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Class Notes for Management at McGill University

MCGILLBUSA 100AllWinter

BUSA 100 Lecture Notes - Lecture 1: Evil Geniuses, Sanitary Engineering, Hyperbole

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How to save capitalism - rhetorical strategies: hyperbole. The title: how to save capitalism - strategic exaggeration: introducing historical frames. I
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MCGILLMGMT 722Greg MatlashewskiFall

MGMT 722 Lecture Notes - Ceteris Paribus, Demand Curve, Inferior Good

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MCGILLMGMT 722Greg MatlashewskiFall

MGMT 722 Lecture Notes - Cogeneration, Perfect Competition, Economic Equilibrium

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Recall that all factors, particularly capital, are variable in the long-run. Entry into or exit from the industry by firms of the same size as existing
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MCGILLMGMT 722Greg MatlashewskiFall

MGMT 722 Lecture Notes - Budget Constraint, Indifference Curve, Opportunity Cost

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Suppose that the consumer (household) consumes only two goods (x and y). Given the prices of the two goods (px, py) and the consumer"s income (m), the
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MCGILLMGMT 722Greg MatlashewskiFall

MGMT 722 Lecture Notes - Price Floor, Economic Equilibrium, Ceteris Paribus

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We can analyze demand and supply and market equilibrium with linear equations. These are equations of the form y = a + bx where a is the y-intercept, i
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MCGILLMGMT 722Greg MatlashewskiFall

MGMT 722 Lecture Notes - Marginal Revenue, Competitive Equilibrium, Fixed Cost

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Profit = total revenue (p*q) total costs. = total revenue variable costs (in economic terminology) (operating profit = producer surplus in economic ter
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MCGILLMGMT 722Greg MatlashewskiFall

MGMT 722 Lecture Notes - Pareto Efficiency, Allocative Efficiency, Productive Efficiency

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Definition: productive efficiency is optimal output from given resources or minimal cost for a given output. We have already seen the concept of produc
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MCGILLMGMT 722Greg MatlashewskiFall

lecture 25.doc

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A monopoly ( single sellers") is the sole producer in an industry. This means that demand for the industry is demand for the monopoly and that the marg
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MCGILLMGMT 722Greg MatlashewskiFall

MGMT 722 Lecture Notes - Opportunity Cost, Prometheus Books, Forego

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Alfred marshall, the founder of modern microeconomics in 1890, defined economics as. The textbook definition uses the most important terms in microecon
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MCGILLMGMT 722Greg MatlashewskiWinter

MGMT 722 Lecture Notes - Economic Equilibrium, Remittance

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Our understanding of elasticity will help us analyze the impact of sales taxes or subsidies on equilibrium price and quantity. The simplest sales tax i
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MCGILLMGMT 722Greg MatlashewskiFall

MGMT 722 Lecture Notes - Average Variable Cost, Fixed Capital, Marginal Product

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We first examine the cost of firms in the period when capital is fixed to understand the importance of marginal cost in the determination of profit max
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MCGILLMGMT 722Greg MatlashewskiFall

MGMT 722 Lecture Notes - Arc Elasticity, Harvest, Monotonic Function

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Definition: price elasticity of demand (h ) is equal to the ratio of the percentage change in quantity demanded to the percentage change in price (resp
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