All Educational Materials for ECN 104 at Ryerson University
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ECN 104- Final Exam Guide - Comprehensive Notes for the exam ( 70 pages long!)
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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
View Document[ECN 104] - Final Exam Guide - Everything you need to know! (47 pages long)
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Scarcity: the limited nature of society"s resources. Natural resource, land and workers" time are all limited in its availability. Economics: is about
View Document[ECN 104] - Final Exam Guide - Comprehensive Notes for the exam (75 pages long!)
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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:
View DocumentECN 104- Final Exam Guide - Comprehensive Notes for the exam ( 68 pages long!)
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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
View DocumentECN 104- Final Exam Guide - Comprehensive Notes for the exam ( 44 pages long!)
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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
View DocumentECN 104- Final Exam Guide - Comprehensive Notes for the exam ( 24 pages long!)
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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
View DocumentECN 104- Final Exam Guide - Comprehensive Notes for the exam ( 26 pages long!)
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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
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Frequently-seen exam questions from 2014 - 2018.
ECN 104 Study Guide - Midterm Guide: Absolute Advantage, Comparative Advantage, Multiple Choice
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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
View DocumentECN 104 Study Guide - Midterm Guide: Absolute Advantage, Indifference Curve, Comparative Advantage
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ECN 104 Study Guide - Midterm Guide: Comparative Advantage, Horse Length, Indifference Curve
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ECN 104 Study Guide - Midterm Guide: Inq Mobile, Complementary Good, Independent Goods
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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
View DocumentECN 104 Study Guide - Midterm Guide: Inferior Good, Independent Goods, Opportunity Cost
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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
View DocumentECN 104 Study Guide - Midterm Guide: Economic Equilibrium, Demand Curve, Mira-Bhayandar Municipal Corporation
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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
View DocumentECN 104 Study Guide - Final Guide: Aggregate Supply, Progressive Tax, Xenophobia
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___: 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.
View DocumentECN 104 Study Guide - Final Guide: Deadweight Loss, Ruby, Marginal Cost
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Identify the choice that best completes the statement or answers the question. ___: a profit-maximizing firm in a competitive market is currently produ
View DocumentECN 104- Final Exam Guide - Comprehensive Notes for the exam ( 24 pages long!)
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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
View DocumentECN 104 Study Guide - Midterm Guide: Externality, Inferior Good, Hypotenuse
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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
View DocumentECN 104 Study Guide - Final Guide: Richard Thaler, Communication Problems, Planned Economy
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ECN 104 Lecture Notes - Lecture 10: Monopoly Price, Public Utility, Natural Monopoly
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ECN 104 Lecture Notes - Lecture 8: Average Variable Cost, Allocative Efficiency, Diminishing Returns
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ECN 104 Lecture Notes - Lecture 7: Mental Accounting, Budget Constraint, Demand Curve
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ECN 104 Lecture Notes - Lecture 6: Allocative Efficiency, Marginal Cost, Economic Equilibrium
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ECN 104 Lecture Notes - Lecture 4: Demand Curve, Price Elasticity Of Demand
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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
View DocumentECN 104 Lecture Notes - Lecture 3: Market Price, Market Power, Complementary Good
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Ecn 104 - lecture 3 - demand, supply, and market equilibrium. An institution or mechanism that brings together buyers and sellers of particular goods a
View DocumentECN104 Lecture 2: The Market System and Circular Flow
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Ecn 104 - lecture 2 - the market system and circular flow. Economic system differ in two important ways. The method used to coordinate economic activit
View DocumentECN 104 Lecture Notes - Lecture 1: Budget Constraint, Full Employment, Marginal Utility
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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
View DocumentECN 104 Lecture Notes - Demand Curve, Absolute Advantage, Marginal Cost
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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
View DocumentECN 104 Lecture Notes - Bonfire, Disinfectant, Protein Bar
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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
View DocumentECN 104 Lecture Notes - Lecture 7: Mental Accounting, Budget Constraint, Demand Curve
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ECN 104 Lecture Notes - Lecture 1: Budget Constraint, Full Employment, Marginal Utility
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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
View DocumentECN 104 Lecture Notes - Lecture 10: Monopoly Price, Public Utility, Natural Monopoly
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ECN 104 Lecture Notes - Normal Good, Inferior Good, Marginal Utility
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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
View DocumentECN 104 Lecture Notes - Sales Promotion, Herfindahl Index, Natural Monopoly
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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
View DocumentECN 104 Chapter Notes -High School Dropouts, Marginal Cost, French Wine
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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
View DocumentECN 104 Chapter Notes - Chapter 10: Demand Curve, Root Mean Square, Externals
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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
View DocumentECN 104 Chapter Notes - Chapter 1: Budget Constraint, Marginal Cost, Marginal Utility
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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
View DocumentECN 104 Chapter Notes - Chapter 1-3, 6: Marginal Utility, Opportunity Cost, Limited Government
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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
View DocumentECN 104 Chapter Notes - Chapter 7-12: Marginal Utility, Indifference Curve, Budget Constraint
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Economic problem of consumers: limited income, unlimited wants, budget line provides options, consumers have different preferences of bundles on the bu
View DocumentECN 104 Chapter Notes - Chapter 1-15: Planned Economy, Market System, Marginal Cost
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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
View DocumentECN 104 Chapter Notes - Chapter 11: Marginal Revenue, Demand Curve, Natural Monopoly
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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
View DocumentECN 104 Chapter Notes - Chapter 10: Average Cost, Economic Equilibrium, Perfect Competition
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ECN 104 Study Guide - Midterm Guide: Luxury Goods, Price Ceiling, Substitute Good
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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
View DocumentECN 104- Final Exam Guide - Comprehensive Notes for the exam ( 24 pages long!)
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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
View Document[ECN 104] - Final Exam Guide - Comprehensive Notes for the exam (75 pages long!)
296
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:
View DocumentECN 104 Study Guide - Final Guide: Deadweight Loss, Monopolistic Competition, Average Variable Cost
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Identify the choice that best completes the statement or answers the question. ___: a profit-maximizing firm in a competitive market is currently produ
View DocumentECN 104 Study Guide - Midterm Guide: Externality, Inferior Good, Hypotenuse
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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
View Document[ECN 104] - Final Exam Guide - Everything you need to know! (47 pages long)
0
Scarcity: the limited nature of society"s resources. Natural resource, land and workers" time are all limited in its availability. Economics: is about
View Document[ECN 104] - Midterm Exam Guide - Everything you need to know! (63 pages long)
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Economics: the social science concerned with how individual, institutions, and society make optimal (best) choices under condition of scarcity. Free wi
View DocumentECN 104 Study Guide - Final Guide: Economic Equilibrium, European Cooperation In Science And Technology
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ECN 104 Study Guide - Midterm Guide: Perfect Competition, Ballet Shoe, Xenophobia
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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
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ECN 104 Lecture Notes - Lecture 3: Market Power, Demand Curve, Perfect Competition
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ECN 104 Study Guide - Midterm Guide: Toronto Stock Exchange, Demand Curve, Economic Equilibrium
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ECN 104 Lecture 5: lecture 5 - notes
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5. 3 utility maximization & the demand curve. 5. 1 the law of diminishing marginal utility. Added satisfaction declines as a consumer acquires addition
View DocumentECN 104 Lecture 2: Lecture 2 - Notes
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Economic systems: a particular set of institutional arrangements and a coordinating mechanism for producing goods and services. Rely on decentralized d
View DocumentECN 104 Lecture 2: Lecture 2 - notes
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A particular set of institutional arrangements and a coordinating mechanism for producing goods and services. Most property resources are owned by the
View DocumentECN 104 Lecture Notes - Lecture 1: Marginalism, Human Capital, Scientific Method
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The individual: facing trade-offs, opportunity costs, choosing a little more or less, the influence of incentives. Interaction among individuals: speci
View DocumentECN 104 Lecture Notes - Lecture 1: Taco, Seat Belt, Opportunity Cost
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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
View DocumentECN 104 Lecture Notes - Lecture 8: Marginal Utility, Demand Curve
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The benefit or satisfaction form the consumption of goods and services. Marginal utility: extra satisfaction from consuming one more unit. Total utilit
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