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Semester
Class Notes (1,045,524)
CA (599,024)
UTSG (50,487)
ECO (1,877)
Jack Carr (83)

Class Notes for Jack Carr

Principles of Microeconomics

ECO100Y1 Lecture 22: Nov 20 - Monopolistic Competition

Monopolistic Competition Between Monopoly and Perfect Competition Perfectly Competitive Firm oPrice always equals the marginal cost of production oPrice equals average total cost Because in the long run, entry and exit dri...

Economics
ECO101H1
Jack Carr
ECO101H1 Lecture Notes - Lecture 10: Oligopoly, Nash Equilibrium, Marginal Cost

Oligopoly Markets with Only a Few Sellers - Oligopolistic market has only a small group of sellers - Key feature is the tension between cooperation and self-interest - Few Firms - Face downward...

Economics
ECO101H1
Jack Carr
ECO101H1 Lecture Notes - Lecture 6: Monopoly Profit, Monopoly Price, Marginal Revenue

Monopoly Single seller (of product with no close substitutes) Why Monopolies Arise - Monopoly o A firm that is the sole seller of a product without close substitutes o Fundamental Cau...

Economics
ECO101H1
Jack Carr
ECO101H1 Lecture Notes - Lecture 13: Sundae, Allocative Efficiency, Natural Monopoly
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LAST WEEK Recap: EXTERNALITIES ● Government can correct for production or consumption externalities by imposing taxes on the buyers or sellers Key Points: 1. Incidence of tax does not depend on whether imp...

Economics
ECO101H1
Jack Carr
ECO101H1 Lecture Notes - Lecture 12: Allocative Efficiency, Social Cost, Marginal Utility
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Assumptions 1. The market for lumber is perfectly competitive 2. Lumber mills dump toxins into adjourning lakes, thereby reducing the recreational value of the lakes 3. Lumber mills are not required to...

Economics
ECO101H1
Jack Carr
ECO101H1 Lecture Notes - Lecture 11: Labour Economics, Perfect Competition, Diminishing Returns
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Factors of Production Labour Capital (equipment, structures) Land Our focus: labour (and wage rate/earnings) TRUE or FALSE? “The price of hockey tickets is high because the salaries of hockey players are so high.” FALSE ...

Economics
ECO101H1
Jack Carr
ECO101H1 Lecture Notes - Lecture 10: Monopolistic Competition, Price Ceiling, Allocative Efficiency
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Monopoly Oligopoly Monopolistic Competition Firms face downward-sloping demand curves 1. Have some degree of market power (ability to raise price without losing all clients) 2. May try to price discriminate Is pr...

Economics
ECO101H1
Jack Carr
ECO101H1 Lecture Notes - Lecture 9: Monopolistic Competition, Demand Curve, Price Fixing
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Oligopoly ● Few firms ● Face downward-sloping demand curves ● Aware of mutual interdependence Auto Manufacturers (North America) 1. Few firms (GM, Chrysler, Ford) 2. Face downward-sloping demand cur...

Economics
ECO101H1
Jack Carr
ECO101H1 Lecture Notes - Lecture 8: Monopoly Price, Natural Monopoly, Perfect Competition
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Monopoly: single seller (of product with no close substitutes) Barriers to entry: 1. Legal barriers (legal monopoly) ● Post office (first class mail) ● Patents 2. Natural barriers (natural...

Economics
ECO101H1
Jack Carr
ECO101H1 Lecture Notes - Lecture 7: Market Power, Perfect Competition, Organic Food
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Supply Curve 1. Exists only in perfect competition 2. Reflects profit-maximizing behaviour You are an organic farmer (no pesticides) There is a sharp increase in the demand for organic foods Questi...

Economics
ECO101H1
Jack Carr
ECO101H1 Lecture Notes - Lecture 6: Average Variable Cost, Diminishing Returns, Marginal Cost
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Key question: how do firms maximize profits? First step: understand firms’ cost schedules Production function: Relates output to quantity of inputs (labour, capital) Short-run: One input (capital) is fixed, while one inpu...

Economics
ECO101H1
Jack Carr
ECO101H1 Lecture Notes - Lecture 5: Budget Constraint, Utility, Market Price
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Case #2 Sales Tax Levied on Buyers No Tax P QD QS 120 1 9 115 2 8 110 3 7 105 4 6 100 5 ...

Economics
ECO101H1
Jack Carr
ECO101H1 Lecture Notes - Lecture 4: Toronto Transit Commission, Royal Ontario Museum, Demand Curve
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Technical Note For the special cases of perfectly inelastic demand and perfectly elastic demand, the “law of downward sloping demand” does NOT apply. For a perfectly inelastic demand curve, for example, an increase in pr...

Economics
ECO101H1
Jack Carr
ECO101H1 Lecture Notes - Lecture 3: Economic Equilibrium, Demand Curve, Toothpaste
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Competitive Market: many buyers and sellers, each of whom has no influence on market price (example: coffee) Law of Downward-Sloping Demand: Other things equal, the higher is the price of a good, the lower is the quantity...

Economics
ECO101H1
Jack Carr
ECO101H1 Lecture Notes - Lecture 2: Gumdrop, Absolute Advantage, Comparative Advantage
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Production Possibilities Frontier (PPF) 1. Scarcity (attainable vs. not attainable) 2. Tradeoffs (choices - decisions) 3. Opportunity cost Key Application ● Used to illustrate the benefits of trade, between...

Economics
ECO101H1
Jack Carr
Permachart - Marketing Reference Guide: Net Asset Value, Mutual Fund, U.S. Securities And Exchange Commission

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...

Biology
BIOL2721
All Professors
Macroeconomics - Reference Guides

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...

Business and Political Economy Program
BPEP-UB 2
All Professors
Permachart - Marketing Reference Guide: Marginal Revenue, Profit Maximization, Marginal Cost

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 ...

E-Business Marketing
ECN 102
All Professors
Permachart - Marketing Reference Guide: National Environmental Policy Act, Municipal Solid Waste, Criteria Air Contaminants

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...

LAW
LAW 356
All Professors

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