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Class Notes at University of New England

ECON101 Lecture Notes - Lecture 1: Demand Curve, Ceteris Paribus, Product Differentiation

Econ 101 Sections 24 PED measures the degree of responsiveness of quantity demanded (NOT demand) to a change in its own price = Q d price ( change in quantity divided by change in price) = PQ x Q P = PQ x 1gradient (note...

ECON101 Lecture Notes - Lecture 1: Marginal Product, Opportunity Cost, Marginalism

Opportunity cost The best alternative forgone when we make a choice OPC arises because time and resources are scare OPC can be measured in terms of dollars and time Production possibility frontier Graph illustrating the at...

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