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ECON 101 (202)

Class Notes for ECON 101 at University of British Columbia (page 8)

Principles of Microeconomics

ECON 101 Lecture Notes - Lecture 18: Deadweight Loss, Social Cost, Externality
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ECON 101 - Lecture #18 - Negative and Positive Externalities Introduction to Externalities ● Externalities are examples of market failures ○ Meaning that, market will not maximize total surplus ...

Economics
ECON 101
Marina Adshade
ECON 101 Lecture Notes - Lecture 14: Tax Wedge, Marginal Cost, Demand Curve
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ECON 101 - Lecture #14 - Producer Surplus, Market Efficiency, and Quantity of Tax Producer Surplus ● The difference between what a producer receives from trade and the minimum amount the producer is willing ...

Economics
ECON 101
Marina Adshade
ECON 101 Lecture Notes - Lecture 15: Lead, Economic Surplus, Marginal Utility
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ECON 101 - Lecture #15 - Welfare Effects of Quantity Taxes Introduction ● In this lecture, we will examine how quantity taxes affect ○ Welfare of consumers and producers ○ Total gains from tra...

Economics
ECON 101
Marina Adshade
ECON 101 Lecture Notes - Lecture 13: Demand Curve, Economic Surplus, Marginal Utility
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ECON 101 - Lecture #13 - Consumer Surplus Introduction ● Previous lectures have been focusing on what are the causes and results of economic changes, but not whether the changes on desirable ○ In ...

Economics
ECON 101
Marina Adshade
ECON 101 Lecture Notes - Lecture 11: Price Ceiling, Price Floor
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ECON 101 - Lecture #11 - Price Controls Note about Economics ● When studying economics, note that the knowledge we have are not going to give us direct answers, perhaps, but it might lead us to ask the right...

Economics
ECON 101
Marina Adshade
ECON 101 Lecture Notes - Lecture 8: Shortage, Economic Equilibrium, Progressive Alliance Of Socialists And Democrats
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ECON 101 - Lecture #8 - Changes in Market Equilibrium Supply and Demand Analysis ● S&D analysis allows us to predict how changes in some factors lead to changes in market equilibrium ● We can make two t...

Economics
ECON 101
Marina Adshade
ECON 101 Lecture Notes - Lecture 7: Production Function, Excess Supply, Demand Curve
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ECON 101 - Lecture #7 - Demand and Supply How do Different Factors Change Demand? ● What happens when: 1) Price of complement rises - demand decreases 2) Income falls, and the good is inferior - demand increa...

Economics
ECON 101
Marina Adshade
ECON 101 Lecture Notes - Lecture 6: Noodle, Inferior Good, Oligarchy
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ECON 101 - Lecture #6 - Markets and Demand Markets ● A group of buyers and sellers of a good or service ● Involves interaction of buyers and sellers ● Typically establishes a price for the good or service ...

Economics
ECON 101
Marina Adshade
ECON 101 Lecture 10: Elasticity in Relation to Total Revenue and More Types of Elasticities
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ECON 101 - Lecture #10 - Elasticity in Relation to Total Revenue and More Types of Elasticities Interpreting Numerical Elasticities ● The price elasticity of demand is placed into the following categories ...

Economics
ECON 101
Marina Adshade
ECON 101 Lecture 3: Marginal Benefit with Relation to Incentives and Economic Models
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ECON 101Lecture 3Marginal Benefit with Relation to Incentives and Economic Models Marginal BenefitRecall from last lecture how to calculate marginal benefit and marginal costMBchange in total benefitchange in quantityMCcha...

Economics
ECON 101
Marina Adshade
ECON 101 Lecture Notes - Lecture 2: Sunk Costs, Marginal Cost, Marginal Utility
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Jan. 09th, 2015 ECON 101 - Lecture #2 - Opportunity Cost and Marginal Benefit Marginal Benefit ● Rational people only make choices when the benefit exceeds the cost ● We apply the cost-benefit rule, we need ...

Economics
ECON 101
Marina Adshade
ECON 101 Lecture Notes - Lecture 5: International Trade, Comparative Advantage, Absolute Advantage
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ECON 101 - Lecture #5 - Benefits from Trade and the Principle of Comparative Advantage Benefits from Trade ● We can calculate the potential gains from trade ○ Note “potential”, the gains might not be re...

Economics
ECON 101
Marina Adshade
ECON 101 Lecture Notes - Lecture 4: Opportunity Cost, Microeconomics, American Economic Association
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ECON 101 - Lecture #4 - Production Possibilities Frontier, General Principles of Microeconomics, and Advantages of Trade Question 1 ● Is there a best point in PPF? ● No, there is not, it jus...

Economics
ECON 101
Marina Adshade
ECON 101 Lecture Notes - Lecture 1: Decision Rule, John Maynard Keynes
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Jan 06th 2014ECON 101Lecture 1Introduction and Basic Microeconomic PrinciplesIntroductionThe course will be using iClicker questions extensivelyThe most important strategy is to study independentlyDefining EconomicsEconomi...

Economics
ECON 101
Marina Adshade
Economics
ECON 101
Anichul Khan

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