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All Educational Materials for ECON 1B03 at McMaster University

MCMASTERECON 1B03Hannah HolmesWinter

[ECON 1B03] - Final Exam Guide - Ultimate 36 pages long Study Guide!

OC160569236 Page
30 Mar 2017
0
Economy - study of how society allocated scarce resources to satisfy everyone"s unlimited wants. Scarcity - means that society has limited resources an
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03- Final Exam Guide - Comprehensive Notes for the exam ( 23 pages long!)

OC87371323 Page
30 Nov 2017
0
Budget constraint - the outermost boundary of possible purchase combinations that a person can make, given how much money they have and the price of th
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MCMASTERECON 1B03Aleksandra GajicFall

[ECON 1B03] - Final Exam Guide - Comprehensive Notes for the exam (25 pages long!)

OC114453025 Page
1 Dec 2016
118
Positive statement - fact based, can be verified and tested. Going over face-to-face questions as found posted online under content. 1: positive, norma
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MCMASTERECON 1B03Dr.PFall

[ECON 1B03] - Final Exam Guide - Ultimate 115 pages long Study Guide!

OC776282115 Page
29 Nov 2016
29
Economics: the study of how society allocates scarce resources to satisfy society"s unlimited wants. Scarcity: means that society has limited resources
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03- Final Exam Guide - Comprehensive Notes for the exam ( 42 pages long!)

OC112576942 Page
28 Mar 2018
0
Economics: the study of how society allocates scarce resources to satisfy society"s unlimited wants. Scarcity: means that society has limited resources
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MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03- Final Exam Guide - Comprehensive Notes for the exam ( 27 pages long!)

OC240085727 Page
28 Mar 2018
0
How households and firms make decisions and how they interact in specific markets: macroeconomics: focuses on things which effect the economy as a whol
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MCMASTERECON 1B03Aleksandra GajicFall

[ECON 1B03] - Final Exam Guide - Ultimate 24 pages long Study Guide!

OC121313824 Page
29 Nov 2016
44
Microeconomics: focuses on the individual parts of the economy. Macroeconomics: looks at the economy as a whole. Rational people: use information they
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MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03- Final Exam Guide - Comprehensive Notes for the exam ( 61 pages long!)

OC53748861 Page
28 Mar 2018
0
Study of how society allocates scarce resources to satisfy society"s unlimited wants. Resources are scarce/limited so we need to come up with a way to
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MCMASTERECON 1B03Aleksandra GajicFall

[ECON 1B03] - Final Exam Guide - Ultimate 98 pages long Study Guide!

OC5118998 Page
1 Dec 2016
264
Another case of imperfect competition: oligopoly an oligopoly has: 1. few sellers, usually big firms: homogeneous or nearly identical products. 3. inte
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MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03- Final Exam Guide - Comprehensive Notes for the exam ( 26 pages long!)

salaam26 Page
30 Nov 2017
0
Demand ; how much people actually value that good. When price in good changes, demand curve goes up and down. When cheaper good comes out that is subsi
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MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03 Lecture Notes - Lecture 13: Ice Cream Cake, Average Cost, Marginal Revenue Productivity Theory Of Wages

OC25227068 Page
29 Nov 2018
0
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MCMASTERECON 1B03AllFall

ECON 1B03 Study Guide - Midterm Guide: Twinkie, Clastic Rock, Dental Caries

OC254029417 Page
24 Oct 2018
0
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MCMASTERECON 1B03AllFall

ECON 1B03 Study Guide - Midterm Guide: Perfect Competition, Externality, Average Variable Cost

OC254029417 Page
24 Oct 2018
0
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MCMASTERECON 1B03AllFall

ECON 1B03 Study Guide - Midterm Guide: Pencil, Demand Curve, Opportunity Cost

OC254029413 Page
24 Oct 2018
0
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MCMASTERECON 1B03AllFall

ECON 1B03 Study Guide - Midterm Guide: Pencil, Average Cost, Average Variable Cost

OC254029417 Page
24 Oct 2018
0
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MCMASTERECON 1B03AllFall

ECON 1B03 Study Guide - Midterm Guide: Pencil, Dental Caries, Midpoint Method

OC254029411 Page
24 Oct 2018
0
Make sure you carefully fill in the bubbles. You must fill in your student number, and version number. On the scan sheet or your grade will not be reco
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MCMASTERECON 1B03AllFall

ECON 1B03 Study Guide - Midterm Guide: Pencil, Opportunity Cost, Comparative Advantage

OC25402947 Page
2 Oct 2018
0
Answer all questions on the scan sheet using hb pencil. Hand in the scan and this sheet separately. The following table reports production information
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MCMASTERECON 1B03AllFall

ECON 1B03 Study Guide - Midterm Guide: Pencil, Opportunity Cost, Normal Good

OC25402947 Page
2 Oct 2018
0
Answer all questions on the scan sheet using hb pencil. Hand in the scan and this sheet separately. Identify the choice that best completes the stateme
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MCMASTERECON 1B03AllFall

ECON 1B03 Study Guide - Quiz Guide: Price Floor, Price Ceiling, Economic Equilibrium

OC25402945 Page
2 Oct 2018
0
Quiz submissions - bonus quiz 2 for test 2 due monday march. Written: feb 28, 2014 4:54 pm - feb 28, 2014 5:01 pm. Price controls are used to make mark
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MCMASTERECON 1B03AllFall

ECON 1B03 Study Guide - Midterm Guide: Erft, Internal Fixation, Vog

OC25402949 Page
2 Oct 2018
0
The price buyers will pay after the tax is imposed is: The price sellers receive after the tax is imposed is: The amount of the tax per unit imposed in
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Study Guide - Final Guide: Competitive Equilibrium, Perfect Competition, Economic Equilibrium

OC155922826 Page
3 Dec 2018
0
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Lecture Notes - Lecture 13: Average Variable Cost, Marginal Revenue, Perfect Competition

OC15592285 Page
29 Nov 2018
0
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Study Guide - Final Guide: Market Economy, Capital Market, Marginal Cost

OC155922821 Page
29 Nov 2018
0
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Lecture 12: ECON 1B03 Lecture : ECON 1B03 Lecture : ECON 1B03 Lecture 9 Consumer Teoryh

OC15592283 Page
22 Nov 2018
0
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Lecture Notes - Lecture 11: Monopoly Profit, Oligopoly, Market Price

OC15592284 Page
15 Nov 2018
0
Econ 1b03 workshop 8: oligopoly and resource markets. If they can enter, it becomes a perfectly competitive. Practice questions outcome: there are 2 fi
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Lecture Notes - Lecture 10: Monopolistic Competition, Marginal Revenue, Demand Curve

OC15592284 Page
8 Nov 2018
0
Econ 1b03 lecture 7: monopoly and monopolistic competition. Big firm that produces a firm that nobody produces anything like: no substitutes. Service e
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Study Guide - Fall 2018, Comprehensive Midterm Notes - Microsoft Powerpoint, Opportunity Cost, Canada

OC155922822 Page
5 Nov 2018
0
Professor hannah holmes specifically requests to be called professor holmes". Hholmes@mcmaster. ca: subject line should include course code, only email
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Lecture Notes - Lecture 8: Perfect Competition, Average Variable Cost, Marginal Cost

OC15592285 Page
25 Oct 2018
0
Econ 1b03 lecture 7 costs of production and perfect competition. Costs of production are on test #2. Content" test 2" on avenue goes over what we need
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Lecture Notes - Lecture 7: Economic Surplus, Reservation Price, Economic Equilibrium

OC15592286 Page
17 Oct 2018
0
Econ 1b03 lecture 6 welfare, externalities, public goods, price controls. Basis of the course has bene gone through. Rest of the course is interesting
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Lecture Notes - Lecture 5: Economic Equilibrium, Demand Curve, Inferior Good

OC15592284 Page
4 Oct 2018
0
Email the ta if you have any issues or questions about your mark. Dry, but something economists use all the time. Measures how responsive quantity dema
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Lecture Notes - Lecture 4: Potash, Comparative Advantage, Opportunity Cost

OC15592286 Page
27 Sep 2018
0
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Lecture Notes - Lecture 3: P200, Normal Good, Inferior Good

OC15592286 Page
19 Sep 2018
0
Econ 1b03 lecture 3: demand, supply and market equilibrium. Pretest already available online contact ia if you have any problems with that. Test: topic
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Lecture Notes - Lecture 2: Absolute Advantage, Capital Good, Tim Hortons

OC15592285 Page
12 Sep 2018
0
Econ1b03 lecture 2: comparative advantage and gains from trade. Want to specialize, produce certain goods, etc. Economists typically give positive if a
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Lecture Notes - Lecture 1: Royal Institute Of Technology, Microsoft Powerpoint

OC15592283 Page
11 Sep 2018
0
Professor hannah holmes specifically requests to be called professor holmes". Hholmes@mcmaster. ca: subject line should include course code, only email
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MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03 Lecture Notes - Lecture 13: Ice Cream Cake, Average Cost, Marginal Revenue Productivity Theory Of Wages

OC25227068 Page
29 Nov 2018
0
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MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03 Lecture Notes - Lecture 12: Budget Constraint, Indifference Curve, Opportunity Cost

OC252270610 Page
22 Nov 2018
0
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MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03 Lecture Notes - Lecture 10: Monopolistic Competition, Profit Maximization, Natural Monopoly

OC25227067 Page
15 Nov 2018
0
Econ 1b03 lecture 10- monopolies and monopolistic competition. Chapter 9: monopoly: when there is only one seller of a good. Monopolies get to set thei
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MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03 Study Guide - Fall 2018, Comprehensive Term Test Notes - Graph Of A Function, Microsoft Powerpoint, Absolute Advantage

OC252270612 Page
5 Nov 2018
0
Econ1b03 lecture 2 - production possibilities and gains from trade. Microeconomic background information: positive statement- a claim that you can prov
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MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03 Study Guide - Fall 2018, Comprehensive Term Test Notes - Economic Equilibrium, Graph Of A Function, Ice Cream

OC252270639 Page
5 Nov 2018
0
Econ1b03 lecture 2 - production possibilities and gains from trade. Microeconomic background information: positive statement- a claim that you can prov
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MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03 Lecture Notes - Lecture 9: Average Variable Cost, Club Good, Price Elasticity Of Demand

OC25227067 Page
1 Nov 2018
0
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MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03 Lecture Notes - Lecture 8: Perfect Competition, Taipei Metro, Fixed Cost

OC25227069 Page
25 Oct 2018
0
Econ 1b03 lecture 8- production and costs and perfect competition. Notes about the test: next test 2 review, test 2 will cover chapters 4-7. There will
View Document
MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03 Lecture Notes - Lecture 7: Economic Surplus, Reservation Price, Economic Equilibrium

OC25227066 Page
18 Oct 2018
0
Econ 1b03 lecture 7- welfare, externalities, public goods, and government policies. Consumer surplus: everyone has a reservation price, or the highest
View Document
MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03 Lecture Notes - Lecture 5: Chocolate Cake, Demand Curve, Normal Good

OC25227065 Page
11 Oct 2018
0
If the quantity demanded changes significantly in response to a change in price, we say that the demand is elastic. If it does not change significantly
View Document
MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03 Lecture Notes - Lecture 4: Microsoft Powerpoint, Opportunity Cost, Comparative Advantage

OC25227067 Page
29 Sep 2018
0
An increase in the minimum wage will increase unemployment. Positive statements describe the world around us, and do not include opinions. A)households
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MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03 Lecture Notes - Fall 2018 Lecture 3 - Nutella, Peanut butter, Kraft Dinner

OC25227066 Page
20 Sep 2018
0
Econ 1b03 lecture 3- demand, supply, and equilibrium. Increase/decrease in quantity demanded is where the point moves along the demand curve, and is ca
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MCMASTERECON 1B03AllFall

ECON 1B03 Study Guide - Midterm Guide: Invisible Hand, Opportunity Cost, Comparative Advantage

OC53748823 Page
15 Sep 2018
0
Introduction to economics: production possibilities, ppf and opportunity costs, comparative advantage, market demand, market supply, market equilibrium
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MCMASTERECON 1B03AllFall

ECON 1B03 Midterm: ECON 1B03,Term Test 2

OC53748858 Page
16 Sep 2018
0
Price of elasticity of demand analysis 12. Welfare total surplus and deadweight loss 21. Government policies sales tax on consumers 32. Government p
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MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03 Lecture Notes - Lecture 2: Microsoft Powerpoint, Positive Statement, Absolute Advantage

OC25227064 Page
14 Sep 2018
0
Econ1b03 lecture 2 - production possibilities and gains from trade. Microeconomic background information: positive statement- a claim that you can prov
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MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03- Final Exam Guide - Comprehensive Notes for the exam ( 61 pages long!)

OC53748861 Page
28 Mar 2018
0
Study of how society allocates scarce resources to satisfy society"s unlimited wants. Resources are scarce/limited so we need to come up with a way to
View Document
MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03 Chapter Notes - Chapter 4: Demand Curve, Ice Cream Cone, Hyperbola

OC5374886 Page
9 Mar 2018
0
Measures the responsiveness of quantity demanded or quantity supplied is to changes in price or other determinants. If price changes, will quantity dem
View Document
MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03 Lecture Notes - Lecture 4: Economic Surplus, Reservation Price, Demand Curve

OC53748813 Page
9 Mar 2018
0
Benefits consumers and firms receive when participating in the market (buying and selling) The maximum amount that a buyer will pay for a good. Measure
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MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03 Lecture Notes - Lecture 5: Average Cost, Production Function, Average Variable Cost

OC53748815 Page
9 Mar 2018
0
The value of all inputs the firm uses in production. You spend money and you can get a receipt for. No money involved and cannot get a receipt for it.
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MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03 Lecture Notes - Lecture 2: Peanut Butter, Charity Shop, Market Power

OC5374889 Page
2 Feb 2018
0
Group of buyers and sellers of a particular good or service. The behaviour of supply and demand as they interact with each other in markets. Sum of all
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MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03 Lecture Notes - Lecture 3: Opportunity Cost, Absolute Advantage, Potash

OC5374884 Page
2 Feb 2018
0
The production possibilities frontier is the boundary between. Those combinations of goods and services that can be produced and those that cannot. An
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MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03 Lecture Notes - Lecture 1: Tim Hortons, Invisible Hand, Market Economy

OC53748811 Page
2 Feb 2018
0
Study of how society allocates scarce resources to satisfy society"s unlimited wants. Resources are scarce/limited so we need to come up with a way to
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MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03 Lecture Notes - Lecture 13: Ice Cream Cake, Average Cost, Marginal Revenue Productivity Theory Of Wages

OC25227068 Page
29 Nov 2018
0
View Document
MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Lecture Notes - Lecture 5: Economic Equilibrium, Demand Curve, Inferior Good

OC15592284 Page
4 Oct 2018
0
Email the ta if you have any issues or questions about your mark. Dry, but something economists use all the time. Measures how responsive quantity dema
View Document
MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03 Lecture Notes - Lecture 7: Economic Surplus, Reservation Price, Economic Equilibrium

OC25227066 Page
18 Oct 2018
0
Econ 1b03 lecture 7- welfare, externalities, public goods, and government policies. Consumer surplus: everyone has a reservation price, or the highest
View Document
MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03 Lecture Notes - Lecture 8: Perfect Competition, Taipei Metro, Fixed Cost

OC25227069 Page
25 Oct 2018
0
Econ 1b03 lecture 8- production and costs and perfect competition. Notes about the test: next test 2 review, test 2 will cover chapters 4-7. There will
View Document
MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03 Lecture Notes - Lecture 5: Chocolate Cake, Demand Curve, Normal Good

OC25227065 Page
11 Oct 2018
0
If the quantity demanded changes significantly in response to a change in price, we say that the demand is elastic. If it does not change significantly
View Document
MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Lecture Notes - Lecture 1: Externality, Opportunity Cost, Invisible Hand

OC3435295 Page
28 Oct 2014
22
Economics: the study of how society manages its scarce resources, e. g. how people decide what to buy, how much to work, save and spend. How firms deci
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MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03 Lecture Notes - Lecture 9: Average Variable Cost, Club Good, Price Elasticity Of Demand

OC25227067 Page
1 Nov 2018
0
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Lecture Notes - Lecture 13: Average Variable Cost, Marginal Revenue, Perfect Competition

OC15592285 Page
29 Nov 2018
0
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MCMASTERECON 1B03Hannah HolmesSpring

ECON 1B03 Lecture Notes - Lecture 4: Externality, Deadweight Loss, Marginal Cost

OC24046942 Page
10 Jun 2018
0
Externalities: sometimes there are benefits and costs that rise in the market that go uncompensated. Positive externality: a benefit enjoyed by individ
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MCMASTERECON 1B03Aleksandra GajicFall

ECON 1B03 Lecture Notes - Lecture 2: Microsoft Powerpoint, Positive Statement, Absolute Advantage

OC25227064 Page
14 Sep 2018
0
Econ1b03 lecture 2 - production possibilities and gains from trade. Microeconomic background information: positive statement- a claim that you can prov
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MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03 Chapter Notes - Chapter 7: Adding Machine, Apple Juice, Economic Surplus

OC817579 Page
23 Jan 2013
222
If a drought in nova scotia reduces the apple harvest, the supply curve for apples shifts to the left, as shown in figure 5. The result is a rise in th
View Document
MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Chapter Notes - Chapter 14-23: Adverse Selection, Production Function, Making Money

OC8219326 Page
8 Dec 2012
165
Competitive market: market with many buyers and sellers trading identical products so that each buyer and seller is a price taker. Actions of single bu
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Chapter Notes - Chapter 1-15: United World Wrestling, Points Of The Compass, Vxx

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MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03 Chapter Notes - Chapter 4: Demand Curve, Ice Cream Cone, Hyperbola

OC5374886 Page
9 Mar 2018
0
Measures the responsiveness of quantity demanded or quantity supplied is to changes in price or other determinants. If price changes, will quantity dem
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MCMASTERECON 1B03Mrs.GajicaFall

ECON 1B03 Chapter Notes - Chapter 3: Comparative Advantage, Absolute Advantage, Opportunity Cost

OC3888171 Page
25 Dec 2014
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Comparative: absolute advantage: the ability to produce a good using fewer inputs than another producer. If each country has an absolute advantage in o
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Chapter Notes - Fall 2018 Chapter 2 - Opportunity cost

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21 Sep 2018
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To move from 0 to 500 trucks (a to b): To get 500 trucks, give up 2000 smartphones. To get 1 truck, give up 2000/500 = 4 smartphones. Therefore opportu
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Chapter Notes - Chapter 6: Insulin, Broccoli, Ice Cream Cone

Stephen Danku3 Page
7 Oct 2018
0
If we are given % changes in price and corresponding changes in qd, we use formula: Ex: price of milk increases by 2% and qd decreases by 0. 5% When we
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Chapter 3: Market Supply and Equilibrium

Stephen Danku3 Page
21 Sep 2018
0
A change in quantity supplied: movement along supply curve due to change in price of good. A change in supply: shift of supply curve due to a change in
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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Chapter 1: Intro to Microeconomics

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MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Chapter 3: Analyzing Market Equilibrium Part2

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Often, events can happen which will shift demand/supply/both. This will lead to a change in equilibrium p and q. We can use our diagrams to see what ha
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