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Introduction to Microeconomics
University of Waterloo
Verified Notes

Browse the full collection of course materials, past exams, study guides and class notes for ECON101 - Introduction to Microeconomics at University of Waterloo verified by our …

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Nafeez Fatima

Elshan Alekberov

Wang,Sining

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Class Notes

Taken by our most diligent verified note takers in class covering the entire semester.

ECON101 Lecture 1: ECON STUDY GUIDE CHAPTER ONE

Text: scarcity + incentives: alfred marshall: methodological individualism , keynes: economic way of thinking , robbin: relationship between scarce mea

ECON101 Lecture Notes - Lecture 2: John Maynard Keynes, Warren Buffett, Neoclassical Economics

What is the definition of economics: our wants and our desires = unlimited, esources = limited (both renewable and non renewable) (view specially held

ECON101 Lecture 2: IMG_2936

ECON101 Lecture 2: IMG_2935

ECON101 Lecture 2: ECON STUDY GUIDE CHAPTER TWO

The economic way of thinking: scarcity, choices + tradeoffs, benefits + costs (marginal analysis, rationality. Production possibility frontier (ppf) us

ECON101 Lecture 2: IMG_2938

ECON101 Lecture 2: IMG_2941

ECON101 Lecture 2: IMG_2939

ECON101 Lecture 2: IMG_2940

ECON101 Lecture 2: IMG_2937

ECON101 Lecture 3: IMG_2944

ECON101 Lecture 3: IMG_2942

ECON101 Lecture 3: IMG_2943

ECON101 Lecture 3: IMG_2946

ECON101 Lecture 3: IMG_2947

ECON101 Lecture 3: IMG_2945

ECON101 Lecture Notes - Lecture 3: Marginal Utility, Marginal Cost, Opportunity Cost

ECON101 Lecture 3: IMG_2948

ECON101 Lecture 4: IMG_2950

ECON101 Lecture 4: IMG_2952

ECON101 Lecture 4: IMG_2951

ECON101 Lecture 4: IMG_2949

ECON101 Lecture Notes - Lecture 4: Marginalism, Negative Relationship, Economic Model

Sept 18: graphs used in econ models: relationship b/w two variables, positive relationship (direct, three forms: linear, becoming steeper (convex), bec

ECON101 Lecture 4: IMG_2953

ECON101 Lecture 5: IMG_2956

ECON101 Lecture 5: IMG_2954

ECON101 Lecture 5: IMG_2955

ECON101 Lecture 5: IMG_2958

ECON101 Lecture 5: IMG_2957

ECON101 Lecture Notes - Lecture 5: Unnecessary Health Care, Marginal Utility, Marginal Cost

Increasing opportunity cost of production is described by the concave graph. Marginal benefit & cost: marginal cost is the opportunity cost of cons

ECON101 Lecture Notes - Lecture 6: Relative Price, Demand Curve, Perfect Competition

Considered the most important economic model i. e. microeconomic model. Set of assumptions must be made when graphing this model i. e. building it. A m

ECON101 Lecture 6: IMG_2970

ECON101 Lecture 7: IMG_2961

ECON101 Lecture 7: IMG_2959

ECON101 Lecture Notes - Lecture 7: Frozen Yogurt, Complementary Good, Marginal Cost

Change in quantity demanded: change in price and movement along the curve. Change in demand causes entire curve to shift as opposed to movement along t

ECON101 Lecture 7: IMG_2960

ECON101 Lecture 7: IMG_2962

ECON101 Lecture 8:

ECON101 Lecture 8:

ECON101 Lecture 8:

ECON101 Lecture 8:

ECON101 Lecture 8:

ECON101 Lecture 8:

ECON101 Lecture 8:

ECON101 Lecture 8:

ECON101 Lecture 8: lecture 7

ECON101 Lecture Notes - Lecture 9: Demand Curve

Relationship between price elasticity of demand and total revenue. Factors that affect price elasticity of demand. Demand represents entire relationshi

ECON101 Lecture 9: IMG_2932

ECON101 Lecture 9: IMG_2894

ECON101 Lecture 9: IMG_2892

ECON101 Lecture 9: IMG_2930

ECON101 Lecture 9: IMG_2931

ECON101 Lecture 9: IMG_2893

ECON101 Lecture 10: Chapter 10

ECON101 Lecture 10: Chapter 10

ECON101 Lecture 10: Chapter 10

ECON101 Lecture 10: Chapter 10

ECON101 Lecture 10: Chapter 10

ECON101 Lecture 10: Chapter 10

ECON101 Lecture 10: Chapter 10

ECON101 Lecture Notes - Lecture 11: Marginal Utility, Normal Good, Indifference Curve

ECON101 Lecture Notes - Lecture 13: Budget Constraint, Real Income, Relative Price

The budget line shows the various constraints of these two goods the consumer can afford given his/her income and prices of the good. The budget constr

ECON101 Lecture Notes - Lecture 14: Demand Curve, Neuroeconomics, Budget Constraint

Pick a bundle from the affordable set that either maximises the combined total utility or where the marginal utility per dollar spent are equal. The la

ECON101 Lecture Notes - Lecture 15: Indifference Curve, Equilibrium Point, Substitute Good

Chapter 8, the theory of consumer choice (a recap): Hypothetical consumer: lisa (rational and self interested) Two prices: pm and pp income : y. S. t.

ECON101 Lecture 16: lecture 16

Graph 1: decrease in $ of movies graph 2: increase in income. A move from a to b is called the price effect. The law of demand predicts that there is a

ECON101 Lecture Notes - Lecture 17: Opportunity Cost, Economic Efficiency, Physical Capital

Chapter 10: organizing production and output and costs prof nafeez fatima. The economic profit = total revenue total cost. Total cost = total revenue t

ECON101 Lecture 18: lecture 16

Explain the major advantages and disadvantages of each: the three types of business organizations, sole proprietorship single owner of firm. Unlimited

ECON101 Lecture 19: lecture 19

Humans are inherently loss aversive, normally act irrationally when making economic decisions. E. g. if you paid for a movie, and it turns out the movi

ECON101 Lecture Notes - Lecture 20: Production Function, Marginal Product, Market Power

Lecture 20: difference between short run and long run: In the short run, at least one of the inputs is fixed. In the long run, all inputs are variable.

ECON101 Lecture Notes - Lecture 21: Profit Maximization

ECON101 Lecture Notes - Lecture 23: Marginal Revenue, Natural Monopoly, Demand Curve

Long run price is equal to average revenue or some shit. Efficient use of resources - discussed in chapter 6 changing tastes and advancing tech. If you

ECON101 Lecture Notes - Lecture 24: Monopolistic Competition, Capitalization Rate, Price Discrimination

ECON101 Lecture Notes - Lecture 25: Repeated Game, Demand Curve, Oligopoly

The demand curve is kinked at the current price and quantity. The firm assumes that if it raises its price, no price will change the price. The firm as