All Educational Materials for ECN 104 at Ryerson University

In the long run firms are able to enter and exit. Entry and exit if the industry is profitable , more firms enter if the industry is taking a loss firm

Scarcity: the limited nature of society"s resources. Natural resource, land and workers" time are all limited in its availability. Economics: is about

It is a science: there is a lot of math and predictions in the course. It is a social science/ study: it is the most scientific of the social sciences:

Final: chapter 1, 2, 3, 6, 7, 8, 9, 10, 11, 12. Incentives decisions opportunity cost: opportunity cost: what potential gain is given up when an altern

1. 1 ten key concepts to retain for a lifetime. The economy as a whole and the standard of living. It may be free to you, but it costs someone else som

Microeconomics: the study of individual decisions and how they interact: questio(cid:374)s (cid:449)e"ll a(cid:374)s(cid:449)e(cid:396) i(cid:374) this

Facing trade-offs scarcity in relation to wants means you face trade-offs, so you must make choices. Opportunity costs cost of the choice you make is w

A minimum of 2 marks was given if you wrote anything. In general: graphs worth 2 marks each if done correctly. 2 marks if you explained the price/deman

Page 1 of 7 increase: decrease, remain unchanged, although tire prices are likely to fall. remain unchanged, although tire prices are likely to rise. r

Page 1 of 7 increase: decrease, remain unchanged, although tire prices are likely to fall. remain unchanged, although tire prices are likely to rise. r

Answer all parts of questions 37 and 38. Suppose our economy has the following production possibilities: graph the ppc curve. You do not have to have a

___: what is the opportunity cost of good y for a consumer whose budget line is given by the equation. 70 x + 40 y = 300 a. b. c. d: none of the above.

Identify the choice that best completes the statement or answers the question. ___: a profit-maximizing firm in a competitive market is currently produ

Microeconomics: the study of individual decisions and how they interact: questio(cid:374)s (cid:449)e"ll a(cid:374)s(cid:449)e(cid:396) i(cid:374) this

Microeconomics: the study of individual decisions and how they interact: questions we"ll answer in this course include . Ppf would map out all the feas

Ecn 104 - lecture 4 - elasticity part 1. An increase in price causes a decrease in quantity demand and vice- versa. Elasticity gives us a measure of re

Ecn 104 - lecture 3 - demand, supply, and market equilibrium. An institution or mechanism that brings together buyers and sellers of particular goods a

Ecn 104 - lecture 2 - the market system and circular flow. Economic system differ in two important ways. The method used to coordinate economic activit

Ecn 104 - lecture 1 - limits, alternatives and choice. The economy as a whole and the standard of living. Resources can only be used for one purpose at

Chapter 1: ten principle of economics 1/11/2013 9:55:00 am. The word economy comes from the greek work for one who manages a household . It must decide

Pages 5-15: we get the sense that this is a post-apocalyptic world. The ignorance of the natives towards common phrases and things. He is the last huma

Ecn 104 - lecture 1 - limits, alternatives and choice. The economy as a whole and the standard of living. Resources can only be used for one purpose at

Assignment 2 (each question is worth of 3. 5 points) Suppose that the price of wine she buys is equal to the price of cheese she buys. Refer to the dia

Consider the following payoff matrix in which the numbers indicate the profit in millions of dollars for a duopoly based either on a high-price or a lo

Test bank > control panel > pool manager > pool canvas. Select a question type from the add question drop-down list and click go to add questions. Use

Externality: the uncompensated impact of ones person actions on the well-being of a bystander. If the impact on the bystander is adverse, it is called

Whenever our wants are greater than the resources to meet those wants, we have an economic problem. It is this reality that gives economists their uniq

Chapter one: limits, alternatives, and choices: scarcity restricts options and requires us to make choices, decide what we must have and what we must g

Economic problem of consumers: limited income, unlimited wants, budget line provides options, consumers have different preferences of bundles on the bu

Facing trade offs scarcity in relation to wants means you face trade-offs, therefore you have to make choices. Opportunity costs cost of the choice you

A monopoly is referred as a natural monopoly if the market demand curve intersects the long run atc curve at any point where average total cost is decl

Instructions: select the best answer for each multiple choice question and record the letter you have chosen on the scanner sheet. Answer all 60 questi

Microeconomics: the study of individual decisions and how they interact: questio(cid:374)s (cid:449)e"ll a(cid:374)s(cid:449)e(cid:396) i(cid:374) this

It is a science: there is a lot of math and predictions in the course. It is a social science/ study: it is the most scientific of the social sciences:

Identify the choice that best completes the statement or answers the question. ___: a profit-maximizing firm in a competitive market is currently produ

Microeconomics: the study of individual decisions and how they interact: questions we"ll answer in this course include . Ppf would map out all the feas

Scarcity: the limited nature of society"s resources. Natural resource, land and workers" time are all limited in its availability. Economics: is about

Economics: the social science concerned with how individual, institutions, and society make optimal (best) choices under condition of scarcity. Free wi

Suppose no refreshments are served and 3 seats are empty. Which arrow shows the flow of goods and services: arrow a, arrow b, arrow c, arrow d. At whic

5. 3 utility maximization & the demand curve. 5. 1 the law of diminishing marginal utility. Added satisfaction declines as a consumer acquires addition

Economic systems: a particular set of institutional arrangements and a coordinating mechanism for producing goods and services. Rely on decentralized d

A particular set of institutional arrangements and a coordinating mechanism for producing goods and services. Most property resources are owned by the

The individual: facing trade-offs, opportunity costs, choosing a little more or less, the influence of incentives. Interaction among individuals: speci

Principle #2: the cost of something is what you give up to. Get it: opportunity cost : what you give up to obtain something, to become a doctor, you ne

The benefit or satisfaction form the consumption of goods and services. Marginal utility: extra satisfaction from consuming one more unit. Total utilit