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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 12: Marginal Utility, Demand Curve

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4 Oct 2018
0
Demand curve and elasticity: on a graph for p, where the maximum value of q is a, is unit elastic, the part of the line above (cid:2870) is elastic, an
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 28: Monopolistic Competition, Perfect Competition, Demand Curve

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29 Nov 2018
0
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 23: Demand Curve, Marginal Revenue, Statics

OC25110595 Page
13 Nov 2018
0
The market supply curve is the summation of the marginal cost curves of all the firms in the market above the shutdown price. Requirements: large numbe
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 16: Demand Curve, Lead, Fixed Cost

OC25110593 Page
18 Oct 2018
0
There is no change in price for donuts, therefore we cannot identify the demand curve for donuts. Therefore, we can only identify the demand curve from
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 27: Marginal Revenue, Demand Curve, Economic Surplus

OC25110595 Page
27 Nov 2018
0
Monopoly: one seller & large number of buyers, no entry (homogenous goods) (not required) (perfect information) (not required) Slope of tr (a straight
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 18: Fixed Cost, Variable Cost, Marginal Product

OC25110596 Page
25 Oct 2018
0
Types of costs: fixed cost (fc) fixed input, capital gives us our fixed cost (k gives fc) (also shown as r = rent, variable cost (vc) variable input. L
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 14: Budget Constraint

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11 Oct 2018
0
We know that due to the allocation of all money, pxx + pyy = m. In this case, 2x + 3y = 20. In this case, for #1, x provides more utility, therefore on
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture 21: ECON 1011 Lecture : Long Run Costs, Economies of Scale & Revenue Curve

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8 Nov 2018
0
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 11: Demand Curve, Qi, Normal Good

OC25110594 Page
3 Oct 2018
0
Spectrum of sensitivity: the above graphs show 2 extremes in the spectrum. Therefore 13 is the point elasticity at point (3,9) (p = 3, q = 9). If = 1,
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 5: Poncho, Kfc, Normal Good

OC25110593 Page
12 Sep 2018
0
Factors that shift demand: preferences, price of a related good, substitutes, eg. If the price of tea increases, the demand of coffee is expected to in
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 24: Demand Curve, Marginal Revenue, Statics

OC25110593 Page
15 Nov 2018
0
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GWUECON 1011Daniel MacKayFall

ECON 1011 Lecture Notes - Lecture 19: Average Variable Cost, Average Cost, Marginal Cost

OC25110594 Page
30 Oct 2018
0
Eg. if tc = 16 + q2 and vc = q2. Since tc = fc + vc, fc = tc vc. Therefore 16 + q2 q2 = 16 = fc. Note: fixed cost has no impact on marginal cost as the
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