Class Notes for Economics at University of New Brunswick Saint John

demand functions calculated from budget line and utility function MRS calculated by partial derivatives of utility or given prices usually changes w respect to priceincome of itself or other good only depends on own price...

Lecture 7 price change effect on consumption broken down into 2 parts prices change >> income, prices both change relatively substitution effect price changes >> relative prices of good changes willing to buy more of goo...

Lecture 11 pricemaker monopoly offers only 1 source for a given good firms in competitive market take the price of the market cant charge higher than market price or else will lose all profit monopoly forms the entire sup...

Lecture 1 asset provides flow of moneyservices to its owner capital gain increase in value of asset unrealized until asset is sold capital loss decrease in value of asset risky asset random monetary flow, could rise or...

Lecture 13 firm decisions based of benefits on incremental or average basis total output can actually decrease after too many workers are employed too many workers >> workers get in each others way, entrepeneurship decre...

Lecture 2 bundling combining 2 or more products in a sale to gain a pricing advantage sometimes customers want 1 product but not the other conditions for bundling: heterogeneous customers cant price discriminate (and prof...

Lecture 15 capturing consumer surplus in competitive market, only 1 price set some consumers willing to pay more than that set price firm would make more money if they could charge people closest to what theyre willing to...

Lecture 6 elasticity measures how much curves change w respect to other curve percent change in 1 variable per 1 percent change in other variable, measures sensitivity independent to units that pricequantity are measured ...

Lecture 10 equilibrium (marketclearing pricequantity) no shortageexcess demandsupply everyone can buysell at current price >> intersection of demandsupply curves market price above equilibrium >> surplus supply >> invento...

Lecture 5 economiesdiseconomies of scale input proportions change >> expansion path no longer a straight line firm can double output for less than twice the cost >> economies of scale firm needs more than twice the cost to...

Lecture 9 revealed preference finding preferences based on choices instead of making choices based on preferences if consumer chooses more expensive basket over another, then chosen market basket is more preferred creates...

Lecture 12 substition effect comes into play could cause MPRL to shift more than for a single factor wage decrease >> more labor demanded >> increases MPK >> firm buys more machinery >> increases MPL >> firms buys even mo...

Lecture 4 perfect complement >> need both to gain satisfaction >> right angle graph ex. buying leftright shoes it doesnt matter how many right shoes you have if you dont have a left shoe to match consumer indifferent betwe...

Lecture 8 isocost line showing all combos of labor and capital bought for a given cost rental rate r, given to certain equipment to quantify capital C = wL + rK MPLMPK = wr = MRTS costminimization finding lowest isocost...

Lecture 3 game theory where firms make strategic decisions firms try to get the best possible outcomepayoff strategy plan for going through the game optimal strategy gives the best payoff noncooperative game negotiatio...

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...