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ECON 202 Lecture Notes - Lecture 6: Economic Surplus, Economic Efficiency, Demand Curve
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ECON 202: Principles of Microeconomics - Lecture 6: Economic Efficiency, Government Price Setting, and Taxes Pt. 1 Consumer Surplus ● Consumer surplus is a measure of the dollar benefit consumers receive from buyi...

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ECON 202 Lecture Notes - Lecture 5: Economic Equilibrium, Demand Curve
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ECON 202: Principles of Microeconomics - Lecture 5: The Interaction of Demand and Supply Pt. 2 Market Equilibrium ● Price is determined by the interaction of buyers and sellers. ● In a competitive market, nei...

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ECON 202 Lecture Notes - Lecture 16: Natural Monopoly, Marginal Revenue, Marginal Cost
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ECON 202: Principles of Microeconomics - Lecture 16: Monopoly and Antitrust Policy Do Monopolies Really Exist? ● Monopoly: A firm that is the only seller of a good or service that does not have a close subs...

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ECON 202 Lecture Notes - Lecture 14: Monopolistic Competition, Marginal Revenue, Demand Curve
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ECON 202: Principles of Microeconomics - Lecture 14: Monopolistic Competition What is Monopolistic Competition? ● Monopolistic Competition: A market structure in which barriers to entry are low and many fir...

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ECON 202 Lecture Notes - Lecture 8: Deadweight Loss, Cost, Social Cost
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ECON 202: Principles of Microeconomics - Lecture 8: Externalities, Environmental Policy, and Public Goods Pt. 1 Externalities ● In the past lectures, it has been shown that the most efficient market outcome will c...

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ECON 202 Lecture Notes - Lecture 3: Comparative Advantage, Absolute Advantage, Opportunity Cost
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ECON 202: Principles of Microeconomics - Lecture 3: Trade-offs, Comparative Advantage, and the Market System Pt. 2 Specialization and gains from Trade ● Together, the PPF and the concept of opportunity costs give ...

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ECON 202 Lecture Notes - Lecture 11: Average Cost, Fixed Cost, Production Function
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ECON 202: Principles of Microeconomics - Lecture 11: Technology, Production, and Costs Economic Definition of Technology ● The basic activities of a firm is to use inputs — workers — m...

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ECON 202 Lecture Notes - Lecture 7: Price Floor, Economic Equilibrium, Price Ceiling
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ECON 202: Principles of Microeconomics - Lecture 7: Economic Efficiency, Government Price Setting, and Taxes Pt. 2 Government Price Controls ● On occasion, the government might override market outcomes by setting ...

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ECON 202 Lecture Notes - Lecture 4: Peanut Butter And Jelly Sandwich, Ceteris Paribus, Demand Curve
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ECON 202: Principles of Microeconomics - Lecture 4: The Interaction of Demand and Supply Pt. 1 What Determines the Price of a Smartphone? ● Demand for smartphones: ○ How many smartphones do consumers wa...

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ECON 202 Lecture Notes - Lecture 2: Lincoln Near-Earth Asteroid Research, Opportunity Cost
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ECON 202: Principles of Microeconomics - Lecture 2: Trade-offs, Comparative Advantage, and the Market System Pt. 1 Scarcity and Trade-offs ● Scarcity: a situation in which unlimited wants exceed the limited resourc...

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ECON 202 Lecture Notes - Lecture 1: Marginal Utility, Marginal Cost, Marginalism
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ECON 202: Principles of Microeconomics - Lecture 1: Foundations and Models What is Economics? Why is it important? ● People are required to make choices in order to attain their goals; choices are necessary ...

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ECON 202 Lecture Notes - Lecture 15: Occupational Licensing, Business Game, Oligopoly
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ECON 202: Principles of Microeconomics - Lecture 15: Oligopoly Oligopoly and Barriers to Entry ● Oligopoly: A market structure in which a small number of interdependent firms compete. ● Oligopolies exist beca...

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ECON 202 Lecture Notes - Lecture 13: Perfect Competition, Marginal Revenue, Market Power
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ECON 202: Principles of Microeconomics - Lecture 13: Firms in Perfectly Competitive Markets Characteristics of a Perfectly Competitive Market ● Economists categorize markets into four main structures based on thre...

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ECON 202 Lecture Notes - Lecture 10: Demand Curve, Negative Number, Normal Good
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ECON 202: Principles of Microeconomics - Lecture 10: Elasticity: The Responsiveness of Demand and Supply What is Elasticity? ● Elasticity: A measure of how much one economic variable (such as quantity demanded ...

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ECON 202 Lecture Notes - Lecture 9: Public Good, Private Good, Demand Curve
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ECON 202: Principles of Microeconomics - Lecture 9: Externalities, Environmental Policy, and Public Goods Pt. 2 Four Categories of Goods ● Goods can be categorized on the basis of whether their consumption is riva...

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