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Class Notes at Carleton University (page 7)

ECON 1000 Lecture Notes - Lecture 19: Diminishing Returns, Marginal Cost, Marginal Product
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Econ 1000 – Week 10 – Lecture 19  Costs curves are generally a U shape. o Due to the reason that diminishing returns and diminishing products the marginal costs will increase per unit produced....

Economics
ECON 1000
Nick Rowe
ECON 1000 Lecture Notes - Lecture 6: Demand Curve
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Econ 1000 – Week 3 – Lecture 6  Quantityofdemanddependsonpricesofyour goodsor other goods, income as wellas preferences,andmanyothervariables.  If youare tryingto grapha multi-dimensionalproblemon2-dimensional ...

Economics
ECON 1000
Nick Rowe
ECON 1000 Lecture 7: Week 4
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Econ 1000 – Week 4 – Lecture 7 CompetitiveMarkets:  In a competitivemarket there’slotsofbuyers  Each buyeris a small partofthe market (demand)  Lots ofsmallsellers,each selleris a smallpartof themarket ...

Economics
ECON 1000
Nick Rowe
ECON 1000 Lecture 8: Week 4
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Econ 1000 – Week 4 – Lecture 8  E= %change in Qd / %changein P (elasticity)  Midpointmethod:usethemiddlepointbetweentwo pointsto calculatethe %change between two points.(averagebetween two different...

Economics
ECON 1000
Nick Rowe
ECON 1000 Lecture Notes - Lecture 3: Market Failure
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ECON 1000- Lecture 3 – Week 2  PASS: Wed @ 10-1130am (PA 240) or5:30-7pm (PA 101)  Principle5: Trademakes everyone betteroff; o Specializationandinterdependencemakeseveryone better off. o Everyo...

Economics
ECON 1000
Nick Rowe
ECON 1000 Lecture Notes - Lecture 15: Private Good, Externality, Price Discrimination
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Econ 1000 – Week 8 – Lecture 15  Externalities can also be problems from absences of markets  Transaction costs can influence economic behavior. Low costs equal rational behavior + property rights.  H...

Economics
ECON 1000
Nick Rowe
ECON 1000 Lecture Notes - Lecture 4: Autarky
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Econ 1000 – Week 2 – Lecture 4  David Ricardo’sdifficultideaandcomparativeadvantage o Free tradegenerallyalways benefitseveryone  Opportunitycostsofproducingdifferentgoods means you ...

Economics
ECON 1000
Nick Rowe
ECON 1000 Lecture Notes - Lecture 2: Shampoo, Opportunity Cost, Production Function
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th Econ 1000 – Week1, Lecture2, Sept 9  Graphs can give information about relations between production and quantity. (Production function)  Some graphs can help us understand tradeoffs. o Opportun...

Economics
ECON 1000
Nick Rowe
ECON 1000 Lecture Notes - Lecture 18: Marginal Product, Marginal Cost, Production Function
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Econ 1000 – Week 10 – Lecture 18  Costs of supply:  Supply is all based around the costs of supply  Costs are based on the production of apples  Need resources to produce  Costs depend on relation...

Economics
ECON 1000
Nick Rowe
ECON 1000 Lecture Notes - Lecture 13: Economic Surplus
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Econ 1000 – Week 7 – Lecture 13  Chapter9:  Canadianpricewilldropto worldprice becauseworld price is cheaper o Thisa movement alongthesupplydemandcurveandsupply curveto buy more andproduceles...

Economics
ECON 1000
Nick Rowe
ECON 1000 Lecture 10: Week 5
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ECON 1000– Week 5 – Lecture 10  Government’scancollect taxesin two ways. o Sellers can directlypaygovernmentfor taxes o Buyers can alsopayfor taxin the price ofthegood.  Taxescan reduce incentiv...

Economics
ECON 1000
Nick Rowe
ECON 1000 Lecture Notes - Lecture 12: Laffer Curve
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Econ 1000 – Week 6 – Lecture 12  Chapter8  Governmentsneedrevenuein orderto payfor thingsit buys(army, doctors,legal system..etc)  That’swhywe havetaxes  Deadweightloss is amountofpossibleincomelo...

Economics
ECON 1000
Nick Rowe
ECON 1000 Lecture Notes - Lecture 21: Marginal Revenue, Price Discrimination, Economic Surplus
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Econ 1000 – Week 11 – Lecture 21  Monopoly:  One firm in the market  Market and firm graphs are the exact same  Slopes is negative and it slopes down  Monopolists set the highest price the market c...

Economics
ECON 1000
Nick Rowe
ECON 1000 Lecture Notes - Lecture 5: Absolute Advantage
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Econ 1000 – Week 3 – Lecture 5  To helpsolveproblemsandunderstandhowindividualeconomic relationsoperate,economistsusegraphs,examplesandcharts.  Whenyou havea lower opportunitycostthanacompetitorfor the ...

Economics
ECON 1000
Nick Rowe
ECON 1000 Lecture Notes - Lecture 14: Pareto Efficiency, Equilibrium Point, Social Cost
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Econ 1000 – Week 8 – Lecture 14  2 cases when markets fail o When there is too much market power, like a monopoly. A market will fail when market power is too centralized. o Or when ther...

Economics
ECON 1000
Nick Rowe

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