OC80424

OC80424

Simon Fraser University

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SFUECON 103Vera LantinovaWinter

ECON 103 Lecture Notes - Diminishing Returns, Average Cost, Sunk Costs

OC804248 Page
19 Apr 2013
22
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SFUECON 103Vera LantinovaWinter

ECON 103 Lecture Notes - Allocative Efficiency, Marginal Utility, Marginal Cost

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19 Apr 2013
17
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SFUECON 103Vera LantinovaWinter

ECON 103 Lecture Notes - Marginal Utility, Marginal Cost, Global Warming

OC804246 Page
19 Apr 2013
26
Economics is a social science in which we study how to solve the problem of scarcity and to answer the questions of what whom and how to produce. Econo
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SFUECON 103Vera LantinovaWinter

ECON 103 Lecture Notes - Price Elasticity Of Demand, Normal Good

OC804247 Page
19 Apr 2013
27
Before studying elasticity, it is useful to recall what the slope of a straight line is and how to find it: Elasticity is a property of demand and supp
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SFUECON 103Vera LantinovaWinter

ECON 103 Lecture Notes - Market Power, Marginal Revenue, Perfect Competition

OC804248 Page
19 Apr 2013
23
Perfect competition as a type of a market. Individual and market demand that a firm faces in perfect competition. Individual supply and market supply i
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SFUECON 103Vera LantinovaWinter

ECON 103 Lecture Notes - Diminishing Returns, Average Cost, Sunk Costs

OC804248 Page
19 Apr 2013
34
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SFUECON 103Vera LantinovaWinter

ECON 103 Lecture Notes - Demand Curve, Economic Equilibrium, Marginal Cost

OC8042410 Page
19 Apr 2013
25
Market equilibrium (what it shows, what it means, be able to find equilibrium price and quantity) Recall the definition of economics from chapter 1: Ec
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SFUECON 103Vera LantinovaWinter

ECON 103 Lecture Notes - Economic Surplus, Marginal Utility, Deadweight Loss

OC804247 Page
19 Apr 2013
27
Marginal social cost consumer surplus (individual and market) producer surplus (individual and market) efficiency deadweight loss fairness. 1. scarcity
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SFUECON 103Vera LantinovaWinter

ECON 103 Lecture Notes - Economic Efficiency, Information Market, Opportunity Cost

OC804246 Page
19 Apr 2013
61
The difference between accounting profit and economic profit. The difference between technological and economic efficiency. A firm is an institution th
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