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Class Notes for Economics at Boston University

CAS EC 101 Lecture Notes - Lecture 41: Arthur Cecil Pigou, Coase Theorem, Demand Curve
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EC 101 Lecture 41 - Responses to Externalities Review of Externalities **Supply curve always show marginal private cost The marginal social cost is only equal to marginal private cost when there is not an externality **Dem...

Economics
CAS EC 101
Bruce Watson
CAS EC 101 Lecture Notes - Lecture 41: Coase Theorem, Deadweight Loss, Influenza Vaccine
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EC101: Lecture Notes Externalities and responses Negative Production externality - The DWL is below MSC and above MPC - The market, left alone, gets quantity wrong. This creates deadweight loss Marginal social cost MSC = m...

Economics
CAS EC 101
Bruce Watson
CAS EC 101 Lecture Notes - Lecture 40: Social Cost, Externality, Everytime
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EC 101 Lecture 40 - Consumption Externalities Consumption Externality The consumption of a good or service causes affects a third partys situation Demand is Marginal Private Benefit Marginal Private Benefit (MPB): the bene...

Economics
CAS EC 101
Bruce Watson
CAS EC 101 Lecture Notes - Lecture 40: Deadweight Loss, Demand Curve, Externality
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EC101: Lecture 40 Externalities: Production and Consumption Definitions - MSC = margina societal cost - MPC = marginal private cost - MSB = marginal societal benefit - MP...

Economics
CAS EC 101
Bruce Watson
CAS EC 101 Lecture Notes - Lecture 39: Imperfect Competition, Perfect Competition, Externality
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EC 101 Lecture 39 - Production Externalities Production Externality Externality: the effect on a third party (who was not involved in the productionconsumption process) caused by the production or consumption of a good or ...

Economics
CAS EC 101
Bruce Watson
CAS EC 101 Lecture Notes - Lecture 39: Marginal Cost, Demand Curve, Externality
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EC101: Lecture 39 Externality Review production negative MSC > MPC MSC curve is above MPC ...

Economics
CAS EC 101
Bruce Watson
CAS EC 101 Lecture Notes - Lecture 36: Pareto Efficiency, Imperfect Competition, Perfect Competition
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EC101: Lecture Notes November 26, 2018 Topic of the day - Three Conditions for Perfect Competition - Asymmetric Information o Adverse Selection ...

Economics
CAS EC 101
Bruce Watson
CAS EC 101 Lecture 38: notes11.30.18
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EC101: Lecture 38 Externalities production negative MSC > MPC MSC curve is above MPC (supply) curve Qeff < Qmkt positive MSC < MPC MSC curve below MPC (supply curve Qeff > Qmkt Negative production externality Q MC or MPC A...

Economics
CAS EC 101
Bruce Watson
CAS EC 101 Lecture Notes - Lecture 37: Deadweight Loss, Social Cost, Economic Surplus
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EC 101 Lecture 37 - Externalities What are Externalities? An externality is the effect on a third party when someone does something Ex: when you get a college education, the people in the society benefit from it because pe...

Economics
CAS EC 101
Bruce Watson
CAS EC 101 Lecture Notes - Lecture 37: Moral Hazard, Externality
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EC101: Lecture Notes Asymmetric Information Review - Market screening o Process where an uninformed party attempts to gather information about the ...

Economics
CAS EC 101
Bruce Watson
CAS EC 101 Lecture Notes - Lecture 36: Imperfect Competition, Adverse Selection, Perfect Competition
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EC 101 Lecture 36 - Asymmetric Information Auto depreciation When a product loses its value over time or over the number of uses Ex: Once you drive a brand new car out of the dealership, the value of the car decreases expo...

Economics
CAS EC 101
Bruce Watson
CAS EC 101 Lecture Notes - Lecture 33: Absolute Advantage, Comparative Advantage, Abundant Number
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EC101: Lecture 33 Tariffs and Trade Trade - Markets are fundamentally about trade - The buying and selling of goods and services - The basis of trade is com...

Economics
CAS EC 101
Bruce Watson
CAS EC 101 Lecture Notes - Lecture 33: Autarky, Voluntary Export Restraints, Economic Equilibrium
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EC 101 Lecture 33 - Gains from Trade and Trade Restrictions: Tariffs and Voluntary Export Restriction Gains from Trade Autarky is a government in which the countries do not trade with other countries Lets say that China an...

Economics
CAS EC 101
Bruce Watson
CAS EC 101 Lecture Notes - Lecture 32: Absolute Advantage, Trade Route, Opportunity Cost
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EC 101 Lecture 32 - Welfare Economics: Basics of Trade Why do we trade? Trading provides job specialization because not every country is equally as good as producing a certain good. As we trade, each person can specialized...

Economics
CAS EC 101
Bruce Watson
CAS EC 101 Lecture Notes - Lecture 32: Trade Route, Absolute Advantage, Comparative Advantage
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EC101: Lecture 32 Basis of trade Laptops per worker year Motorcycles per worker year china 9 ...

Economics
CAS EC 101
Bruce Watson
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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