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ECON 2023 (20)

Class Notes for ECON 2023 at University of Arkansas

Principles of Microeconomics

ECON 2023 Lecture Notes - Lecture 22: International Trade, Comparative Advantage
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Terms of Trade - Specialization▯ Largest possible amount of outputs • Terms of trade - Exchange ratio at which each nation trades their products - Determine whether each nation can get “better d...

Economics
ECON 2023
Jeff Cooperstein
ECON 2023 Lecture Notes - Lecture 21: Absolute Advantage, Opportunity Cost, Comparative Advantage
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Two Isolated Nations • Suppose world consists of 2 countries (U.S. & Mexico) - Labor size of these 2 nations= equal - Each nation can produce both beef & vegetable (@ different e...

Economics
ECON 2023
Jeff Cooperstein
ECON 2023 Lecture Notes - Lecture 20: Opportunity Cost, Absolute Advantage, International Trade
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International Trade The Economic Basis for Trade • 3 Underlying facts that trade is beneficial • 1.) Distribution of natural, human & capital resources among nations= uneven - Nations differ in...

Economics
ECON 2023
Jeff Cooperstein
ECON 2023 Lecture Notes - Lecture 19: Status Quo Bias, Dynamic Inconsistency, Brand Loyalty
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Status Quo Bias Status quo bias • - Tendency people have to favor any option presented as being default (status quo) option - Less likely to check off the box (oppose default option) • E.g.) Or...

Economics
ECON 2023
Jeff Cooperstein
ECON 2023 Lecture Notes - Lecture 18: Daniel Kahneman, Marginal Utility, Prospect Theory
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Prospect Theory • Neoclassical economics: Consumer-choice situation only in good situations Behavioral economics: How people cope w. negative possibilities • - 3 facts how people deal w. goods & bads ...

Economics
ECON 2023
Jeff Cooperstein
ECON 2023 Lecture Notes - Lecture 17: Cognitive Bias, Fallacy, Hindsight Bias
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Brain Modularity • Modular - Specific areas deal w. specific sensations, activities, emotions - =Modern human brain - Oldest parts of brain=in back of head • Older parts= Subcon...

Economics
ECON 2023
Jeff Cooperstein
ECON 2023 Lecture Notes - Lecture 16: Impulse Purchase, Behavioral Economics, Optical Illusion
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View Behavioral Economics & Neoclassical Economics as Complements - Complementary approaches - Conjunction to help improve understanding of human behavior - E.g.) Helpful to understand how peo...

Economics
ECON 2023
Jeff Cooperstein
ECON 2023 Lecture Notes - Lecture 15: Behavioral Economics, Observational Error, Rationality
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Behavioral Economics Systematic Errors and Origin of Behavioral Economic • Rational - Maximize our chances of achieving what we want - We feel that our decisions are rational <= NOT true! • System...

Economics
ECON 2023
Jeff Cooperstein
ECON 2023 Lecture Notes - Lecture 14: Protective Tariff, Import Quota, Export Restriction
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Comparative Advantage - ⭐Absolute advantage= NOT necessarily comparative advantage - Assumptions • 2 nations • Same size labor force • Constant costs in each country • Different costs ...

Economics
ECON 2023
Jeff Cooperstein
ECON 2023 Lecture Notes - Lecture 13: Marginal Revenue, Economic Equilibrium, Demand Curve
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⭐ Marginal Cost & Short-Run Supply • P1: firm does NOT produce o (Because Price is below the minimum AVC) • P2: Operate at the point of b o Loss= Total Fixed Cost...

Economics
ECON 2023
Jeff Cooperstein
ECON 2023 Lecture Notes - Lecture 12: Marginal Revenue, Profit Maximization, Taipei Metro
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Profit Maximization in the Short Run • Pure competition= price taker▯ can NOT max profit by raise/ lower price • ▯Maximize profit by adjusting the output o Change amount of variable resourc...

Economics
ECON 2023
Jeff Cooperstein
ECON 2023 Lecture Notes - Lecture 11: Monopolistic Competition, Oligopoly, Market Price
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4 Basic Models of Market Structure • understand how price & output= determined in product markets in economy • evaluate efficiency/ inefficiency of markets • provide critical background for assessing p...

Economics
ECON 2023
Jeff Cooperstein
ECON 2023 Lecture 10: ECON 6
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Economics
ECON 2023
Jeff Cooperstein
ECON 2023 Lecture 9: ECON 3-2
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Economics
ECON 2023
Jeff Cooperstein
ECON 2023 Lecture 8: ECON 3-1
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Economics
ECON 2023
Jeff Cooperstein
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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