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Class Notes for Economics at Memorial University (MUN)

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MUNECON 2010James FeehanWinter

Economics 2010

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55
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MUNECON 2010James FeehanWinter

Economics 2010

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79
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MUNECON 2010nikitalyssenkoWinter

ECON 2010 Lecture Notes - Lecture 10: Consumer Choice, Production Function, Isoquant

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Read chapter 7 and 8 in the text. Output is generated through the use of inputs, such as land, labour, and capital: are combined together in various am
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MUNECON 2010nikitalyssenkoWinter

ECON 2010 Lecture Notes - Lecture 12: Marginal Product, Diminishing Returns, Isoquant

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Have to distinguish between short and long runs. If all or so(cid:373)e fa(cid:272)tors of produ(cid:272)tio(cid:374) are fixed a(cid:374)d (cid:272)a(
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MUNECON 2010nikitalyssenkoWinter

ECON 2010 Lecture Notes - Lecture 13: Marginal Product, Average Variable Cost, Fixed Cost

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Average product is defined as the total product (output) divided by the # of units of the variable input employed to produce it: ap = q/l, where l is t
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MUNECON 2010James FeehanWinter

Economics 2010

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56
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MUNECON 2010Ann BlackmoreFall

ECON 2010 Lecture 6: Demand Supply & Price Cont'd (2)

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MUNECON 2010Ann BlackmoreFall

ECON 2010 Lecture 5: Demand, Supply, & Price Cont'd

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MUNECON 2010nikitalyssenkoWinter

ECON 2010 Lecture Notes - Lecture 5: Opportunity Cost, Absolute Advantage

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Maria can produce 100 sweaters (12. 5 per hour x 8 hours) and 0 potatoes or 400 units of potatoes (50 per hour x 8 hours) and 0 sweaters. Plotting this
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MUNECON 2010nikitalyssenkoWinter

ECON 2010 Lecture Notes - Lecture 11: Kolmogorov Space, Isoquant, Isocost

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Lecture 7. 3 marginal rate of technical substitution. Suppose that at the moment we are using (x1, x2) to produce q units. In fact, to answer this ques
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MUNECON 2010nikitalyssenkoWinter

ECON 2010 Lecture Notes - Lecture 6: Avoidance Speech, Fish Meal

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MUNECON 2010nikitalyssenkoWinter

ECON 2010 Lecture Notes - Lecture 8: Market Power, Unemployment Benefits, Mixed Economy

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0
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