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Lecture

ECON 2030 Economic Principles Lecture Notes

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Department
Economics
Course
ECON 2030
Professor
All Professors
Semester
Fall

Description
TODAYS MENUWednesday 18 June 2014IBUSINESSAPractice Problems1Chapter 7 13 612 14 18IISUBSTANCEAIncidence of taxation1Motivation2ToolsaElasticitybEconomic surplus ESbenefitminus cost from the perspective of the buyer the net benefit to the society of the economic transaction ESbencostCSPSgovernment revenueIn the most basic economic transaction we have the buyer and the seller Surplussomething extra that results from an economic activity Marketsthe activity of buying and selling iConsumer surplus CSextra that the buyer is gettingbenefitcost Buyer CSbenefit cost Get
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