OC76101

OC76101

McGill University

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MCGILLECON 208Mayssun El- Attar VilaltaFall

ECON 208 Chapter Notes - Chapter 16: Paternalism, Planned Economy, Market Power

OC761019 Page
16 Apr 2013
53
Govts necessary to provide law and order and define and enforce property rights. The operative choice is not between an unhampered free-market economy
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MCGILLECON 208Mayssun El- Attar VilaltaFall

ECON 208 Chapter Notes - Chapter 12: Pareto Efficiency, Product Differentiation, Fixed Capital

OC761017 Page
16 Apr 2013
45
Efficiency requires factors of production to be fully employed; however, there may still be waste of resources since factors of production may be used
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MCGILLECON 208Mayssun El- Attar VilaltaFall

ECON 208 Chapter Notes - Chapter 11: Shampoo, Concentration Ratio, Game Theory

OC761019 Page
16 Apr 2013
46
Perfectly competitive model: individual firms produce more-or-less identical products and are price takers. (forest, fish, agriculture) Others aren"t w
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MCGILLECON 208Mayssun El- Attar VilaltaFall

ECON 208 Chapter Notes - Chapter 10: Efficient-Market Hypothesis, Electric Power Transmission, Transact

OC761017 Page
16 Apr 2013
36
Everything in chapter 7 = applies to all market structures. Unlike a perfectly competitive firm, a monopolist faces a negatively sloped demand curve. S
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MCGILLECON 208Mayssun El- Attar VilaltaFall

ECON 208 Chapter Notes - Chapter 9: Variable Cost, Market Price, Demand Curve

OC761017 Page
16 Apr 2013
26
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MCGILLECON 208Mayssun El- Attar VilaltaFall

ECON 208 Chapter Notes - Chapter 8: Profit Maximization, Marginal Product, Dofasco

OC761015 Page
16 Apr 2013
31
Sr = at least one factor is fixed = must adjust the input of the variable factors to produce output. Lr = all factors can be varied = must choose the t
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MCGILLECON 208Mayssun El- Attar VilaltaFall

ECON 208 Chapter Notes - Chapter 7: Investment, Variable Cost, Limited Partnership

OC761018 Page
16 Apr 2013
22
7. 1 what are firms? (basic unit of production) Although its ownership differs, the organization and legal status of a state-owned enterprise are simil
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MCGILLECON 208Mayssun El- Attar VilaltaFall

Chapter 6 Consumer Behavior.docx

OC761014 Page
16 Apr 2013
31
Utility: the satisfaction/well-being that a consumer receives from consuming some good/service. Total utility: the total satisfaction resulting from th
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MCGILLECON 208Mayssun El- Attar VilaltaFall

ECON 208 Chapter Notes - Chapter 5: Demand Curve, Black Market, Price Floor

OC761012 Page
16 Apr 2013
33
No market or industry exists in isolation from the economy"s many other markets. Partial-equilibrium analysis: the analysis of single market in isolati
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MCGILLECON 208Mayssun El- Attar VilaltaFall

ECON 208 Chapter Notes - Chapter 4: Diet Pepsi, Excise, Inferior Good

OC761015 Page
16 Apr 2013
35
Demand elastic when quantity demanded is quite responsive to changes in price. When quantity demanded is relatively unresponsive to changes in price, d
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MCGILLECON 208Mayssun El- Attar VilaltaFall

ECON 208 Chapter Notes - Chapter 3: Microeconomics, Exogeny, Excess Supply

OC761016 Page
16 Apr 2013
30
Must be expressed as so much per period of time (50,000 tvs demanded per year) Total amount of a product that consumers in the relevant market want to
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MCGILLECON 208Mayssun El- Attar VilaltaFall

ECON 208 Chapter Notes - Chapter 2: Equation, Profit Maximization, Scatter Plot

OC761015 Page
16 Apr 2013
27
Distinguishing what is actually true from what we would like to be true requires distinguishing between positive and normative statements. Is the state
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MCGILLECON 208Mayssun El- Attar VilaltaFall

ECON 208 Chapter Notes - Chapter 1: Resource Allocation, Externality, Transact

OC761016 Page
16 Apr 2013
35
Raw materials, parts, tools, perishables, manufactured goods. Economy is a system in which scarce resources (labour, land, machines) are allocated amon
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