# MGEA02H3

Introduction to Microeconomics: A Mathematical Approach

Economic theory of the firm and the consumer. Calculus, algebra and graphs are used extensively. The course is oriented towards students interested in the Specialist Program in Management, the Specialist program in Economics for Management Studies, and the Major Program in Economics for Management Studies.
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## 24HR Notes for MGEA02H3

Available 24 hours after each lecture

#### Exam Solutions for MGEA02H3

##### MGEA02H3 Study Guide - Summer 2018, Final - Opportunity Cost, Normal Good, Complementary Good Exam

ECMA04F First Term Test - October 14, 2005 Time: 90 minutes Profs. Michael Krashinsky and Gordon Cleveland Version 1 PRINT CLEARLY NAME: _______________________ _______________________ (Last name) (First name) STUDENT NUMB...

Economics for Management Studies
MGEA02H3
Gordon Cleveland
##### MGEA02H3 Study Guide - Summer 2018, Final - Opportunity Cost, Economic Surplus, Demand Curve Exam

ECMA04H - VERSION A Sketchy Solutions to First Term Test, written on October 20, 2006 These are the answers to VERSION A. Q1: C On the PPF, if X = 7, Y = 20 - 12.8 = 7.2, so the point (7,7.4) is unattainable Q2: E opportun...

Economics for Management Studies
MGEA02H3
Gordon Cleveland
##### MGEA02H3 Study Guide - Summer 2018, Final - Normal Good, W. M. Keck Observatory, Complementary Good Exam

ECMA04H First Term Test - October 20, 2006 Time: 90 minutes Professors Michael Krashinsky and Gordon Cleveland Version A Instructions: PLEASE READ CAREFULLY 1. On the Scantron answer sheet, you must PRINT your last name an...

Economics for Management Studies
MGEA02H3
Gordon Cleveland

### Semesters

#### All MGEA02H3 Materials | Fall 2015

##### MGEA02H3 Lecture Notes - Fall 2015, Lecture 13 - Invisible Hand, Demand Curve, Economic Equilibrium 24HRPremium

MGEA02 Lecture 13 Perfect Competition When there is a positive shock to the demand curve the market reallocates its resources as if by an invisible hand (Adam Smith) Competitions acts as an invisible hand to serve the comm...

Economics for Management Studies
MGEA02H3
Gordon Cleveland
##### MGEA02H3 Lecture Notes - Fall 2015, Lecture 11 - Opportunity Cost 24HRPremium

MGEA02 Lecture 11 Costs of Production Long Run The long run average costs (LRAC) curve is the envelope of all the short run average cost curves Each short run average cost curve (SRAC) is associated with one level of capit...

Economics for Management Studies
MGEA02H3
Gordon Cleveland
##### MGEA02H3 Lecture Notes - Fall 2015, Lecture 8 - Demand Curve, Economic Surplus, Deadweight Loss 24HRPremium

MGEA02 Lecture 8 Elasticity Tax Incidence and Tax Burden Continued Incidence of an Excise Tax on Extreme Elasticities 1.Perfectly elastic demand BS=0 Infinite elastic demand curve 2.Perfectly inelastic demand No change in ...

Economics for Management Studies
MGEA02H3
Gordon Cleveland
##### MGEA02H3 Lecture Notes - Fall 2015, Lecture 10 - Production Function, Fixed Cost, Variable Cost 24HRPremium

MGEA02 Lecture 10 Supply in the Short Run Production function: q = f (k, L) Short run production function: q = g(L) TC (Total Cost) = PkK + PlL PkK = cost of capital equipment (fixed cost) PlL = cost of labour (variable co...

Economics for Management Studies
MGEA02H3
Gordon Cleveland
##### MGEA02H3 Lecture Notes - Fall 2015, Lecture 9 - Diminishing Returns, Marginal Product 24HRPremium

MGEA02 Lecture 9 Production Productivity and Costs Decisions by firms about how much to supply at a particular selling price are strongly related to the firms cost The objective is to maximize profit Firms hire labour, get...

Economics for Management Studies
MGEA02H3
Gordon Cleveland
##### MGEA02H3 Lecture Notes - Fall 2015, Lecture 7 - Demand Curve, Excise 24HRPremium

MGEA02 Lecture 7 Elasticity Tax Incidence and Tax Burden Key characteristic of demand and supply is elasticity Elasticity = sensitivityresponsiveness Elasticity of Demand Elasticity of demand: Ed =(dQdP) x (PQ) = change i...

Economics for Management Studies
MGEA02H3
Gordon Cleveland
##### MGEA02H3 Lecture 3: Demand and Supply 24HRPremium

MGEA02 Lecture 3 Demand and supply in a Competitive Market Demand is the willingness to buy Demand curve tells us what would happen if the prices were at any value Supply curve tells us the prices the suppliers are willing...

Economics for Management Studies
MGEA02H3
Gordon Cleveland
##### MGEA02H3 Lecture Notes - Fall 2015, Lecture 5 - Economic Surplus 24HRPremium

MGEA02 Lecture 5 Demand and Utility Demand curves are negatively sloped because people buy less when the price is high and less when the price is low Demand curves reflect the utility (wellbeingsatisfaction) of consumers H...

Economics for Management Studies
MGEA02H3
Gordon Cleveland
##### MGEA02H3 Lecture Notes - Fall 2015, Lecture 4 - Price Ceiling, Price Floor 24HRPremium

MGEA02 Lecture 4 Supply Producer may be different than seller For this course, assume supplierproducer =seller Supply curve has a positive slope because of increasing marginal costs Supply Curve A point on the supply curve...

Economics for Management Studies
MGEA02H3
Gordon Cleveland
##### MGEA02H3 Lecture Notes - Fall 2015, Lecture 6 - Economic Surplus 24HRPremium

MGEA02 Lecture 6 Consumer and Producer Surplus Wellbeing can be measured as the sum of the consumer and producer surplus oEx. If someone is offered a deal to have as many CDs per year as he wants for a flat fee of 2,400 or...

Economics for Management Studies
MGEA02H3
Gordon Cleveland
##### MGEA02H3 Lecture Notes - Fall 2015, Lecture 1 - Opportunity Cost 24HRPremium

MGEA02 Lecture 1 Opportunity Cost; Production Possibilities Frontier Microeconomics The study of individual markets in the economy Economics Social science that studies production, distribution, and consumption of goods an...

Economics for Management Studies
MGEA02H3
Gordon Cleveland
##### MGEA02H3 Lecture Notes - Fall 2015, Lecture 2 - Opportunity Cost 24HRPremium

MGEA02 Lecture 2 Production Possibilities Frontier (PPF) Economic resources are scarce the PPF shows the limit to what can be produced PPF is a set of all possible outcomes of production PPF usually has a bowedout shape; t...

Economics for Management Studies
MGEA02H3
Gordon Cleveland
##### MGEA02H3 Study Guide - Fall 2015, Midterm - Yottabyte, Opportunity Cost, Takers 24HRPremium

University of Toronto Scarborough MGEA02 Introduction to Microeconomics Exam Guide PART I Lecture Key Points Review PART II Exam Questions Answers and Explanations 1. What is Economics? Economics is the study of the use o...

Economics for Management Studies
MGEA02H3
Gordon Cleveland