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Principles of Microeconomics
University of Connecticut
Verified Notes

Browse the full collection of course materials, past exams, study guides and class notes for ECON 1201 - Principles of Microeconomics at University of Connecticut verified by our …

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Derek Johnson( S I)

Owen Svalestad

Derek Johnson

D. Johnson

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Class Notes

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ECON 1201 Lecture Notes - Lecture 1: Opportunity Cost

Homework questions are not mandatory, they are just to help. Quizzes are due monday at midnight for the info for the previous week (if a quiz is missed

ECON 1201 Lecture 1: ECON 1201 8-28

Chapter 1: choices are necessary because resources are scarce. Resource: anything that can be used to produce something else. Scarce: short supply, a r

ECON 1201 Lecture Notes - Lecture 2: Absolute Advantage, Comparative Advantage, Opportunity Cost

Comparative advantage drives trade, deals with opportunity costs, leads to specialization and is the central part to economists, leads to need and desi

ECON 1201 Lecture Notes - Lecture 2: Absolute Advantage, Human Capital, Physical Capital

3 models: production possibility frontier: scarcity and resources, needing to make a decision, concept of opportunity cost, comparative advantage: flor

ECON 1201 Lecture Notes - Lecture 3: Red Tide, Economic Equilibrium, Demand Curve

Q1: looking at market for gas, equilibrium price is . 90/gal (ave. price). Suppose in the following months, 10% of all car owners buy electric cars and

ECON 1201 Lecture Notes - Lecture 4: Invisible Hand

A supply curve shows the quantity supplied at various prices. When you have an example think: supply or demand, what tract is it going (+ or -) Equilib

ECON 1201 Lecture Notes - Lecture 5: Price Ceiling, Price Floor, Economic Surplus

Don"t take the quiz until friday, there are 30 questions now. Use this as a tool to demonstrate the benefits we gain through trade. Consumer surplus: t

ECON 1201 Lecture Notes - Lecture 5: Economic Surplus, Price Ceiling, Reservation Price

Markets are usually efficient: we can measure their benefit to society by measuring consumer surplus and producer surplus. Reservation price: refers to

ECON 1201 Lecture Notes - Lecture 6: Price Ceiling, Deadweight Loss, Economic Surplus

They allocate consumption of the good to the potential buyers who most value it. They allocate sales to the potential sellers who most value the right

ECON 1201 Lecture Notes - Lecture 7: Price Ceiling, Price Controls, Price Floor

Chapter 5 : price controls and quotas- meddling with markets. Price controls: legal restrictions on how high or low a market price may go. Price ceilin

ECON 1201 Lecture Notes - Lecture 8: Deadweight Loss, Price Floor

Chapter 5 : price controls and quotas- meddling with markets. They do benefit some people (who are typically better organized and more vocal than those

ECON 1201 Lecture Notes - Lecture 9: Demand Curve

A demand curve is elastic when an increase in price reduces the quantity demanded a lot (and vice versa). When the same increase in price reduces quant

ECON 1201 Lecture Notes - Lecture 10: Normal Good

What factors determine the price elasticity of demand: the availability of close substitutes is very important. Fewer substitutes makes it harder for c

ECON 1201 Lecture Notes - Lecture 11: Payroll Tax, Deadweight Loss, Progressive Tax

excise tax shared between buyers and sellers. The equilibrium price of hotels rises to. Hotel quests bear some burden as the price rises from to . Ho

ECON 1201 Lecture Notes - Lecture 11: Tax Efficiency, Luxury Goods, Economic Equilibrium

The effect of an excise tax on quantities and prices. Taxes drive a wedge between the price buyers pay and the price sellers receive. To analyze the ef

ECON 1201 Lecture Notes - Lecture 12: Regressive Tax, Progressive Tax, Proportional Tax

The administrative costs of a tax are the resources used for its collection, for the method of payment, and for any attempts to evade the tax. Taxes co

ECON 1201 Lecture 13: Micro Economics Chapter 9: Part 1

Chapter 9: decision making by individuals and firms. Our decisions depend on comparing costs with benefits . The quality of our decisions depends on ho

ECON 1201 Lecture Notes - Lecture 14: Sunk Costs, Loss Aversion, Mental Accounting

Chapter 9: decision making by individuals and firms. The quantity at which the marginal benefit and marginal cost curves intersect leads to the maximum

ECON 1201 Lecture Notes - Lecture 15: Normal Distribution, Marginal Revenue, Behavioral Economics

Chapter 1 (least amount of questions, about 2-3) Understand concepts, not memorize will be our unspoken assumptions. Economic problems (how we cope wit

ECON 1201 Lecture 17: Micro Economics Chapter 11: Part 1

Production is the process of turning inputs into outputs. The cost of structure if a firm depends on the nature of the production process. Marginal pro

ECON 1201 Lecture Notes - Lecture 18: Average Variable Cost, Marginal Cost, Diminishing Returns

Increasing output has two opposing effects on average total cost: The spreading effect: the larger the output, the more output over which fixed cost is

ECON 1201 Lecture Notes - Lecture 19: Market Power, Toothpaste, Perfect Competition

No one firm has individual effect on the market. Type of product - identical (standard/homogeneous) (agriculture - potato, Price is determined by the m

ECON 1201 Lecture Notes - Lecture 20: Taipei Metro, Marginal Revenue, Profit Maximization

Each time the firm produces another unit, there are extra costs and extra revenues. If producing another unit adds more to the revenue than cost, profi

ECON 1201 Lecture 21: Micro Economics Chapter 13: Part 1

In order to develop model and make predictions about producers will behave, we have developed four principle models of market structure: Monopolist: a

ECON 1201 Lecture Notes - Lecture 22: Monopoly Profit, Price Ceiling, Deadweight Loss

You might be tempted to ask about the supply curve of a monopolist. Monopolist"s don"t have supply curves - since they control prices there is not set

ECON 1201 Lecture Notes - Lecture 23: Oligopoly, Imperfect Competition, Perfect Competition

Our neck is stretched over the fence and opec has a knife - us president. An oligopoly is a market that is dominated by a small number of firms. Is com

ECON 1201 Lecture Notes - Lecture 24: Nash Equilibrium, Strategic Dominance, Oligopoly

Game theory: the study of behavior in situations of interdependence; a way of predicting outcomes in strategic situations like oligopolies. When each f

ECON 1201 Lecture Notes - Lecture 27: Monopolistic Competition, Perfect Competition, Product Differentiation

# of firms - many but not as many as pc. Ease - no barriers of entry (easy to start) Not total control over the individual price, but if their product

ECON 1201 Lecture Notes - Lecture 28: Monopolistic Competition, Demand Curve, Product Differentiation

If firms are earning economic profits, new firms will want to enter the industry. This will reduce the demand curve facing each individual producer. In

ECON 1201 Lecture Notes - Lecture 29: National Safety Council, Coase Theorem, Network Effect

ECON 1201 Lecture Notes - Lecture 30: Perfect Competition, Profit Maximization, Diminishing Returns

Why d and s curves are sloped as they are. The determinants of demand and supply - know how a change of each affects the market. There will be a number