

ECON 2010 Lecture Notes - Lecture 29: Taipei Metro, European Cooperation In Science And Technology, Pyrazinamide

ECON 2010 Lecture Notes - Lecture 31: Cable Television, Imperfect Competition, Perfect Competition

Introduction: two extremes, perfect competition: many firms, identical products, ex: wheat, milk, monopoly: one firm, tap water, cable tv. Imperfect co

ECON 2010 Lecture Notes - Lecture 32: Monopolistic Competition, Product Differentiation, Perfect Competition

We would expect companies to advertise most in monopolistic competition (differentiation of product), less in monopolies because they have control over

ECON 2010 Lecture Notes - Lecture 33: Concentration Ratio, Game Theory, Nash Equilibrium

Self-interest: both firms would be better off if both stick to the cartel agreement, but each firm has incentive to renege on the agreement, lesson: it

ECON 2010 Lecture Notes - Lecture 34: Strategic Dominance, Arms Race, Oligopoly

Another example: negative campaign ads: election with two candidates, r and d. If r runs a negative ad attacking d, 3000 fewer people will vote for d (

ECON 2010 Lecture Notes - Lecture 35: Farmer Jack, Market Power, Perfect Competition

18 the markets for the factors of production. Factors of production and factor markets: factors of production: Inputs used to produce goods and service

ECON 2010 Lecture Notes - Lecture 36: Farmer Jack, Marginal Cost, Marginal Product

18 the markets for the factors of production. Input demand & output supply: marginal cost (mc, cost of producing an additional unit of output, mc =

ECON 2010 Lecture Notes - Lecture 40: Price Floor, Market Power, Signalling Theory

ECON 2010 Lecture Notes - Lecture 41: Physical Therapy, Signalling Theory, Efficiency Wage

Economics of discrimination: discrimination, offering of different opportunities to similar individuals who differ only by , race, ethnic group, sex, a

ECON 2010 Lecture Notes - Lecture 42: Gini Coefficient, Income Distribution, Jeremy Bentham

ECON 2010 Lecture Notes - Lecture 43: Efficiency Wage, Moral Hazard, W. M. Keck Observatory

ECON 2010 Lecture Notes - Lecture 44: Profit Motive, Human Capital, Welsh Alliance League

ECON 2010 Lecture 46: Midterm Review part 1 -- Going Over the Test

ECON 2010 Lecture 47: Midterm Review part 2 -- Going Over the Test