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Class Notes for ECON 001 at University of Pennsylvania (UPENN)

UPENNECON 001Janice SteinFall

Econ 101.docx

OC33813325 Page
20 Oct 2014
38
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UPENNECON 001Stein RebeccaFall

ECON 001 Lecture Notes - Lecture 11: Economic Surplus, Pharmaceutical Industry, Prescription Drug

OC4862506 Page
24 Aug 2016
3
In this case, the firm has increasing returns to scale. In other words the bigger it is, the cheaper it can produce. And in this case, it is more effic
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UPENNECON 001Stein RebeccaFall

ECON 001 Lecture Notes - Lecture 14: Proportional Tax, Deadweight Loss, Sales Tax

OC4862503 Page
24 Aug 2016
8
The distribution of income is not divided equally. The more equal the income distribution, the closer we will be to the line of equality: income distri
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UPENNECON 001Stein RebeccaFall

ECON 001 Lecture 2: Econ 001 Notes - Supply and Demand

OC4862504 Page
24 Aug 2016
5
Demand curve = a schedule or graph showing the quantity of a goods that buyers wish to buy at each price. All other influences on consumer purchases re
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UPENNECON 001Stein RebeccaFall

ECON 001 Lecture Notes - Lecture 1: Technological Change, Capital Good, Opportunity Cost

OC4862503 Page
24 Aug 2016
5
The rest of reality is unimportant in models. Economics the study of the allocation of scarce resources to satisfy unlimited wants (no difference betwe
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UPENNECON 001Stein RebeccaFall

ECON 001 Lecture Notes - Lecture 9: Profit Maximization, Perfect Competition, Marginal Revenue

OC4862504 Page
24 Aug 2016
1
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UPENNECON 001Stein RebeccaFall

ECON 001 Lecture Notes - Lecture 13: Coase Theorem, Influenza Vaccine, Mira-Bhayandar Municipal Corporation

OC4862503 Page
24 Aug 2016
2
The first unit introduces the concepts of externalities, which suggests that sometimes there is a third party, apart from the buyer or the seller, that
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UPENNECON 001Stein RebeccaFall

ECON 001 Lecture Notes - Lecture 10: Market Power, Economic Equilibrium, Equilibrium Point

OC4862502 Page
24 Aug 2016
1
Entry and exit from an industry: new firms enter an industry in which existing firms earn an. Long run profits = zero (no entry or exit because of stab
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UPENNECON 001Stein RebeccaFall

ECON 001 Lecture Notes - Lecture 5: Normal Good, Microsoft Powerpoint, Demand Curve

OC4862506 Page
24 Aug 2016
1
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UPENNECON 001Stein RebeccaFall

ECON 001 Lecture Notes - Lecture 12: Economic Surplus, Market Power, Demand Curve

OC4862506 Page
24 Aug 2016
1
Only one firm in the market (pure monopoly) (cid:0) firm making a good that no one else is producing: barrier to entry. Ex: legal barrier like with pha
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UPENNECON 001Stein RebeccaFall

ECON 001 Lecture Notes - Lecture 1: Technological Change, Capital Good, Opportunity Cost

OC4862502 Page
24 Aug 2016
7
The rest of reality is unimportant in models. Economics the study of the allocation of scarce resources to satisfy unlimited wants (no difference betwe
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UPENNECON 001Stein RebeccaFall

ECON 001 Lecture Notes - Lecture 4: Invisible Hand, Marginal Cost, Price Ceiling

OC4862507 Page
24 Aug 2016
2
Allows us to compare goods and countries o. Always going to be negative because as the percentage change in price. But you take the increases, quantity
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