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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture 8: week 8-5

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28 Nov 2018
0
Also related to production in the concept of. Ap tells us the quantity of output per input, in our case, jerry"s labour. Ap will also diminish at some
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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture Notes - Lecture 8: Average Cost, Fixed Cost, Variable Cost

OC25400531 Page
28 Nov 2018
0
Of course jerry is concerned about his cost of production, it may be divided into: Fixed costs : costs that do not vary with the quantity of output pro
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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture Notes - Lecture 8: Production Function, Diminishing Returns, Average Cost

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28 Nov 2018
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Profit, , is the firm"s total revenue minus its total cost . The amount a firm receives for the sale of its output. The market value of the inputs a fi
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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture Notes - Lecture 8: Variable Cost

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28 Nov 2018
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When costs change, the firms sr cost structure will change. For example, say jerry has an office manager whose salary increases his fixed costs. This w
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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture 8: week 8- p1

OC25400531 Page
28 Nov 2018
0
Profit, , is the firm"s total revenue minus its total cost . The amount a firm receives for the sale of its output. The market value of the inputs a fi
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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture Notes - Lecture 8: Average Variable Cost, Average Cost

OC25400532 Page
28 Nov 2018
0
Notice that as mp increases, mc decreases. At maximum mp, mc is at a minimum. Higher mc are due to diminishing mp. Mc is pretty much the inverse of mp.
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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture Notes - Lecture 8: Fixed Cost

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28 Nov 2018
0
Different levels of output place firms on different points on their lrac curve. Increasing production can have different impacts on cost. Increasing re
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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture Notes - Lecture 8: Physical Capital

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28 Nov 2018
0
Positive economic profits are super high, unexpected profit for firms in that industry. These are the profits that attract entrepreneurs to the industr
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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture 8: week 8-4

OC25400531 Page
28 Nov 2018
0
The period of time in which at least in input is fixed is called the short run . The period of time when all inputs can vary is called the long run . A
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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture Notes - Lecture 8: Fixed Cost

OC25400531 Page
28 Nov 2018
0
Atc = afc + avc (average total costs is just the both of them added together) Jerry now wants to know how much extra it costs to increase production by
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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture Notes - Lecture 7: Reservation Price, Economic Equilibrium, Economic Surplus

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26 Oct 2018
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Economic welfare : benefits consumers and firms receive by participating in the market (buying and selling) Every buyer is only willing to pay up to a
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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture Notes - Lecture 7: Economic Surplus, Deadweight Loss, Competitive Equilibrium

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26 Oct 2018
0
Consumer surplus (everything under the demand curve) = value to buyers - amount buyers pay. Producer surplus (everything above the supply curve) = amou
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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture Notes - Lecture 7: Coase Theorem, List Of Universities In Canada, Externality

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26 Oct 2018
0
The government can internalize the externality by subsidizing the production of the good -- get firms to supply more. Government does subsidize canadia
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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture Notes - Lecture 7: Externality

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26 Oct 2018
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In order to decide whether to provide a public good or not, the total benefit of all those who us the good must be compared to the cost of providing an
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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture 5: Week 5 - pg 6

OC25400531 Page
17 Oct 2018
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This is actually easy to compute, since dq/dp is just the slope of a linear demand curve when demand is in the form q = f(p) Example : demand is given
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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture 5: Week 5 - p12

OC25400531 Page
17 Oct 2018
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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture 5: Week 5 - p10

OC25400531 Page
17 Oct 2018
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Canned beans are income inelastic (elasticity is a fraction) and inferior (elasticity is negative). Denoted e ab , cross-price elasticity measure the r
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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture 5: Week 5 - pg 5

OC25400531 Page
17 Oct 2018
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If we are given percentage change in price and the corresponding change in qd, we use the formula. For example, the price of milk increases by 2% and q
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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture 5: Week 5 - p8

OC25400531 Page
17 Oct 2018
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Since dq is the slope of the demand curve, that"s why we can see elasticity by the steepness (slope) of the curve. With an inelastic demand curve, an i
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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture Notes - Lecture 5: Substitute Good, Toonie

OC25400532 Page
17 Oct 2018
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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture 5: Week 5 - pg 7

OC25400531 Page
17 Oct 2018
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How you define the market makes a difference, example : food inelastic. The more narrowly defined the market, the more elastic the demand for that good
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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture Notes - Lecture 5: Demand Curve

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17 Oct 2018
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Elasticity is positive so the goods are substitutes. The larger the price of elasticity the more elastic is the demand for the good. The more price ela
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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture Notes - Lecture 5: Normal Good

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17 Oct 2018
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Income elasticit y of demand measures how much the quantity demanded of a good responds to a change in consumers income. It is computed as the percenta
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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture Notes - Lecture 5: Demand Curve

OC25400531 Page
16 Oct 2018
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Inelastic demand : a change in p leads to a proportionately smaller change in qd. Demand is not very responsive to a price change. Percentage change in
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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture Notes - Lecture 5: Demand Curve, Final Good, Hyperbola

OC25400532 Page
16 Oct 2018
0
Elastic demand : a change in p leads to a proportionately larger change in qd. Demand is very responsive to a price change. Percentage change in qd > p
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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture 5: Week 5 - pg1

OC25400531 Page
16 Oct 2018
0
Elasticity : measures how responsive qd or qs is to changes in p and other determinants. This knowledge would be very useful to firms and policymakers
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MCMASTERPHILOS 1B03James SikkemaFall

PHILOS 1B03 Lecture Notes - Lecture 4: Henry David Thoreau, Civil Disobedience

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16 Oct 2018
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Wollstonecraft said something similar, first duty is to your autonomy and freedom. Anarchist is more of a mindset -- a way of trying to live your life
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MCMASTERPHILOS 1B03James SikkemaFall

PHILOS 1B03 Lecture Notes - Lecture 2: Total War, List Of Domesticated Animals

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16 Oct 2018
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The natural state of human equality necessarily involves a state of total war: unlimited right to objects of desire, equality of ability to obtain x. U
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MCMASTERPHILOS 1B03James SikkemaFall

PHILOS 1B03 Midterm: page 1-2- Social Contract, Human Nature, Disobedience, Democracy

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16 Oct 2018
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MCMASTERPHILOS 1B03James SikkemaFall

PHILOS 1B03 Midterm: page 3-4- Social Contract, Human Nature, Disobedience, Democracy

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16 Oct 2018
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MCMASTERPHILOS 1B03James SikkemaFall

PHILOS 1B03 Midterm: page 5-7- Social Contract, Human Nature, Disobedience, Democracy

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16 Oct 2018
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MCMASTERECON 1B03HolmesFall

ECON 1B03 Lecture Notes - Lecture 3: Market Power, Inferior Good, Perfect Competition

OC25400538 Page
14 Oct 2018
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Market is a group of buyers and sellers of a particular good or service. The terms supply and demand refer to the behaviour of people as they interact
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MCMASTERGLOBALZN 1A03Liam StockdaleFall

GLOBALZN 1A03 Lecture Notes - Lecture 3: Economic Nationalism, Autarky, Economic Integration

OC25400533 Page
14 Oct 2018
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Rooted in ideology of neoliberalism: economically, laissez faire, Economic deregulation, free trade, low government spending. Markets are fairest and m
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MCMASTERGLOBALZN 1A03Liam StockdaleFall

GLOBALZN 1A03 Lecture Notes - Lecture 2: Death Of Alan Kurdi, Buzzword, Tribalism

OC25400533 Page
14 Oct 2018
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People, goods, information -- circulate intensely and rapidly. Our decisions and actions have wider global implications. Globalization, essentially the
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MCMASTERGLOBALZN 1A03Liam StockdaleFall

GLOBALZN 1A03 Lecture Notes - Lecture 4: Global Justice, Global Citizenship, Cosmopolitanism

OC25400534 Page
14 Oct 2018
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You"(cid:396)e o(cid:374)l(cid:455) agc if (cid:455)ou (cid:271)elie(cid:448)e (cid:455)ou a(cid:396)e a(cid:374)d a(cid:272)t like o(cid:374)e. How do
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MCMASTERCOMMERCE 1B03Rita CossaFall

COMMERCE 1B03 Chapter Notes - Chapter 7: Micro-Enterprise

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14 Oct 2018
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Able to learn quickly: making errors is inevitable; what is important is what you learn from them. A great concentration of women run small and medium
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MCMASTERCOMMERCE 1B03Rita CossaFall

COMMERCE 1B03 Chapter Notes - Chapter 7: Canadian Identity

OC25400531 Page
14 Oct 2018
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Meets certain standard of size in terms of employees or annual revenues. A business establishment must meet the following criteria. Must have annual sa
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MCMASTERCOMMERCE 1B03Rita CossaFall

COMMERCE 1B03 Chapter Notes - Chapter 7: Angel Investor, Crowdfunding

OC25400532 Page
14 Oct 2018
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Changes in the marketplace (e. g. economic conditions, number and size of competitors and new entrants) Many businesses with the lowest failure rates r
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MCMASTERCOMMERCE 1B03Rita CossaFall

COMMERCE 1B03 Chapter Notes - Chapter 7: Affiliate Marketing

OC25400531 Page
14 Oct 2018
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Internet has sprouted a world of small web-based businesses that sell everything from staplers to refrigerator magnets to wedding dresses. These small
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MCMASTERCOMMERCE 1B03Rita CossaFall

COMMERCE 1B03 Chapter 7: Chapter 7-1

OC25400531 Page
14 Oct 2018
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While many people use the term entrepreneurship and small business interchangeably, there are significant differences. Entrepreneurship is not always s
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