Verified Documents at McMaster University

Browse the full collection of course materials, past exams, study guides and class notes for ECON 1B03 - Introductory Microeconomics at McMaster University verified by our …
PROFESSORS
All Professors
All semesters
Hannah Holmes
fall
27
Aleksandra Gajic
fall
19

Verified Documents for Hannah Holmes

Class Notes

Taken by our most diligent verified note takers in class covering the entire semester.
ECON 1B03 Lecture 1: How the Economy Works
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ECON 1B03 Lecture 1: September 05, 2018
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ECON 1B03 Lecture Notes - Lecture 1: Royal Institute Of Technology, Microsoft Powerpoint
Professor hannah holmes specifically requests to be called professor holmes". Hholmes@mcmaster. ca: subject line should include course code, only email
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ECON 1B03 Lecture Notes - Lecture 1: Microsoft Powerpoint
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ECON 1B03 Lecture Notes - Lecture 2: Absolute Advantage, Comparative Advantage, Opportunity Cost
Normative: opinion: minimum wage laws are bad for the economy normative, if the government really wants to help low income families, it should raise th
226
ECON 1B03 Lecture Notes - Lecture 2: Absolute Advantage, Capital Good, Tim Hortons
Econ1b03 lecture 2: comparative advantage and gains from trade. Want to specialize, produce certain goods, etc. Economists typically give positive if a
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ECON 1B03 Lecture Notes - Lecture 3: P200, Normal Good, Inferior Good
Econ 1b03 lecture 3: demand, supply and market equilibrium. Pretest already available online contact ia if you have any problems with that. Test: topic
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ECON 1B03 Lecture Notes - Lecture 3: E-Reader, Economic Equilibrium, Microsoft Powerpoint
*test next saturday all content up to this point* Price of good income relationship with other goods (complements and competitors) Time factor (long te
429
ECON 1B03 Lecture Notes - Lecture 4: Potash, Comparative Advantage, Opportunity Cost
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ECON 1B03 Lecture Notes - Lecture 5: Economic Equilibrium, Demand Curve, Inferior Good
Email the ta if you have any issues or questions about your mark. Dry, but something economists use all the time. Measures how responsive quantity dema
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ECON 1B03 Lecture Notes - Lecture 5: Demand Curve, Hyperbola
Elasticity: measures how responsive qd or qs is to changes in p and other determinants. This knowledge would be very useful to firms and policymakers w
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ECON 1B03 Lecture Notes - Lecture 5: Lead
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ECON 1B03 Lecture Notes - Lecture 6: Demand Curve, Inferior Good, Normal Good
Income elasticity of demand: measures how much quantity demanded of a good responds to a change in consumers income. It"s computed as % change in quant
370
ECON 1B03 Lecture Notes - Lecture 7: Economic Surplus, Reservation Price, Economic Equilibrium
Econ 1b03 lecture 6 welfare, externalities, public goods, price controls. Basis of the course has bene gone through. Rest of the course is interesting
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ECON 1B03 Lecture Notes - Lecture 7: Low Fidelity, Repeatability, Peeler
Ideally, measure directly, and assign a value to that measurement. Make sure that inverse relationship is accounted for. Destructive tests (may or may
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ECON 1B03 Lecture Notes - Lecture 8: Perfect Competition, Average Variable Cost, Marginal Cost
Econ 1b03 lecture 7 costs of production and perfect competition. Costs of production are on test #2. Content" test 2" on avenue goes over what we need
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ECON 1B03 Lecture Notes - Lecture 8: Substitute Good
Price elasticity of supply, es: measure of how much quantity supplied of a good responds to a change in price of good. Price elasticity of supply is %
561
ECON 1B03 Lecture Notes - Lecture 9: Economic Surplus, Reservation Price, Economic Equilibrium
Benefits consumers and firms receive by participating in market. Every buyer in an economy is only willing to pay up to a certain amount for a good/ser
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ECON 1B03 Lecture Notes - Lecture 10: Economic Surplus, Competitive Equilibrium
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ECON 1B03 Lecture Notes - Lecture 10: Monopolistic Competition, Marginal Revenue, Demand Curve
Econ 1b03 lecture 7: monopoly and monopolistic competition. Big firm that produces a firm that nobody produces anything like: no substitutes. Service e
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ECON 1B03 Lecture Notes - Lecture 11: Monopoly Profit, Oligopoly, Market Price
Econ 1b03 workshop 8: oligopoly and resource markets. If they can enter, it becomes a perfectly competitive. Practice questions outcome: there are 2 fi
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ECON 1B03 Lecture Notes - Lecture 11: Marginal Cost, Demand Curve, Competitive Equilibrium
Benefit enjoyed by individual even though they did not pay to. Sometimes there are benefits and costs that arise in market that go uncompensated. Ex. y
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ECON 1B03 Lecture Notes - Lecture 12: Coase Theorem, List Of Universities In Canada, Externality
Education benefits not only those who go to school; all of society benefits by having an educated, more productive population. Value of education to ev
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ECON 1B03 Lecture 12: ECON 1B03 Lecture : ECON 1B03 Lecture : ECON 1B03 Lecture 9 Consumer Teoryh
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ECON 1B03 Lecture Notes - Lecture 13: Excludability, Externality
So far, we have looked at markets for goods and services that are supplied by private firms. Now, what about goods and services supplied by public sect
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ECON 1B03 Lecture Notes - Lecture 13: Average Variable Cost, Marginal Revenue, Perfect Competition
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ECON 1B03 Lecture Notes - Lecture 14: Price Ceiling, Economic Equilibrium
Recall: in a free, unregulated market system, market forces establish equilibrium prices and exchange quantities. While equilibrium conditions may be e
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