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Class Notes for Economics at McMaster University

Economics
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ECON 1B03 Lecture 4: Ch 4 E
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Notes About Demand Elasticity The larger the price elasticity coef...

Economics
ECON 1B03
Hannah Holmes
ECON 1B03 Lecture 4: Ch 4 D
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Elastic With an elastic demand curve, a decrease in the price lead...

Economics
ECON 1B03
Hannah Holmes
ECON 1B03 Lecture 4: Ch 4 C
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Point Elasticity The other formula we use is the formula for point...

Economics
ECON 1B03
Hannah Holmes
ECON 1B03 Lecture 4: Ch 4 A
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Unit 4.1 Price Elasticity of Demand Elasticity Elasticity: measure...

Economics
ECON 1B03
Hannah Holmes
ECON 1B03 Lecture 4: Ch 4 B
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Perfectly Elastic Demand: a change in Price leads to an infinitely ...

Economics
ECON 1B03
Hannah Holmes
ECON 1B03 Lecture 3: Ch 3 A
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Market Equilibrium Equilibrium: is a situation in which there is n...

Economics
ECON 1B03
Hannah Holmes
ECON 1B03 Lecture 2: Ch 2 C
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Market Supply Example Supply schedule for Paul and John, the only ...

Economics
ECON 1B03
Hannah Holmes
ECON 1B03 Lecture 2: Ch 2 A
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Economics Chapter 2 Market Demand Markets Market: a group of buyer...

Economics
ECON 1B03
Hannah Holmes
ECON 1B03 Lecture 2: Ch 2 B
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A Change in Quantity Demanded A change in quantity demanded is mov...

Economics
ECON 1B03
Hannah Holmes
ECON 1B03 Lecture 3: Ch 3 B
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Changes in Both Demand and Supply When an event or events shift bo...

Economics
ECON 1B03
Hannah Holmes
ECON 1B03 Lecture 1: Ch 1 E
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Absolute Advantage In reality most, economies will produce some of...

Economics
ECON 1B03
Hannah Holmes
ECON 1B03 Lecture 1: Ch 1 D
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Comparative Advantage and Gains from Trade Suppose there are 2 peo...

Economics
ECON 1B03
Hannah Holmes
ECON 1B03 Lecture 1: Ch 1 C
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PPF and Opportunity Costs To move from 0 trucks to 500 trucks (A to...

Economics
ECON 1B03
Hannah Holmes
ECON 1B03 Lecture 1: Ch 1 B
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Positive v. Normative statements Positive: statements about what a...

Economics
ECON 1B03
Hannah Holmes
ECON 1B03 Lecture 1: Ch 1 A
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Economics Chapter 1 Economics: the study of how society allocates s...

Economics
ECON 1B03
Hannah Holmes
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Take a look at the big picture. This chart covers national income a...

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l e a r n • r e f e r e n c e • r e v i e w permacharts TM ...

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