🏷️ LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION →

Verified Documents at Rutgers University

Introduction to Microeconomics
Rutgers University
Verified Notes

Browse the full collection of course materials, past exams, study guides and class notes for 01:220:102 - Introduction to Microeconomics at Rutgers University verified by our …

PROFESSORS

All Professors

Hohmann

Daijiro Okada

Elgawly

kadambe

goldband

JACK SKYDEL

Verified Documents for goldband

Exam Solutions

Detailed step-by-step solutions to past exams.

01:220:102 Chapter 3: 01:220:102 Lecture 3: Microeconomics Notes Ch 3

Competitive market: market where there are multiple sellers and buyers of the same product. No single individual"s actions have an effect on the price

01:220:102 Chapter Notes - Chapter 6: Midpoint Method, Demand Curve, Plus And Minus Signs

Elasticity: measurement of how an economic variable responds to change in another. Price elasticity of demand; a demand curve is elastic when a change

01:220:102 Chapter Notes - Chapter 4: Market Power, Externality, Economic Surplus

Willingness to pay: max price which consumer would buy a good at. Individual consumer surplus = willingness to pay - price paid. Occurs when buyer pays

01:220:102 Chapter Notes - Chapter 1: Gross Domestic Product, Lemonade Stand, Marginalism

01:220:102 Chapter Notes - Chapter 2: Comparative Advantage, Absolute Advantage, Income Distribution

Model: simplified representation of reality used to better understand reality. All factors besides one being observed is constant. Models should cover

01:220:102 Chapter Notes - Chapter 5: Price Ceiling, Price Floor, Economic Surplus

Often strong political demand for government intervention. Price control often imposed on efficient markets. Often benefits the most vocal and organize

Class Notes

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

01:220:102 Lecture Notes - Lecture 11: Whiskey Rebellion, Tax Wedge, Deadweight Loss

Why taxes matter: washington"s 1791 tax on whiskey distillers led to the whiskey rebellion of. 1794, the decline of small distillers, and local economi

01:220:102 Lecture Notes - Lecture 12: Marginal Utility, Sunk Costs, Marginal Cost

Our decisions depends on comparing costs to benefits. The quality of our decisions depends on how well we understand what the cost and benefits of the

01:220:102 Lecture Notes - Lecture 13: Giffen Good, Inferior Good, Demand Curve

Utility : value or satisfaction from consumption. Consumption bundle: collection of all the goods or services one consumes. Utility function: total uti

01:220:102 Lecture Notes - Lecture 14: Average Variable Cost, Average Cost, Marginal Product

The cost structure of a firm depends on the nature of the production process. Production function: relationship between the quantity of inputs a firm u

01:220:102 Lecture Notes - Lecture 15: Cost Curve, Average Variable Cost, Marginal Cost

Economic costs: payment that must be made to obtain and retain the service of a resource. Includes normal profit: minimum income the entrepreneur must

01:220:102 Lecture Notes - Lecture 16: Perfect Competition, Monopolistic Competition, Profit Maximization

Firm produces as much or as little as they want at the price. Perfect competition requirements: many buyers and sellers, each with small market share.

01:220:102 Lecture 16: 01:220:102 Lecture 6: econ notes (LECTURES 1-6, all in one doc)

01:220:102 Lecture Notes - Lecture 17: Average Variable Cost, Perfect Competition, Fixed Cost

We use economic profits, which includes implicit costs. It is normal for a firm"s economic fromit to be zero. If tr > tc, the firm is profitable. If tr

01:220:102 Lecture Notes - Lecture 18: Natural Monopoly, Perfect Competition, Demand Curve

A monopoly is a type of market structure where there is only one producer with little to no product differentiation. This is different from the perfect

01:220:102 Lecture Notes - Lecture 19: Normal-Form Game, Imperfect Competition, Oligopoly

An oligopoly is a type of market structure where there are very few producers selling a product with low differentiation. Oligopolist: producer in an i

01:220:102 Lecture Notes - Lecture 20: Monopolistic Competition, Demand Curve, Product Differentiation

Monopolistic competition is a market structure that has characterisitcs of monopolies and perfect competition. Free entry and exit in the long run. Bec

01:220:102 Lecture Notes - Lecture 21: Autarky, Economic Equilibrium, Comparative Advantage

In the united states, imports have been greater than exports since 1980s. The importance of imports and exports to a country depends on the percentage

01:220:102 Lecture Notes - Lecture 22: Fixed Cost, Marginal Product

Economic costs: the payment that must be made to obtain and retain the services of a resource. Includes normal profit: minimum income entrepreneur must