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Class Notes for ECON 1 at University of California - Los Angeles (UCLA)

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UCLAECON 1Randall RojasFall

ECON 1 Lecture Notes - Lecture 1: Cengage Learning, Invisible Hand, Opportunity Cost

OC11378896 Page
26 Sep 2016
15
N. gregory mankiw, 7th edition with mindtap printed. *can do trial if deciding* - 10/12 expires. Only cengage hw assignments are graded, mindtap exampl
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UCLAECON 1Randall RojasFall

ECON 1 Lecture 5: Econ 1 chapter 5

OC11438526 Page
29 Jan 2017
14
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UCLAECON 1Kim, WookunWinter

ECON 1 Lecture Notes - Lecture 4: Price War, Normal Good, Breakfast Cereal

OC23751664 Page
27 Jan 2018
0
Elasticity : measure of the responsiveness of qd or qs. To a change in one of its determinants. Price elasticity of demand: how much the quantity deman
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UCLAECON 1Randall RojasFall

ECON 1 Lecture Notes - Lecture 7: Price Ceiling, Normal Good, Price Floor

OC113788913 Page
15 Oct 2016
14
If demand is elastic then price elasticity of demand > 1. % change in q > % change in p. The fall in revenue from lower q is greater than the increase
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UCLAECON 1Randall RojasFall

ECON 1 Lecture 4: ECON1: Lecture 4 (10/4/16)

OC11378899 Page
5 Oct 2016
11
Supply and demand are forces that make market economies work. They determine the quantity of each good produced and the price at which it is sold. Ex:
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UCLAECON 1Randall RojasFall

ECON 1 Lecture Notes - Lecture 2: Absolute Advantage, Comparative Advantage, Market Failure

OC113788910 Page
28 Sep 2016
5
Central idea: government may alter market outcome to promote equity. If the market"s distribution of economic well-being is not desirable, tax or welfa
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UCLAECON 1Randall RojasFall

ECON 1 Lecture Notes - Lecture 11: Opportunity Cost, Comparative Advantage, Plasma Display

OC113788910 Page
2 Nov 2016
5
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UCLAECON 1Convery, PatrickSpring

ECON 1 Lecture Notes - Lecture 1: Opportunity Cost, Absolute Advantage, Comparative Advantage

OC11626322 Page
15 Sep 2016
6
Opportunity cost: the value of the next best alternative forgone when an action is taken: chose option a but option b is next best option and your oppo
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UCLAECON 1Randall RojasFall

ECON 1 Lecture Notes - Lecture 3: Absolute Advantage, Comparative Advantage, Opportunity Cost

OC11378897 Page
30 Sep 2016
13
Gains from trade arise from comparative advantage (differences in opportunity costs) When each country specializes in the goods in which it has a compa
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UCLAECON 1Randall RojasFall

ECON 1 Lecture 5: ECON1: Lecture 5 (10/6/16)

OC113788912 Page
7 Oct 2016
16
A: the cost of producing a good is not equal across all suppliers. At a low price, a good is produced and sold only by the lowest cost suppliers. At a
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UCLAECON 1Randall RojasFall

ECON 1 Lecture Notes - Lecture 10: Economic Surplus, Laissez-Faire, Economic Equilibrium

OC113788911 Page
28 Oct 2016
8
Market economy: allocation of resources is decentralized. Determined by the interactions of many self-interested buyers/sellers. Policymakers are about
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UCLAECON 1Randall RojasFall

ECON 1 Lecture Notes - Lecture 9: Junk Food, Luxury Tax, Deadweight Loss

OC113788914 Page
27 Oct 2016
5
Depends on relative elasticities of supply and demand. Less elastic side of market pay greater share of tax (bear greater burden of tax) If sellers are
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