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Class Notes for Economics at Northeastern University

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ECON 1116 Lecture Notes - Lecture 21: Market Power, Human Capital, Efficiency Wage
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ECON 1116 LECTURE 21: EARNINGS AND DISCRIMINATION Compensating differential: a difference in wages that arises to offset the nonmonetary characteristics of different jobs These characteristics include unpleas...

Economics
ECON 1116
Porter( G)
ECON 1116 Lecture Notes - Lecture 20: Signalling Theory, International Trade, Efficiency Wage
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ECON 1116 LECTURE 20: EARNINGS AND DISCRIMINATION  In competitive markets the wages workers earn equal the value of their marginal products  There are many factors that affect productivity and wages ...

Economics
ECON 1116
Porter( G)
ECON 1116 Lecture Notes - Lecture 19: Economic Surplus, Coase Theorem, Demand Curve
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ECON 1116 LECTURE 19: EXTERNALITIES Self-interested buyers and sellers neglect the external effects of their actions, so the market outcome is not efficient. Pollution: A negative example Air pollution from a factory. The...

Economics
ECON 1116
Porter( G)
ECON 1116 Lecture 18: Externalities
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ECON 1116 LECTURE­18: EXTERNALITIES    What is an 'Externality'  An externality is a consequence of an economic activity that is experienced by unrelated  third parties. An externality can be either positive or negative. ...

Economics
ECON 1116
Porter( G)
ECON 1116 Lecture Notes - Lecture 17: Economic Surplus, Deadweight Loss, Externality
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ECON 1116 LECTURE 17: INTERNATIONAL TRADE  The consensus is that the unemployment rate is constant at 4.9%  The unemployment rate equals the number of unemployed persons divided by the total number o...

Economics
ECON 1116
Porter( G)
ECON 1116 Lecture Notes - Lecture 16: International Trade, Quantitative Easing, Most Favoured Nation
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ECON 1116 LECTURE 16: INTERNATIONAL TRADE Assume you are a policy maker. What could you do to monetarily slow your economy?  Raise taxes  Lower Taxes  Raise Interest rate  Lower interest rate ...

Economics
ECON 1116
Porter( G)
ECON 1116 Lecture Notes - Lecture 15: Infant Industry Argument, Market Power
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ECON 1116 LECTURE 15: INTERNATIONAL TRADE A small economy is a price taker. The science of economics clearly show that trade benefits all economies. Because countries have different absolute and comparative advantages i...

Economics
ECON 1116
Porter( G)
ECON 1116 Lecture Notes - Lecture 14: Oligopoly, Marginal Cost, Competitive Advantage
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ECON 1116 LECTURE 14: MICROECONOMICS Review of previous concepts  Monopolies are bad because they mean higher price but lower quantity  What keeps out competitors in a monopoly...

Economics
ECON 1116
Porter( G)
ECON 1116 Lecture Notes - Lecture 13: Nash Equilibrium, Oligopoly, Game Theory
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ECON 1116 - Lecture 13 – Oligopoly Oligopoly a market structure in which only a few sellers offer similar or identical products What outcomes are possible under oligopoly? They can work together Or beat each other up ...

Economics
ECON 1116
Porter( G)
ECON 1116 Lecture Notes - Lecture 12: Monopolistic Competition, Demand Curve, Product Differentiation
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ECON 1116 Lecture 12: MONOPOLISTIC COMPETITION Characteristics: • Many sellers • Product differentiation • Free entry and exit • Examples- Apartments A company can differentiate itself through adverti...

Economics
ECON 1116
Porter( G)
ECON 1116 Lecture Notes - Lecture 11: State Ownership, Profit Motive, Demand Curve
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ECON 1116 Lecture 11- MONOPOLIES Welfare cost of monopoly In a comp market equilibrium p= mc and total surplus is maximized In the monopoly equation P> MR=mc • The value to buyers of an additional unit exceeds the co...

Economics
ECON 1116
Porter( G)
ECON 1116 Lecture Notes - Lecture 10: De Beers, Natural Monopoly, Marginal Cost
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ECON 1116 Lecture 10: Why monopolies arise? A monopoly is a firm that has exclusive possession or control of the supply or trade in a commodity or service The main cause of monopolies is barriers to entry other firms ca...

Economics
ECON 1116
Porter( G)
ECON 1116 Lecture Notes - Lecture 9: Marginal Revenue, Perfect Competition, Fixed Cost
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ECON 1116 Lecture 9:The costs of Production Short run and long run effects of increase in demand: A firm begins in long run equilibrium but then an increase in demand raises P leading to SR profits for the firm over tim...

Economics
ECON 1116
Porter( G)
ECON 1116 Lecture Notes - Lecture 8: Marginal Cost, Marginal Revenue, Fixed Cost
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ECON 1116 Lecture 8: THE COSTS OF PRODUCTION Example A firm can choose from three factory sizes: S, M, & L The firm can change to a different factory size in the long run but not in the short run Long Ran...

Economics
ECON 1116
Porter( G)
ECON 1116 Lecture Notes - Lecture 7: Cupcake, Marginal Revenue, Marginal Cost
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ECON 1116 Lecture 7: The Costs of Production When the government imposes a binding price floor it causes a surplus When a tax is imposed on a buyer/consumer the demand curve shifts down A tax drives a wedge between th...

Economics
ECON 1116
Porter( G)
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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