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Principles of Economics-Micro
University of California - Santa Barbara
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Browse the full collection of course materials, past exams, study guides and class notes for ECON 1 - Principles of Economics-Micro at University of California - Santa Barbara …

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Ryan Oprea

Emanuel Vespa

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Class Notes

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

ECON 1 Lecture Notes - Lecture 1: Academic Integrity, Business Cycle

Bring clicker to next lecture, counts starting f. Ex. how do producers get messages, how does system get things when decentralized. Markets operate as

ECON 1 Lecture 1: ECON1 LECTURE 1- INTRODUCTION

This refers to the cooperation in the market economy, a topic that will soon be covered. Brings forth the questions of how good or bad the outcome will

ECON 1 Lecture Notes - Lecture 2: Comparative Advantage, Corn Laws, Absolute Advantage

ECON 1 Lecture Notes - Lecture 2: Opportunity Cost, Absolute Advantage, Comparative Advantage

David ricardo, principles of political economy and taxes, 1817. The issue then: corn laws (ricardo"s book responded to this) Corn (old term for any typ

ECON 1 Lecture Notes - Lecture 2: Comparative Advantage, Corn Laws

Using clickers in econ 1: question type. A question about the assigned preparation reading (1 point if it"s correct) Several questions during lecture (

ECON 1 Lecture Notes - Lecture 2: Brad Delson, Absolute Advantage, Corn Laws

Read warm-up exercises before section: pg 1-3 of course reader. Must me on time to receive credit for participating. Clickers: 1 pt on reading if corre

ECON 1 Lecture 2: ECON1 Lecture Oct 1, 2018

ECON 1 Lecture 2: econ notes day 2

ECON 1 Lecture Notes - Lecture 3: Ebay, Standard-Definition Television, Opportunity Cost

Econ 1 - lecture 3 - opportunity cost. The poor family had a comparative advantage in baking, and the rich family had a comparative advantage in fishin

ECON 1 Lecture Notes - Lecture 3: Starbucks, Opportunity Cost, Standard-Definition Television

Prices signal comparative advantage: prices define self-interest, everyone has self-interest, everyone ends up in a comparative advantage. Decision mak

ECON 1 Lecture 3: Econ note day 3 10/3/18

ECON 1 Lecture Notes - Lecture 3: Opportunity Cost, Absolute Advantage, Comparative Advantage

Opportunity cost pertains to how people make decisions in economics between two endeavors. Quick review: ricardo"s island (a simplified scenario that e

ECON 1 Lecture Notes - Lecture 3: Standard-Definition Television, Ebay, Starbucks

If both specialize in comparative advantage and trade, both can benefit. Driven by prices, individual or national level. Suppose anyone can buy or sell

ECON 1 Lecture Notes - Lecture 3: Standard-Definition Television, Decision Rule, Ebay

Mr. poor had a comparative advantage in baking. Ms. rich had a comparative advantage in fishing (although ms. rich are both better at baking and fishin

ECON 1 Lecture Notes - Lecture 3: Starbucks, Opportunity Cost, Price Signal

ECON 1 Lecture Notes - Lecture 4: Microsoft Powerpoint, Demand Curve, Competitive Equilibrium

Econ 1 - lecture 4 - supply and demand. Textbooks come on monday, prof. oprea will post all the readings through wednesday on. A theory to explain what

ECON 1 Lecture 4: Econ note day 4 10/5/18

ECON 1 Lecture Notes - Lecture 4: Demand Curve, Competitive Equilibrium, Economic Surplus

We did an experiment in our sections where we had apple buyers and sellers, and prices were set for us to simulate different demands in a market. From

ECON 1 Lecture Notes - Lecture 4: Demand Curve

ECON 1 Lecture Notes - Lecture 4: Equilibrium Point, Demand Curve, Competitive Equilibrium

Theories in economics: world is very complex. Therefore, we need to simplify the situation: the simplification needs to be correct, theories need to be

ECON 1 Lecture Notes - Lecture 4: Demand Curve, Rolex, Competitive Equilibrium

A demander"s consumer surplus from purchasing a unit of some good is defined to be the difference between. His buyer value and the price of the good. A

ECON 1 Lecture Notes - Lecture 4: Demand Curve, Competitive Equilibrium

Theory to explain what happened in exp 1. Who bought and sold values it the highest. Should give to people who want it the most (higher buyer value) Al

ECON 1 Lecture 5: Econ note day 5 10/8/18

ECON 1 Lecture Notes - Lecture 5: Scottish Enlightenment, Competitive Equilibrium

Show that competitive equilibrium achieves that outcome. (cid:396)every individual neither intends to promote the public interest, nor knows how much h

ECON 1 Lecture Notes - Lecture 5: Competitive Equilibrium

1776 interests only in doing so they promote public interest their own. 1 individuals can"t rearrange trades to make without making someone worse oh so

ECON 1 Lecture Notes - Lecture 5: Invisible Hand, Competitive Equilibrium

Before quiz dates and homework dates, you will be alerted via umail. Posted in "instructor announcements" on the top of the website. Your responsibilit

ECON 1 Lecture Notes - Lecture 5: Competitive Equilibrium

ECON 1 Lecture Notes - Lecture 5: Competitive Equilibrium, Economic Equilibrium

ECON 1 Lecture Notes - Lecture 6: Competitive Equilibrium, Microsoft Powerpoint, Marginal Cost

Econ 1 - lecture 6 - cost and supply. Profit = white height - red height. To maximize profit, we should match the highest whites with the smallest reds

ECON 1 Lecture Notes - Lecture 6: Marginal Cost, Competitive Equilibrium, Economic Equilibrium

To maximize profit, create supply/demand graph and stop at the equilibrium. To maximize profitable trades, offshift by one to great max trades (equitab

ECON 1 Lecture Notes - Lecture 6: Average Variable Cost, Marginal Cost, Competitive Equilibrium

Equity and efficiency: competitive equilibrium is efficient, but it may not be equitable, example: compare the apple market experiment with the real ma

ECON 1 Lecture Notes - Lecture 6: Economic Equilibrium, Demand Curve, Average Variable Cost

Efficiency versus equity maximize profit or maximize trade competitive equilibrium is efficient may not be equitable but it special characteristics. Bu

ECON 1 Lecture Notes - Lecture 7: Taco, 2 On, Marginal Utility

Model of household budget decisions (constraints, what"s possible) per month to spend on burgers and tacos. On the line, will use all of income. Of al

ECON 1 Lecture Notes - Lecture 7: Indifference Curve, Budget Constraint, Consistency

ECON 1 Lecture 7: Budget Constraints

ECON 1 Lecture 8: Consumer Choice

ECON 1 Lecture Notes - Lecture 8: Indifference Curve, Inferior Good, Normal Good

ECON 1 Lecture Notes - Lecture 9: Economic Equilibrium, Economic Surplus, Marginal Cost

ECON 1 Lecture Notes - Lecture 9: Economic Surplus

ECON 1 Lecture Notes - Lecture 10: Opportunity Cost, Competitive Equilibrium, Sunk Costs

Is for gas tish villager buy their each fisherman catches one dinner bnyervaluettotb. my. 5 fishermen each caught one fish convert into demand table. 5

ECON 1 Lecture 11: Price Elasticity of Demand

Change in total total revenue supply shifts revenue pricey quantity out price a. 9 09 quantity gain in loss in revenue revenue because quantity increas

ECON 1 Lecture Notes - Lecture 12: Statics, Demand Curve

ECON 1 Lecture 14: Tax Incidence

Exercise tax a tax on a specific good or service tax incidence. The division of a tax payment buyers and sellers between determined by comparing the an

ECON 1 Lecture Notes - Lecture 15: Deadweight Loss, Tax Wedge, Opportunity Cost

ECON 1 Lecture Notes - Lecture 16: Marginal Product, Product Rule

ECON 1 Lecture Notes - Lecture 17: Reservation Wage, Opportunity Cost, Competitive Equilibrium

Table opportunity cost of a worker"s labor time worketuarginalvaluepwdnt i. Reservation wage individuals supply labor every worker the has his firms to

ECON 1 Lecture 18: Negative Externalities

01wh w wage rate he of labor hours. 1wh 0mw t 04l quantity effect dominates elastic total wage talls. Cov emissions tax interventions t trade it but co

ECON 1 Lecture Notes - Lecture 21: Competitive Equilibrium, Externality, Social Cost

Pollution each flamingo causes competitive equilibrium had negative profits a tax of tax made private cost. 20 external social cost cost command and co

ECON 1 Lecture Notes - Lecture 22: Sunk Costs, Fixed Cost, Variable Cost

A period of decisions can be changed time during which only some. A period of decisions to be changed expand business shut down business long enough to

ECON 1 Lecture Notes - Lecture 23: Intelligence Quotient, Net Income

Mc when no ac ac is at minimum. Qu its period when p min ac produce the q at which p ma its period when p min a produce the q at which p ma its period

ECON 1 Lecture Notes - Lecture 26: Externality

ECON 1 Lecture Notes - Lecture 27: Cupcake, World War I

Characteristics of private goods excludablet owner can prevent others from enjoying the scarcity exclusion you can"t i one unit cupcake goods rivalinco

ECON 1 Lecture Notes - Lecture 29: Competitive Equilibrium, Market Power, Demand Curve

ECON 1 Lecture 30: Price Discrimination

Price discrimination lower price to consumers lower willingness to pay lowering price to other with without customers separate customers different pric

ECON 1 Lecture Notes - Lecture 31: Marginal Utility, Marginal Product