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# Class Notes for STATISTICS at University of Winnipeg

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##### STAT-2301 Lecture Notes - Ceteris Paribus, Price Floor, Economic Equilibrium

Principles of Microeconomics: Market Equilibrium MARKET EQUILIBRIUM Linear Equations We can analyze Demand and Supply and Market equilibrium with linear equations. These are equations of the form Y = a + bX whe...

STATISTICS
STAT-2301
Hai Ta
##### STAT-2301 Lecture Notes - Takers, Margarine, Dependent And Independent Variables

Principles of Microeconomics: Demand and Supply DEMAND AND SUPPLY This lecture examines the basic Demand/Supply model that is central to microeconomics. We do so by defining the relationship between Price and Qua...

STATISTICS
STAT-2301
Hai Ta
##### STAT-2301 Lecture Notes - One Unit, Prometheus Books, Lincoln Near-Earth Asteroid Research

Principles of Microeconomics: Production Possibility Frontiers INTRODUCTION Alfred Marshall, the founder of modern Microeconomics in 1890, defined Economics as the study of mankind in the ordinary business of lif...

STATISTICS
STAT-2301
Hai Ta
##### STAT-2301 Lecture Notes - Externality, Productive Efficiency, Allocative Efficiency

Principles of Economics: Efficiency EFFICIENCY Definition: Productive Efficiency is optimal output from given resources or minimal cost for a given output. We have already seen the concept of productive eff...

STATISTICS
STAT-2301
Hai Ta
##### STAT-2301 Lecture Notes - Profit Maximization, Average Variable Cost, Cubic Function

Principles of Economics: Short-run Cost We first examine the cost of firms in the period when capital is fixed to understand the importance of marginal cost in the determination of profit maximizing output. We do ...

STATISTICS
STAT-2301
Hai Ta
##### 10 Monopoly.doc

Principles of Economics: Monopoly MONOPOLY A monopoly (‘single sellers’) is the sole producer in an industry. This means that Demand for the industry is Demand for the Monopoly and that the marginal cost and aver...

STATISTICS
STAT-2301
Hai Ta
##### STAT-2301 Lecture Notes - Numerical Analysis, Cubic Function, Ceteris Paribus

Principles of Economics: Short-run Firm Equilibrium PROFIT MAXIMIZATION Profit = Total Revenue (P*Q) Total Costs Accountants calculate Profit as operating Profit = Total Revenue Operating Costs = To...

STATISTICS
STAT-2301
Hai Ta
##### STAT-2301 Lecture Notes - Fixed Cost, Variable Cost, Cogeneration

Principles of Economics: Long-run Competitive Equilibrium LONG-RUN COST Recall that all factors, particularly capital, are variable in the long-run. There are two ways (plus combinations of the two ways) that Ca...

STATISTICS
STAT-2301
Hai Ta
##### STAT-2301 Lecture Notes - Economic Equilibrium, Remittance

Principles of Microeconomics: Sales Taxes and Subsidies SALES TAXES Our understanding of elasticity will help us analyze the impact of sales taxes or subsidies on equilibrium price and quantity. 1. Per Unit T...

STATISTICS
STAT-2301
Hai Ta
##### STAT-2301 Lecture Notes - Budget Constraint, Ordinal Utility, And1

Preference Theory and Derivation of Demand CONSUMER CHOICE THEORY (DEMAND) BUDGET CONTRAINTS: - Suppose that the consumer (household) consumes only two goods (X and Y). Given the Prices of the two goods (PX...

STATISTICS
STAT-2301
Hai Ta
##### STAT-2301 Lecture Notes - Harvest, Monotonic Function, Product Rule

Principles of Microeconomics: Elasticity ELASTICITY Elasticity Definition: Elasticity measures the responsiveness of a change in a variable to the change in another variable => ε = %ΔQ/%ΔP Economists me...

STATISTICS
STAT-2301
Hai Ta
##### Statistics - Reference Guides

This Guide provides an easy to follow summary of all basic principles that are the foundation to Statistics and Probabilities. Using a combination of charts and sample equations, the key concepts are developed and the esse...

Econometrics
ETC2430
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