ECON 101 Lecture Notes - Lecture 1: Microeconomics, Peanut Butter, Competitive Equilibrium
Document Summary
Class overview: discussion sections discussions focus on problems from previous weeks and additional exercises, exams. 2 midterms and a nal: midterms, midterm 1: jan 30, midterm 2: feb 22. Example : of ce depot and staples (6 billion dollar deals) merger. If two companies have a dispute, merge or request merge approval from the doj or the ftc, lawyers hire economics consultants who will testify. For a merger to happen it should be ef cient and there should be lower prices as a result of economies of scale: one problem with this model that some people may put forward is that regarding geographic. The model fails to address the fact that staples has stores all around. This makes the model not accurate, which results from it being simpli ed. Economics vs other social sciences: a lot of social sciences have models (conceptual ideas) and theories that the test but do not base them on math like economics.
