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ECON1020 (11)

Class Notes for ECON1020 at Royal Melbourne Institute of Technology (RMIT) University

Prices and Markets

ECON1020 Lecture Notes - Lecture 8: Market Failure, Demand Curve, Product Differentiation

WEEK 8 PERFECT COMPETITION AND MONOPOLISTIC COMPETITION A competitive market, sometimes called a perfectly competitive market, has these characteristics: There are many buyers and many sellers in ...

ECON1020 Lecture Notes - Lecture 5: Economic Equilibrium, Coase Theorem, Price Controls

WEEK 5 MARKET FAILURE: PUBLIC GOODS, COMMON RESOURCES, AND GOVERNMENT INTERVENTION PUBLIC GOODS Public goods are goods that are nonexcludable and nonrivalrous In the perfectly competitive market, property rights are assume...

ECON1020 Lecture Notes - Lecture 6: Import Quota, Autarky, Takers

WEEK 6 GOVERNMENT FAILURE: THE COSTS OF TAXATION AND INTERNATIONAL TRADE RESTRICTIONS GOVERNMENT FAILURE government failure happens when government intervention fails to correct or exacerbates market failure. Some causes: ...

ECON1020 Lecture Notes - Lecture 4: Herding, Rationality, Adverse Selection

WEEK 4 MARKET FAILURE: INFORMATION FAILURES AND EXTERNALITIES **Market Equilibrium Recap** In the competitive market, the equilibrium occurs at the price wheredQ = s . This price clears the market such that no shortage nor...

ECON1020 Lecture Notes - Lecture 2: Transaction Cost, Demand Curve, Perfect Competition

CHAPTER FOUR: THE MARKET DEMAND, SUPPLY AND ELASTICITIES MODEL OF THE COMPETITIVE MARKET The market is an institution where the buyers sellers of the same good or service come together to trade Different market structure...

ECON1020 Lecture Notes - Lecture 11: Perfect Competition, Trade Secret, Transaction Cost

WEEK 11: SPECIAL TOPICS ECONOMICS OF ORGANISATION Definition: the firm is a planning unit which produces goods (outputs) using factors of production (inputs) for financial return (lecture 7). Problems with the traditional ...

ECON1020 Lecture Notes - Lecture 1: Opportunity Cost, Ceteris Paribus, Normative Economics

PRICES AND MARKETS CHAPTER ONE THE PRINCIPLES AND PRACTICE OF ECONOMICS 1.1 THE SCOPE OF ECONOMICS Economic Agents and Economic Resources Economic Agrent Individual or a group that makes choices Can be a group or individ...

ECON1020 Lecture Notes - Lecture 7: Economic Surplus, Production Function, Marginal Cost

WEEK 7: THE FIRM INDUSTRY ANALYSIS AND THE COSTS OF PRODUCTION THE FIRM The firm is a planning unit which produces goods (outputs) using factors of production (inputs) for financial return. Firms have the responsibility to...

ECON1020 Lecture Notes - Lecture 10: Predatory Pricing, Game Theory, Resale Price Maintenance

WEEK 10: OLIGOPOLY Definitions: collusion is an agreement among firms in a market about quantities to produce or prices to charge. When a group of firms collude they are known as a cartel. Successful collusion means olig...

ECON1020 Lecture Notes - Lecture 3: Ceteris Paribus, Demand Curve, Comparative Statics

WEEK 3 THE MARKET: EQUILIBRIUM AND EFFICIENCY EQUILIBRIUM At market equilibrium, we assume ceteris paribus, i.e. prices in related markets (substitutes, complements and FOPs) are constant. Equilibrium: a situation where d...

ECON1020 Lecture Notes - Lecture 9: Social Cost, Price Discrimination, Imperfect Competition

WEEK 9: THE FIRM: MONOPOLY STRUCTURE: MONOPOLY It has these characteristics: 1. There is only one firm in the market; 2. It is large; 3. Product differentiation na it is the only supplier of the product. Therefore, it is a...

Permachart - Marketing Reference Guide: Net Asset Value, Mutual Fund, U.S. Securities And Exchange Commission

l e a r n • r e f e r e n c e • r e v i e w permacharts TM Mutual Funds WHAT IS A MUTUAL FUND? PURCHASING & REDEE...

All Professors
Macroeconomics - Reference Guides

Take a look at the big picture. This chart covers national income accounting, inflation, consumption, economic growth, money supply, labor markets, monetary policy, international trade, supply side economics, and fiscal po...

Business and Political Economy Program
All Professors
Permachart - Marketing Reference Guide: Marginal Revenue, Profit Maximization, Marginal Cost

l e a r n • r e f e r e n c e • r e v i e w permacharts TM Microeconomics Microeconomics TYPES OF MARKETS ...

E-Business Marketing
ECN 102
All Professors
Permachart - Marketing Reference Guide: National Environmental Policy Act, Municipal Solid Waste, Criteria Air Contaminants

l e a r n • r e f e r e n c e • r e v i e w permacharts TM EEnvironmental Law ENVIRONMENTAL REGULATION NATIONAL ENVIRONMENTAL POL...

LAW 356
All Professors

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