ECON1131 Study Guide - Midterm Guide: Marginal Cost, Salt, Shortage

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24 Jan 2014
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Alternatives various goods and services. Income, price of goods and services, what"s the best. Chapter 2 (solving the economic problem) Economists as module builders: social mobility: ability to move through economic distribution, some move up while others move down. Chapter 3 (society"s economic problem) Goods and services, depends on output. How to produce goods/services (input) at lowest possible cost. Long run economic growth: quantity and quality of a nation"s resources, Constraints primary factors of production (l, k, t: available production technologies: what are the different ways. Tsuruta 5: growth: creative destruction. Capital: key to grow: amassing enormous amounts of capital = key to growth of outcome per person. Tsuruta 8 pay as much. Ask about graph notes 09/25/13. Depends on elasticity of demand. P2q2 > p1q1 then demand is elastic between p1 and p2: quantity wins, dominates price effect. If tr2 = tr1 and p2q2 = p1q1 then demand is unit elastic.

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