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Principles Of Microeconomics
Western University
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Browse the full collection of course materials, past exams, study guides and class notes for Economics 1021A/B - Principles Of Microeconomics at Western University verified by our …

PROFESSORS

All Professors

Bruce Hammond

Jeannie Ann Shearer

Trela

Kottelenberg

Walker

Streufert

Khan

Middleton

Verified Documents for Jeannie Ann Shearer

Class Notes

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

Economics 1021A/B Lecture Notes - Lecture 1: Positive Statement, Opportunity Cost

We always want more than is available to us. Not enough resources to feed our desires. S(cid:272)ar(cid:272)it(cid:455) = is(cid:374)"t e(cid:374)ough

Economics 1021A/B Lecture Notes - Lecture 1: Marginal Cost, Opportunity Cost, Nyishi (Tribe)

Economics 1021A/B Lecture 1: Western University Microeconomics - Lecture 1 - Chapter 1 Notes - Microeconomics: Canada in the Global Environment

All economic questions arise because we want more than we can get. Scarcity is our inability to satisfy all our wants. Society wants more than the eart

Economics 1021A/B Lecture Notes - Lecture 2: Marginal Utility, Marginal Cost, Allocative Efficiency

Economics 1021A/B Lecture Notes - Lecture 3: Demand Curve, Inferior Good, Normal Good

If the price of a substitute rises, people buy less of the substitute and more of the other good: a complement is a good that is used in conjunction wi

Economics 1021A/B Lecture Notes - Lecture 4: Normal Good, Inferior Good, Economic Equilibrium

It is the magnitude of the price elasticity of demand that tells us how responsive demand is: to compare elasticities, we use the magnitude of the pric

Economics 1021A/B Lecture Notes - Lecture 5: Economic Equilibrium

Economics 1021A/B Lecture Notes - Lecture 6: Economic Equilibrium, The Surplus, Demand Curve

If the price of a substitute rises, people buy less of the substitute and more of the other good: a complement is a good that is used in conjunction wi

Economics 1021A/B Lecture Notes - Lecture 7: Inferior Good, Normal Good, Economic Equilibrium

It is the magnitude of the price elasticity of demand that tells us how responsive demand is: to compare elasticities, we use the magnitude of the pric

Economics 1021A/B Lecture 8: Lecture 8

Economics 1021A/B Lecture Notes - Lecture 8: Marginal Utility, Economic Surplus, Economic Equilibrium

Lecture 8: chapter (cid:1008) (cid:894)con"t(cid:895) and chapter (cid:1009) Review: when price elasticity is greater than 1 = elastic, when price elas

Economics 1021A/B Lecture Notes - Lecture 10: Price Ceiling, Economic Equilibrium, Opportunity Cost

Economics 1021A/B Lecture Notes - Lecture 11: Price Ceiling, Production Quota, Price Floor

Economics 1021A/B Lecture Notes - Lecture 11: Economic Surplus, Economic Equilibrium, Competitive Equilibrium

Announcements: midterm exam: saturday oct. 20 7pm, note that the other sections write at other times make sure you are there at. The difference between

Economics 1021A/B Lecture Notes - Lecture 12: Production Quota, Marginal Cost

If demand is perfectly elastic or supply is perfectly inelastic, sellers pay the entire tax. If demand is perfectly inelastic or the supply is perfectl

Economics 1021A/B Lecture Notes - Lecture 12: Price Ceiling, Demand Curve, Scantron Corporation

Economics 1021A/B Lecture 13: Economics 1021A - Lecture 13

Lecture 13: chapter 6 government actions in markets (cid:894)con"t(cid:895) Announcements: you will get your exam marks by next monday at the latest (t

Economics 1021A/B Lecture Notes - Lecture 13: Price Ceiling, Marginal Utility, Economic Equilibrium

Economics 1021A/B Lecture Notes - Lecture 14: Broccoli, Real Income, Relative Price

Example: per month to spend on broccoli and cauliflower. 2 is the slope of the line: 50 is the real income, relative price is the opportunity cost. If

Economics 1021A/B Lecture Notes - Lecture 14: Broccoli, Real Income, Relative Price

Announcements: your tutorial today is on chapter 6 (chapter 9 will be covered next week, we will not be doing chapter 7 or 8 this semester. Summary of

Economics 1021A/B Lecture 15: Economics 1021A - Lecture 15

Economics 1021A/B Lecture Notes - Lecture 15: Indifference Curve, Demand Curve, Normal Good

Economics 1021A/B Lecture 16: Economics 1021A - Lecture 16

Announcements: you have a tutorial quiz on friday on chapter 6. Example: suppose your mark in history, your only course, is 80%. (your average is 80%.

Economics 1021A/B Lecture 16: Chapter 10 part 1

Economics 1021A/B Lecture Notes - Lecture 17: Production Function, Fixed Cost, Longrun

Economics 1021A/B Lecture 18: Chapter 11

If marginal revenue exceeds marginal cost then the revenue from selling one more unit exceeds the cost of producing it and an increase in output will i

Economics 1021A/B Lecture Notes - Lecture 19: Average Variable Cost, Fixed Cost, Variable Cost

When the revenue of a company is less than the cost of producing the goods, a company has to make a decision. If this is seen to be a permanent occurre

Economics 1021A/B Lecture Notes - Lecture 21: Deadweight Loss, Natural Monopoly, Demand Curve

Announcements: you will be getting a new schedule for the rest of the course (starting next week, there is a multiple choice quiz on friday on chapter

Economics 1021A/B Lecture Notes - Lecture 21: Natural Monopoly, Demand Curve, Longrun

Offering a second item for half off this looks like they are doing the customer a favour but in reality they are charging the highest possible price fo

Economics 1021A/B Lecture Notes - Lecture 22: Demand Curve, Natural Monopoly, Marginal Revenue

Monopoly review: you know it is a natural monopoly if there is a downward sloping lrac curve along the entire run of the demand curve. In a legal monop

Economics 1021A/B Lecture Notes - Lecture 22: Marginal Revenue, Legal Monopoly, Demand Curve

Economics 1021A/B Lecture Notes - Lecture 23: Monopolistic Competition, Demand Curve, Perfect Competition

Economics 1021A/B Lecture Notes - Lecture 23: Monopolistic Competition, Perfect Competition, Product Differentiation

Condo (), inferior pizza (), and pizza house (). These are the top four pizza places in town, and their total sales is . Example: monopolistic competit

Economics 1021A/B Lecture Notes - Lecture 24: Monopoly Profit, Perfect Competition, Oligopoly

Prisoners dilemma: a decision people have to make about whether or not you should confess which would give you less time: separate prisoners, ask them

Economics 1021A/B Lecture Notes - Lecture 24: Oligopoly, Strategic Dominance, Perfect Competition

Oligopoly: when you have few firms, the decision that one firm makes can affect the market for the other firms. If you have two firms in an oligopoly (

Economics 1021A/B Lecture Notes - Lecture 25: Coase Theorem, Ecotax, Deadweight Loss

Economics 1021A/B Lecture Notes - Lecture 25: Social Cost, Marginal Cost, Oligopoly

Announcements: there will be a tutorial quiz on friday based on oligopoly. Our cost of dealing with pollution, for example, makes the marginal social c