Class Notes for AUECO101 at University of Alberta

The cost of Production Chapter 13 The Costs of Production Industrial Organization: The study of how firms decisions regarding process and quantities depend on the market condition they face What are Costs? ...

Chapter 15: Monopoly Monopoly: A firm that is the sole seller of a product without close substitutes Control price and the quantity being sold Why Monopolies Arise The fundamental cause of a monopoly is b...

Chapter 16 Monopolistic Competition Monopolistic Competition The term monopolistic competition might at first seem to be an oxymoron But as we will see, monopolistically competitive industries are monopolisti...

Chapter 17 Oligopoly Oligopoly The essence of an oligopolistic market is that there are only a few sellers As a result, the actions of any one seller in the market can have a large impact on the profit...

Chapter 14 Firms in Competitive Markets A market is competitive if each buyer and seller is small compared to the size of the market and, therefore, has little ability to influence market prices Competit...

The Cost of Taxation Chapter 8 The deadweight loss of taxation: When a tax is levied on buyers, the demand curve shifts downward by the size of the tax When it is levied on sellers, the supply curve shifts upwards by that ...

Chapter 7 Consumer and the Efficiency of Markets Welfare Economics: The study of how the allocation of resources affects economics well being Consumer Surplus: Our study of welfare economics begins by looking at th...

January 23, 2017 The Market Forces of Supply and Demand Chapter 4 Supply and demand are the two words that economist use most often Supply and Demand are the forces that make market economics use most ...

Chapter 5: Elasticity and its Application Jan.30/17 Elasticity is a measure of how much buyers and sellers respond to changes in market conditions ** We discuss not only the di...

January 18, 2017 Interdependence and the Gains from Trade Chapter 3 A parable for the modern economy o Imagine that in the world there are: o Two goals goods meat and potatoes o And two people a c...

Appendix: The mathematics of Market Equilibrium Chapter 4 Is the quality demanded P is the price The letters a and b are referred to as demand parameters The parameters a can be viewed as ...

Chapter 6 Supply, Demand and Government Policies Controls on Price Let us consider the effects of the following policies on market outcomes o Price ceiling: A legal maximum on the price at which a good ca...

Micro Economics 101 January Notes Chapter 1: January 16, 2017 Ten Principles of Economics The management of societys resources (ex: people, land, building machinery) is important because resources are scarce Scarcity: the ...

International Trade: Chapter 9 The Equilibrium without trade: No internatiFIGURE 9.1: The Equilibrium without International Trade The World Price Copyright 2014 by Nelson Education Ltd. 9-7 ...

Thursday, September 1, 2016 Intro Econ 101 (Dr. Yasser Fahmy) It is the study of the theory of the rm. The rm is interested in maximizing its prot by producing the protmaximizing at the lowest possible cost. In microecono...

l e a r n • r e f e r e n c e • r e v i e w permacharts TM Mutual Funds WHAT IS A MUTUAL FUND? PURCHASING & REDEE...

Take a look at the big picture. This chart covers national income accounting, inflation, consumption, economic growth, money supply, labor markets, monetary policy, international trade, supply side economics, and fiscal po...

l e a r n • r e f e r e n c e • r e v i e w permacharts TM Microeconomics Microeconomics TYPES OF MARKETS ...

l e a r n • r e f e r e n c e • r e v i e w permacharts TM EEnvironmental Law ENVIRONMENTAL REGULATION NATIONAL ENVIRONMENTAL POL...