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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

Verified Documents for Emanuel Vespa

Class Notes

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

ECON 1 Lecture 1: ECON 1-Lecture 1-Introduction

ECON 1 Lecture Notes - Lecture 2: Demand Curve, Competitive Equilibrium

ECON 1 Lecture 2: ECON 1-Lecture 3-Supply and Demand

Specialize in comparative advantage and trade --> both can benefit. Produce the combination of bread and fish to yield the highest income. Buy the c

ECON 1 Lecture 3: ECON 1-Lecture 2-Comparative Advantage

A question on assigned reading -- 1p. Several questions for lecture -- 8p (if try half) A true false in the end -- 1p. A country can gain from importin

ECON 1 Lecture 4: ECON 1-Lecture 4-Efficiency

ECON 1 Lecture Notes - Lecture 5: Opportunity Cost, Competitive Equilibrium, Decision-Making

Maximizing trades or maximizing profits? (vespa, lecture 5, slide 4) (vespa, lecture 5, slide 5) -> sell whenever price is greater than . Cost: the

ECON 1 Lecture 6: ECON 1-Lecture 6-Cost and Supply

Can buy any amount of a good. Can buy as often as they want. Price taking -- no individual can effect the price of a good. Quantity per period buyers w

ECON 1 Lecture 6: Linear Supply and Demand

ECON 1 Lecture 8: linear supply and demand

ECON 1 Lecture Notes - Lecture 8: Competitive Equilibrium, Demand Curve, Economic Surplus

Econ 1 lecture 7 linear supply and demand. As price of a good or service increases, demand decreases per period. Buyers have less purchasing power (the

ECON 1 Lecture 9: ECON 1-Lecture 9-Shifts in Supply

Comparative statics (change something and keeping everything else constant) Opportunity cost = 0 after paying for gas. Experiment 1: not sell unless th

ECON 1 Lecture 10: ECON 1-Lecture 10-Price Elasticity

ECON 1 Lecture 11: ECON 1-Lecture 11-Shifts in Demand

Clean room: (marginal cost of renting a room) More demand in august than january (2 parallel demand curves) (vespa, lecture 10, slide 10 . Price of be

ECON 1 Lecture Notes - Lecture 13: Budget Constraint, Taco, Relative Price

And"s budget constraint (vespa, lecture 11, slide 10) Equation: burgers + tacos = . On the line: spend maximum of . Below the line: spend less than .

ECON 1 Lecture 13: ECON 1-Lecture 12-Budget Constraints

Equation: burgers + tacos = . On the line: spend maximum of . Below the line: spend less than . Slope = -0. 5 = -0. 5 px/py = - (price of tacos) / (p

ECON 1 Lecture 14: ECON 1-Lecture 14-Utility and Demand

Rank bundles --> utility function (input: burger; output: number) More like bundles --> higher number of utility function. Points on same indiffe

ECON 1 Lecture Notes - Lecture 15: Marginal Product, Product Rule

Labor markets are complicated --> simplifying assumption. If the wage is --> hire 2 workers. If the wage is --> hire 3 workers. Marginal pro

ECON 1 Lecture Notes - Lecture 16: Reservation Wage, Price Ceiling, Competitive Equilibrium

Reservation wage: the lowest wage that workers are willing to work. Every worker is willing to work (qs increases) Firms only demand some workers (qd d

ECON 1 Lecture 17: ECON 1-Lecture 17-Tax Incidence

The apple market -- tax on sellers. tax --> shift supply curve by . Price goes up ( --> ), quantity goes down (20 --> 10) Before tax is levie

ECON 1 Lecture Notes - Lecture 20: Deadweight Loss, Economic Surplus, Income Tax

ECON 1 Lecture 21: ECON 1-Lecture 21-Negative Externalities

Trade produces benefits to both buyers and sellers. Trade produces pollution, hurt the third party. Externality --> market not maximize total profit

ECON 1 Lecture Notes - Lecture 22: Marginal Cost, Pigovian Tax, Social Cost

ECON 1 Lecture Notes - Lecture 23: Industrial Policy, Social Cost, Marginal Utility

ECON 1 Lecture Notes - Lecture 24: Fixed Cost, Variable Cost

ECON 1 Lecture Notes - Lecture 25: Net Income, Marginal Cost, Comparative Statics

ECON 1 Lecture Notes - Lecture 26: Free Rider Problem, Public Good, Private Good

Excludable -- exclude other persons from consuming. Not all goods are excludable & rival. Pay-per-view tv -- excludable, but not rival. Broadcast t

ECON 1 Lecture Notes - Lecture 28: Competitive Equilibrium, Monopolistic Competition, Market Power

One price for all sellers & buyers. We negotiate prices --> each individual is setting price. Sellers have limited power to set prices. Suppose

ECON 1 Lecture Notes - Lecture 29: Deadweight Loss, Marginal Revenue, Economic Surplus

ECON 1 Lecture Notes - Lecture 30: Competitive Equilibrium, Marginal Cost, Marginal Utility

If a good does not produce externalities, a competitive equilibrium for that good is efficient. If the demand curve is downward sloping, a shift out in