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All Educational Materials for ECON 1011 at George Washington University (GWU)

GWUECON 1011Suranovic SteveFall

[ECON 1011] - Final Exam Guide - Everything you need to know! (52 pages long)

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Deductive reasoning vs. inductive reasoning: deductive if (x) then (y) (assumptions conclusions, inductive if we observe y then x could explain it (y =
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GWUECON 1011Suranovic SteveFall

[ECON 1011] - Midterm Exam Guide - Ultimate 21 pages long Study Guide!

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Deductive reasoning vs. inductive reasoning: deductive if (x) then (y) (assumptions conclusions, inductive if we observe y then x could explain it (y =
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GWUECON 1011Irene FosterFall

[ECON 1011] - Midterm Exam Guide - Everything you need to know! (15 pages long)

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Economics is the study of the choices made by economic agents (individuals or groups) Consumers as a whole, firms, industries, governments. All these c
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GWUECON 1011Steven SuranovicFall

ECON 1011 Study Guide - Fall 2018, Comprehensive Midterm Notes - Graph Of A Function, Compact Cassette, Indifference Curve

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Deductive reasoning- if x, then y. assumptions leading to conclusions. You take a set of assumptions and principles that you believe to be true and val
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GWUECON 1011Daniel MacKayFall

ECON 1011 Study Guide - Fall 2018, Comprehensive Midterm Notes - Demand Curve, Graph Of A Function, Economic Equilibrium

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Slope: the relationship between the variables on the horizontal and vertical axis (eg. price and quantity) Giving up fun to increase your gpa: no relat
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GWUECON 1011Daniel MacKayFall

ECON 1011 Study Guide - Fall 2018, Comprehensive Midterm Notes - Graph Of A Function, Demand Curve, Stretch Fabric

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Slope: the relationship between the variables on the horizontal and vertical axis (eg. price and quantity) Giving up fun to increase your gpa: no relat
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GWUECON 1011AllFall

ECON 1011 Quiz: ECON 1011 Quiz 1 2013

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GWUECON 1011AllFall

ECON 1011 Study Guide - Quiz Guide: George Washington University, Midpoint Method, Demand Curve

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The george washington university department of economics econ 1011: principles of microeconomics prof. irene r. foster quiz iii 45 points show your wor
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GWUECON 1011AllFall

ECON 1011 Study Guide - Quiz Guide: George Washington University, Friedrich Hayek, Marginal Utility

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GWUECON 1011AllFall

ECON 1011 Study Guide - Midterm Guide: George Washington University, Marginal Revenue, Omics

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Important please read: to receive partial credit, show your work when solving problems, you will lose points for missing signs and units, cell phones m
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GWUECON 1011AllFall

ECON 1011 Final: GWU - ECON 1011 Final Exam 2017 Summer Solutions

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GWUECON 1011AllFall

ECON 1011 Midterm: ECON 1011 Final Exam 2012 Fall Solutions

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Do not open until asked to do so. Important please read: to receive partial credit, show your work when solving problems. You will lose points for miss
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GWUECON 1011AllFall

ECON 1011 Study Guide - Quiz Guide: George Washington University, Midpoint Method, Demand Curve

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The george washington university department of economics econ 1011: principles of microeconomics prof. irene r. foster quiz iii 45 points show your wor
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GWUECON 1011AllFall

ECON 1011 Quiz: ECON 1011 Quiz 3 2011 Fall

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GWUECON 1011AllFall

ECON 1011 Study Guide - Midterm Guide: George Washington University, Price Support, Laffer Curve

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GWUECON 1011AllFall

ECON 1011 Study Guide - Quiz Guide: George Washington University, Substitute Good, Comparative Advantage

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GWUECON 1011AllFall

ECON 1011 Study Guide - Quiz Guide: George Washington University, Substitute Good, Perfect Competition

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GWUECON 1011AllFall

ECON 1011 Quiz: ECON 1011 Quiz 1 2013

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GWUECON 1011AllFall

ECON 1011 Study Guide - Quiz Guide: George Washington University, Absolute Advantage, Comparative Advantage

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GWUECON 1011AllFall

ECON 1011 Study Guide - Midterm Guide: George Washington University, Pareto Efficiency, Invisible Hand

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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 30: Productive Efficiency

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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 29: Pigovian Tax, Coase Theorem, Demand Curve

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GWUECON 1011Daniel MacKayFall

ECON 1011 Study Guide - Final Guide: Absolute Advantage, Comparative Advantage, Opportunity Cost

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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 28: Monopolistic Competition, Perfect Competition, Demand Curve

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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 27: Marginal Revenue, Demand Curve, Economic Surplus

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Monopoly: one seller & large number of buyers, no entry (homogenous goods) (not required) (perfect information) (not required) Slope of tr (a straight
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 25: Marginal Revenue, Comparative Statics, Marginal Utility

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Using comparative statics, we can see that the supply curve = mc curve, while the demand curve = mb curve. The last unit exchanged will be where mc = m
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 24: Demand Curve, Marginal Revenue, Statics

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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 23: Demand Curve, Marginal Revenue, Statics

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The market supply curve is the summation of the marginal cost curves of all the firms in the market above the shutdown price. Requirements: large numbe
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 22: Marginal Revenue, Opportunity Cost, Marginal Cost

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The revenue earned by increasing sales by one product. Breaking even: accounting profit, economics profit, all about opportunity cost. Eg. you graduate
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture 21: ECON 1011 Lecture : Long Run Costs, Economies of Scale & Revenue Curve

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GWUECON 1011Daniel MacKayFall

ECON 1011 Study Guide - Fall 2018, Comprehensive Midterm Notes - Demand Curve, Graph Of A Function, Economic Equilibrium

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Slope: the relationship between the variables on the horizontal and vertical axis (eg. price and quantity) Giving up fun to increase your gpa: no relat
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GWUECON 1011Daniel MacKayFall

ECON 1011 Study Guide - Fall 2018, Comprehensive Midterm Notes - Graph Of A Function, Demand Curve, Stretch Fabric

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0
Slope: the relationship between the variables on the horizontal and vertical axis (eg. price and quantity) Giving up fun to increase your gpa: no relat
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 19: Average Variable Cost, Average Cost, Marginal Cost

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Eg. if tc = 16 + q2 and vc = q2. Since tc = fc + vc, fc = tc vc. Therefore 16 + q2 q2 = 16 = fc. Note: fixed cost has no impact on marginal cost as the
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 18: Fixed Cost, Variable Cost, Marginal Product

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Types of costs: fixed cost (fc) fixed input, capital gives us our fixed cost (k gives fc) (also shown as r = rent, variable cost (vc) variable input. L
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 17: Fixed Cost, Variable Cost, Marginal Product

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Types of inputs: fixed input, do not change with the quantity produced, we call them capital (shown as k , variable input, changes based on the quantit
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 16: Demand Curve, Lead, Fixed Cost

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There is no change in price for donuts, therefore we cannot identify the demand curve for donuts. Therefore, we can only identify the demand curve from
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 14: Budget Constraint

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We know that due to the allocation of all money, pxx + pyy = m. In this case, 2x + 3y = 20. In this case, for #1, x provides more utility, therefore on
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 12: Marginal Utility, Demand Curve

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Demand curve and elasticity: on a graph for p, where the maximum value of q is a, is unit elastic, the part of the line above (cid:2870) is elastic, an
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 11: Demand Curve, Qi, Normal Good

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Spectrum of sensitivity: the above graphs show 2 extremes in the spectrum. Therefore 13 is the point elasticity at point (3,9) (p = 3, q = 9). If = 1,
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture 9: ECON 1011 - Lecture #9 - Tax (continued) & Elasticity

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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 8: Price Floor, Demand Curve

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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 7: Economic Equilibrium, Economic Surplus, Deadweight Loss

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The difference between what an agent pays for a good and what an agent would have been willing to pay for a good. (eg. paying . 75 for a bottle of wate
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 5: Poncho, Kfc, Normal Good

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Factors that shift demand: preferences, price of a related good, substitutes, eg. If the price of tea increases, the demand of coffee is expected to in
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 6: Demand Curve, Whopper, Quarter Pounder

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Change in supply vs change in quantity supplied: change in quantity supplied is affected by change in number of consumers, change in supply is affected
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 4: Demand Curve, Gotland Regiment

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Shows the relationship between the price of a good and the quantity of a good that is wanted/demanded. (individual) demand curve. Shows the relationshi
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 3: Dd National, Opportunity Cost

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We would usually talk about the benefits of trade compared to the benefits of specialization. For barneyville: before trade, fredistan produces 6 bb an
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 1: Dependent And Independent Variables, Mercantilism

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Slope: the relationship between the variables on the horizontal and vertical axis (eg. price and quantity) Giving up fun to increase your gpa: no relat
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 2: Absolute Advantage, Comparative Advantage, Opportunity Cost

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GWUECON 1011Steven SuranovicFall

ECON 1011 Lecture Notes - Lecture 24: Price Gouging, Monopsony, Economic Surplus

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2 ways to deal with a gasoline shortage: no price increases (price gouging laws enforced) Some people who wait long in line get a small amount of gas.
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GWUECON 1011Steven SuranovicFall

ECON 1011 Lecture 23: Lecture 20 Government Policies

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GWUECON 1011Steven SuranovicFall

ECON 1011 Lecture 22: Econ Lecture 19 Effects on International Trade and Tariffs

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Lecture 19: effects on international trade and tarrifs. Both sides are giving up some of their surplus value for tax. Less on consumers, more on produc
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GWUECON 1011Steven SuranovicFall

ECON 1011 Study Guide - Fall 2018, Comprehensive Midterm Notes - Graph Of A Function, Compact Cassette, Indifference Curve

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Deductive reasoning- if x, then y. assumptions leading to conclusions. You take a set of assumptions and principles that you believe to be true and val
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GWUECON 1011Steven SuranovicFall

ECON 1011 Lecture Notes - Lecture 21: Sherman Antitrust Act, Airbnb, Competition Law

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Lecture 18 - government policies: taxes and subsidies. Utilitarian notions of ethics- maximize the sum total well-being of the community: economically
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GWUECON 1011Steven SuranovicFall

ECON 1011 Lecture Notes - Lecture 20: Oligopsony, Variety Store, Monopsony

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Perfect competition: many many consumers in the market. Incumbent firm (original firms) profit face reduction of profit. Distinguishing your good: uniq
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GWUECON 1011Steven SuranovicFall

ECON 1011 Lecture 19: Lecture 16 Market Measurements & Changes

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GWUECON 1011Steven SuranovicFall

ECON 1011 Lecture 18: Lecture 15: Theory of Market Supply

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GWUECON 1011Steven SuranovicFall

ECON 1011 Lecture Notes - Lecture 16: Marginal Cost, Fixed Cost

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Supply functions in markets are given by the summation of the marginal cost curves. Adding up all these firms inverse marginal costs will get us the ma
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GWUECON 1011Steven SuranovicFall

ECON 1011 Lecture Notes - Lecture 15: Taipei Metro, Marginal Revenue, Marginal Cost

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Each one cannot affect the market price, due to how many firms there are. Each one is an infinitesimal supplier to the marketplace. All firms are ident
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GWUECON 1011Steven SuranovicFall

ECON 1011 Lecture Notes - Lecture 14: Marginal Revenue, Oligopoly, Market Power

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More than two firms in the marketplace that all produce a similar product. When there is an oligopoly, they have market power which means that they are
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GWUECON 1011Steven SuranovicFall

ECON 1011 Lecture Notes - Lecture 11: Taipei Metro, Economic Surplus, Marginal Revenue Productivity Theory Of Wages

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Monopoly can influence price and quantity of produced goods in the market. Example: most hotels (with different names) are operated by the same overall
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GWUECON 1011Steven SuranovicFall

ECON 1011 Lecture Notes - Lecture 10: Opportunity Cost, Fixed Cost, Variable Cost

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Require capital (machinery, equipment, inputs into the production process) Natural resources used to produce a physical product. Profit- owners are alw
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GWUECON 1011Steven SuranovicFall

ECON 1011 Lecture Notes - Lecture 9: Economic Surplus, Demand Curve

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Lecture 9 - demand elasticities, and consumer surplus. Price elasticity of demand and ped at point on demand curve. Note that absolute value keeps the
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GWUECON 1011Steven SuranovicFall

ECON 1011 Lecture Notes - Lecture 8: Budget Constraint, Indifference Curve

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0
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GWUECON 1011Steven SuranovicFall

ECON 1011 Lecture Notes - Lecture 3: Marginal Utility

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Deductive reasoning- if x, then y. assumptions leading to conclusions. You take a set of assumptions and principles that you believe to be true and val
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GWUECON 1011Steven SuranovicFall

ECON 1011 Lecture Notes - Lecture 7: Edgeworth Box, Opportunity Cost, Autarky

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* all visuals are from online lecture notes, econ 1011. Production possibilities depend on his personal preferences, represented by his difference curv
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GWUECON 1011Steven SuranovicFall

ECON 1011 Lecture 6: Production, Trade, and Comparative Advantage

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0
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GWUECON 1011Steven SuranovicFall

ECON 1011 Lecture Notes - Lecture 5: Marginal Utility, Perfect Information

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Along all other assumptions of a perfect exchange model, smith and jones are self interested individuals. They care about their own utility, that"s wha
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GWUECON 1011Steven SuranovicFall

ECON 1011 Lecture Notes - Lecture 4: Indifference Curve, Pareto Efficiency, Edgeworth Box

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Pure exchange model- both people gain benefit from trade, in the context of this model. The assumptions are incorporated and we are assuming the follow
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 7: Economic Equilibrium, Economic Surplus, Deadweight Loss

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The difference between what an agent pays for a good and what an agent would have been willing to pay for a good. (eg. paying . 75 for a bottle of wate
View Document
GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 30: Productive Efficiency

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0
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 19: Average Variable Cost, Average Cost, Marginal Cost

OC25110594 Page
0
Eg. if tc = 16 + q2 and vc = q2. Since tc = fc + vc, fc = tc vc. Therefore 16 + q2 q2 = 16 = fc. Note: fixed cost has no impact on marginal cost as the
View Document
GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 16: Demand Curve, Lead, Fixed Cost

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There is no change in price for donuts, therefore we cannot identify the demand curve for donuts. Therefore, we can only identify the demand curve from
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture 21: ECON 1011 Lecture : Long Run Costs, Economies of Scale & Revenue Curve

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0
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 25: Marginal Revenue, Comparative Statics, Marginal Utility

OC25110594 Page
0
Using comparative statics, we can see that the supply curve = mc curve, while the demand curve = mb curve. The last unit exchanged will be where mc = m
View Document
GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 18: Fixed Cost, Variable Cost, Marginal Product

OC25110596 Page
0
Types of costs: fixed cost (fc) fixed input, capital gives us our fixed cost (k gives fc) (also shown as r = rent, variable cost (vc) variable input. L
View Document
GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 27: Marginal Revenue, Demand Curve, Economic Surplus

OC25110595 Page
0
Monopoly: one seller & large number of buyers, no entry (homogenous goods) (not required) (perfect information) (not required) Slope of tr (a straight
View Document
GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 23: Demand Curve, Marginal Revenue, Statics

OC25110595 Page
0
The market supply curve is the summation of the marginal cost curves of all the firms in the market above the shutdown price. Requirements: large numbe
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 24: Demand Curve, Marginal Revenue, Statics

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GWUECON 1011Suranovic SteveFall

ECON 1011 Chapter Notes - Chapter Text 3: Bloomington, Indiana, Tacit Assumption, Inductive Reasoning

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Standard approach in economics use deductive or inductive reasoning. Deductive reasoning set of assumptions and use these to figure out certain outcome
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GWUECON 1011Suranovic SteveFall

ECON 1011 Chapter Notes - Chapter 9: Demand Curve, Negative Number, Inferior Good

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Reasons for elasticities assigning magnitudes to the price-quantity relationships. Inelastic no matter what the price is, people will still relatively
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GWUECON 1011Yezer AnthonyFall

ECON 1011 Chapter Notes - Chapter 10: Marginal Revenue Productivity Theory Of Wages, Diminishing Returns, Marginal Revenue

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Derived demand, complementary and substitutable inputs, diminishing returns, and marginal revenue product. High productivity when a large amount of out
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GWUECON 1011Suranovic SteveFall

ECON 1011 Chapter Notes - Chapter 10: Process Function, Comparative Advantage, Production Function

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A firm is an organization created to produce goods good for firm when they sell products. There is a legal structure: sole proprietorship. One individu
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GWUECON 1011Suranovic SteveFall

ECON 1011 Chapter Notes - Chapter 5: Necessity And Sufficiency

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The assumptions of the pure exchange model (self-interest, mutually voluntary exchange, perfect information) imply that the individuals have ethics and
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GWUECON 1011Yezer AnthonyFall

ECON 1011 Chapter 6: Chapter 6: Household Behavior and Consumer Choice

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Constrained choice: the decisions we make under constraints that exist in the marketplace. Every household must make three basic decisions: how much of
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GWUECON 1011Suranovic SteveFall

ECON 1011 Chapter Notes - Chapter 14: Perfect Competition, Market Price, Marginal Cost

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Individual firm supply in the short run the quantity from the marginal cost curve for all prices above minimum avc: = 0 when p < min avc. The firm lose
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GWUECON 1011Suranovic SteveFall

ECON 1011 Chapter Notes - Chapter 8: Inferior Good, Complementary Good, Substitute Good

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3
Market demand for a certain good is the sum of all people"s demands: it is hypothetical what people would wish to buy. The quantity demand (qd) for a g
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GWUECON 1011Suranovic SteveFall

ECON 1011 Chapter Notes - Chapter 6-7: Edgeworth Box, Invisible Hand, Autarky

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2
Production is a complicated process to produce a fruit, need workers to tend the trees, harvest, manage, and capital. Smith can spend his day producing
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GWUECON 1011Yezer AnthonyFall

ECON 1011 Chapter Notes - Chapter 11: Capital Market, Financial Capital, Social Capital

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Input demand: the capital market and the investment decision. In capital market, households indirectly supply financial resources necessary for firms t
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ECON 1011 Study Guide - Quiz Guide: George Washington University, Cream Cheese, Invisible Hand

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ECON 1011 Lecture Notes - Lecture 4: William Jennings Bryan, Money Supply

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Benefits: taking away discretion from central banks, more volatility year-to-year, fixed exchange rates, good or bad, stable inflation, true over long
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ECON 1011 Lecture Notes - Lecture 6: Liquidationism, Franklin D. Roosevelt, Speculative Attack

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Bank of england was doing a lot of this type of activity and they became very good at it. And as we"ll see, while the united states was suffering with
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ECON 1011 Lecture Notes - Lecture 3: New York Clearing House, Speculative Attack, Monetary System

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