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Introduction To Microeconomics
Indiana University - Bloomington
Verified Notes

Browse the full collection of course materials, past exams, study guides and class notes for ECON-E 201 - Introduction To Microeconomics at Indiana University - Bloomington …

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Nicholas Snow

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Self J

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Class Notes

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ECON-E 201 Lecture Notes - Lecture 1: Opportunity Cost, Fallacy

The allocation of scarce resources among competing ends. Trial by ordeal and incentives: good institutions. I. e. the rules of the game channels behavi

ECON-E 201 Lecture Notes - Lecture 1: Price System, Opportunity Cost, Deadweight Loss

Means of production are centrally owned and controlled. Without private property- means of production are centrally owned which eliminates private prop

ECON-E 201 Lecture Notes - Lecture 2: Opportunity Cost, Fallacy

ECON-E 201 Lecture Notes - Lecture 4: Opportunity Cost

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ECON-E 201 Lecture 8: Microeconomics: Elasticity of Demand

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ECON-E 201 Lecture 10: ECON-E 201: Elasticity of Supply and The Price System

ECON-E 201 Lecture 10: ECON201 Lecture 5-Elasticity of Supply and The Price System

ECON-E 201 Lecture 10: Micro Notes 9%2F20%2F18

Measu(cid:534)e ho(cid:923) (cid:534)espo(cid:511)si(cid:922)e the (cid:533)ua(cid:511)tit(cid:929) supplied is to a (cid:457)ha(cid:511)(cid:480)e i(c

ECON-E 201 Lecture Notes - Lecture 11: Price Controls, Price System, War Communism

Econ-e201 lecture 11 the price system (continued) and price controls. Socialism: government ownership and control of the distribution of goods. So, how

ECON-E 201 Lecture Notes - Lecture 11: Price System, Economic Equilibrium

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ECON-E 201 Lecture Notes - Lecture 11: Price Controls, War Communism, Price System

Econ201 lecture 11 socialism vs. capitalism/price controls. Socialism: means of production are centrally controlled, creates incentives problems, more

ECON-E 201 Lecture Notes - Lecture 12: Price Ceiling, Economic Surplus, Economic Equilibrium

Econ201 lecture 12 rent control/price ceilings and price floors. Shortages: caused by price ceiling being below market price, qd > qs, shortage = diffe

ECON-E 201 Lecture Notes - Lecture 12: Price Ceiling, Price Controls, Opportunity Cost

Price ceiling: occurs when there is a maximum price limit set by the government. Graph (unbinding price control if market price is and price ceiling i

ECON-E 201 Lecture Notes - Lecture 12: Economic Equilibrium, Price Ceiling, Key Money

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ECON-E 201 Lecture Notes - Lecture 13: Price Floor, Taxation In Iran, Deadweight Loss

Surpluses: minimum wage is a price floor, minimum wage above market price creates a surplus of workers, quantity of labor supplied exceeds quantity dem

ECON-E 201 Lecture Notes - Lecture 13: Price Floor, Deadweight Loss, Whois

Price floors : a (cid:510)i(cid:511)i(cid:510)u(cid:510) p(cid:534)i(cid:457)e allo(cid:923)ed (cid:456)(cid:929) la(cid:923) (cid:2226). A(cid:511) e(

ECON-E 201 Lecture Notes - Lecture 13: Pigovian Tax, Coase Theorem, Economic Surplus

ECON-E 201 Lecture Notes - Lecture 13: Ad Valorem Tax, Demand Curve, Opportunity Cost

ECON-E 201 Lecture Notes - Lecture 14: Deadweight Loss, Tax Wedge

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ECON-E 201 Lecture Notes - Lecture 14: Mick Jagger, Leaky Bucket, Patient Protection And Affordable Care Act

The government can: tax sellers for the units they sell, tax buyers for the units they buy. But in reality, the tax will have the same effects whether

ECON-E 201 Lecture Notes - Lecture 14: Coase Theorem, Externality, Demand Curve

ECON-E 201 Lecture Notes - Lecture 15: Economic Surplus, Behavioral Economics, Economic Equilibrium

Theme of today: although they are great, markets have drawbacks. Market failure: inequalities, monopolies, large companies taking over industries, exte

ECON-E 201 Lecture Notes - Lecture 15: Private Good, Overgrazing, Overfishing

ECON-E 201 Lecture Notes - Lecture 15: Externality, Deadweight Loss, Pigovian Tax

Externalities: e(cid:928)te(cid:534)(cid:511)al (cid:457)osts o(cid:534) (cid:456)e(cid:511)e(cid:479)its that (cid:479)all o(cid:511) (cid:456)(cid:92

ECON-E 201 Lecture Notes - Lecture 16: Budget Constraint, Indifference Curve

ECON-E 201 Lecture Notes - Lecture 16: Pigovian Tax, Deadweight Loss, Externality

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ECON-E 201 Lecture Notes - Lecture 16: Externality, Social Cost, Influenza Vaccine

Externalities: are spillover costs or benefits that fall on other members of a society as a result of the decisions of individuals. Individuals do not

ECON-E 201 Lecture Notes - Lecture 17: Overgrazing, Excludability, Externality

Si(cid:511)(cid:457)e private goods are e(cid:928)(cid:457)luda(cid:456)le, there is a(cid:511) i(cid:511)(cid:457)e(cid:511)ti(cid:922)e to pa(cid:929

ECON-E 201 Lecture Notes - Lecture 17: Common-Pool Resource, Spotify, Externality

ECON-E 201 Lecture Notes - Lecture 19: Marginal Utility, Jeremy Bentham, Budget Constraint

We have been assuming that consumers have been following rational choice theory. These constraints could be our income, salary. We have many options to

ECON-E 201 Lecture 19: 1721 - Lecture 19 - Consumer Choice

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ECON-E 201 Lecture Notes - Lecture 20: Budget Constraint

The opti(cid:510)al (cid:457)o(cid:511)su(cid:510)ptio(cid:511) (cid:456)u(cid:511)dle is o(cid:511) the hi(cid:480)hest i(cid:511)di(cid:479)(cid:479)

ECON-E 201 Lecture Notes - Lecture 21: Perfect Competition, Imperfect Competition, Monopolistic Competition

We (cid:923)ill see (cid:923)hat happe(cid:511)s late(cid:534) (cid:923)he(cid:511) (cid:923)e (cid:534)ela(cid:928) so(cid:510)e (cid:2486)o(cid:534)

ECON-E 201 Lecture Notes - Lecture 22: Imperfect Competition, Takers, Fixed Cost

This is t(cid:534)ue i(cid:511) a(cid:511)(cid:929) i(cid:511)sta(cid:511)(cid:457)e, (cid:923)hethe(cid:534) u(cid:511)de(cid:534) pe(cid:534)(cid:479

ECON-E 201 Lecture Notes - Lecture 23: Market Power, Demand Curve, Silicon Valley

Fi(cid:534)(cid:510)s seek p(cid:534)o(cid:479)its, so i(cid:511) the lo(cid:511)(cid:480) (cid:534)u(cid:511): Fi(cid:534)(cid:510)s (cid:923)ill e(ci

ECON-E 201 Lecture Notes - Lecture 24: Monopoly Profit, Allocative Efficiency, Economic Surplus

Mr (cid:456)e(cid:480)i(cid:511)s at sa(cid:510)e poi(cid:511)t o(cid:511) the (cid:922)erti(cid:457)al a(cid:928)is as de(cid:510)a(cid:511)d. But, th

ECON-E 201 Lecture Notes - Lecture 25: Joe S. Bain

Most alle(cid:480)ed e(cid:928)a(cid:510)ples o(cid:479) (cid:2486)(cid:511)o(cid:511)-le(cid:480)al(cid:2487) (cid:2522)ba(cid:534)(cid:534)ie(cid:534

ECON-E 201 Lecture Notes - Lecture 29: Monopolistic Competition, Market Power, Institute For Operations Research And The Management Sciences

A market with a large number of firms selling similar but not identical products. Monopolistic competition combines some features of competitive market

ECON-E 201 Lecture Notes - Lecture 30: Whya, Institute For Operations Research And The Management Sciences

One reason advertising increases sales is because it informs consumers about price, quality and availability. There is evidence that advertising lowers