Class Notes (839,458)
Canada (511,348)
Economics (1,591)
ECO105Y1 (87)
Paul Cohen (11)
Lecture

Lecture_04.docx

4 Pages
51 Views

Department
Economics
Course Code
ECO105Y1
Professor
Paul Cohen

This preview shows page 1. Sign up to view the full 4 pages of the document.
Description
October 1, 12 Economics Revenue = p*q Inelastic eg –airlines can increase revenue because quantity won’t change. Elastic eg tennis balls – lower price quantity demand raises revenue raises Law of supply Marginal opportunity cost is additional costs, change with circumstances Sunk costs are costs that have already been paid so they cannot be recovered. Marginal opportunity costs PPF graph – because of the difference in skills of labor increase in marginal opportunity costs 16 14 12 10 quantity of finger nails 8 Series1 6 4 2 0 0 1 2 3 4 5 6 piercings quantity Quantity supplied goes up as price goes up Price willing to accept quantity supplied $20 1 $40 2 $60 3 Market supplied sum of supplies of all business willing to produce product service Law of supply if t
More Less
Unlock Document

Only page 1 are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit