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Class Notes for ECON 224 at University of South Carolina (SC)

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SCECON 224AchSpring

ECON 224 Lecture Notes - Lecture 11: Deadweight Loss, Market Distortion, Economic Surplus

OC12743623 Page
5 Mar 2017
0
Price paid by the buyer minus the price paid by the seller. The effects of the tax: deadweight loss of the tax, the fall in total surplus that results
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SCECON 224AchSpring

ECON 224 Lecture Notes - Lecture 8: Luxury Goods, Normal Good

OC12743623 Page
17 Feb 2017
0
Elasticity: basic idea: measures on variable responds to a change in another variable, definition: numerical measure of the responsiveness of qd and qs
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SCECON 224AchSpring

ECON 224 Lecture Notes - Lecture 14: Monopolistic Competition, Imperfect Competition, Perfect Competition

OC12743624 Page
23 Mar 2017
0
8:51 am: characteristics of perfect competition, many buyers and many sellers, the goods offered for sale are largely the same, firms can freely enter
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SCECON 224AchSpring

ECON 224 Lecture Notes - Lecture 10: Price Ceiling, Price Floor, Economic Equilibrium

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5 Mar 2017
0
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SCECON 224AchSpring

ECON 224 Lecture Notes - Lecture 2: Opportunity Cost, Marginalism

OC12743622 Page
14 Jan 2017
2
Economics tells us how to make the best use of our scarce resources: principle 1: people face trade off. When you decide to do something, you must trad
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SCECON 224AchSpring

ECON 224 Lecture Notes - Lecture 5: Ramen, Demand Curve, Normal Good

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9 Feb 2017
2
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SCECON 224AchSpring

ECON 224 Lecture Notes - Lecture 5: Absolute Advantage, Opportunity Cost, Demand Curve

OC12743622 Page
30 Jan 2017
3
Third model: the production possibilities frontier: graph that shows the combinations of two goods the economy can possibly produce given the available
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