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Class Notes for ECON 101 at Virginia Commonwealth University (VCU)

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VCUECON 101seaySpring

ECON 101 Lecture Notes - Lecture 1: Harry Dexter White, United States Treasury Security, Reserve Currency

OC15188333 Page
7 Apr 2017
0
General agreement of tariffs and trades (gatt) John maynard canes (lord canes): leading economist in the world. Founding father of post-world war 2 glo
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VCUECON 101Richard CoeFall

ECON 101 Lecture Notes - Lecture 7: Demand Curve, Little Caesars, Longrun

OC14338943 Page
14 Jan 2017
3
Determinants of elasticity of demand and supply, and the 2nd laws of demand and supply. The better the substitutes, the more elastic the demand (higher
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VCUECON 101Richard CoeFall

ECON 101 Lecture Notes - Lecture 1: Vehicle Insurance, The Seller, Ebay

OC14338945 Page
10 Jan 2017
3
Th(cid:396)oughout the se(cid:373)este(cid:396), (cid:449)hile (cid:449)e ha(cid:448)e(cid:374)"t (cid:271)ee(cid:374) (cid:448)e(cid:396)(cid:455) e(c
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VCUECON 101Richard CoeFall

ECON 101 Lecture Notes - Lecture 2: Comparative Advantage, Chocolate Cake, Deodorant

OC14338946 Page
10 Jan 2017
2
We have already considered the case where there were external costs, but there is also the possibility that there are external benefits. Private benefi
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VCUECON 101Richard CoeFall

ECON 101 Lecture Notes - Lecture 2: Price Discrimination, Deadweight Loss, Marginal Cost

OC14338942 Page
10 Jan 2017
2
Economic efficiency- two conditions must occur to maximize gains from trade: total benefits total costs (this condition means that gft 0, marginal bene
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VCUECON 101Richard CoeFall

ECON 101 Lecture Notes - Lecture 4: Decstation, W. M. Keck Observatory, Economic Equilibrium

OC14338945 Page
10 Jan 2017
2
A price ceiling is a maximum legal price. If no price ceiling was established, the equilibrium that would result is (p*, q*), our normal undistorted eq
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VCUECON 101Richard CoeFall

ECON 101 Lecture Notes - Lecture 16: Marginal Revenue, Demand Curve, Economic Equilibrium

OC14338946 Page
14 Jan 2017
3
Horizontal summation of supply and demand curves (again) Horizontal summation of supply or demand curves is very simple. Suppose we have two individual
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VCUECON 101Richard CoeFall

ECON 101 Lecture Notes - Lecture 1: Selection Bias, Rationality, Jargon

OC14338943 Page
10 Jan 2017
2
Economics is the study of choices made by people in the presence of scarcity. Economics is largely about the choices people make given the constraints
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VCUECON 101Richard CoeFall

ECON 101 Lecture Notes - Lecture 1: Normal Good, Inferior Good, Kmart

OC143389414 Page
10 Jan 2017
3
Total use value (tv) - how much it is worth to consume a certain quantity of goods. Total use value is always increasing, but at a decreasing rate. Mos
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