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Study Guides for ECON1101 at Australian National University

Microeconomics 1

ECON1101 Study Guide - Final Guide: Expected Return, Diminishing Returns, Marginal Revenue

Capital and Financial Markets Demand for Physical Capital Physical capital refers to the machines, buildings and physical resources needed to produce output. Demand for capital is a derived demand. Marginal product of capi...

Economics
ECON1101
Paul
ECON1101 Study Guide - Final Guide: Marginal Revenue, Opportunity Cost

Labour Markets Labour Demand Labour demand (L ) the relationship between the Q of labour demanded by firms and the wage. The demand for labour is a derived demand. D L is downwardsloping due to diminishing MP . L A Firms ...

Economics
ECON1101
Paul
ECON1101 Study Guide - Final Guide: Comparative Advantage, Absolute Advantage, Opportunity Cost

International Trade Comparative Advantage Country A has a comparative advantage over country B in the production of a good if the opportunity cost of producing the good in country A is less than in country B. Eg: AUS more ...

Economics
ECON1101
Paul
ECON1101 Study Guide - Final Guide: Budget Constraint, Demand Curve, Real Income

The Demand Curve and the Behaviour of Consumers Marginal Benefit The demand curve also indicates the MB. Marginal benefit (or value) the additional benefit of consuming or more unit of a good. Consumers purchase goods up u...

Economics
ECON1101
Paul
ECON1101 Study Guide - Final Guide: Natural Monopoly, Demand Curve, Market Power

Monopoly Monopoly a market with a single seller of a product with no close substitutes. A monopoly has market power a firms power to set its price without losing its entire share of the market. Pricemaker a firm that ha...

Economics
ECON1101
Paul
ECON1101 Study Guide - Final Guide: Ceteris Paribus, Economic Equilibrium, Demand Curve

The Supply and Demand Model Demand Demand schedule a tabular presentation of demand showing the P and Q demanded for a particular good, ceteris paribus. Law of demand P increases Q decreases. Demand curve downwardsloping...

Economics
ECON1101
Paul
ECON1101 Study Guide - Final Guide: Tax Rate, Excise, Income Tax

Tax, Transfers and Income Distribution Average and Marginal Tax Rate Marginal tax rate the change in total tax divided by the change in income. Average tax rate the total tax paid divided by the total taxable income. Pro...

Economics
ECON1101
Paul
ECON1101 Study Guide - Final Guide: Pigovian Tax, Pay Television, Mira-Bhayandar Municipal Corporation

Public Goods, Externalities and Government Behaviour Externalities Externality impact of one agents actions on the wellbeing of a bystander. Negative externality an externality which has an adverse impact (costs spill over...

Economics
ECON1101
Paul
ECON1101 Study Guide - Final Guide: Pareto Efficiency, Mira-Bhayandar Municipal Corporation, Price Ceiling

The Interactions of People in Markets Total Surplus o Total Surplus = CS + PS o Q* is the efficient output level where MB=MC and total surplus is level. o At any other level of output, total surplus is reduced. o Deadweigh...

Economics
ECON1101
Paul
ECON1101 Study Guide - Final Guide: Price Ceiling, Price Elasticity Of Demand, Economic Equilibrium

Elasticities Price Controls Price controls a gov. law or regulation that sets or limits the price to be charged for a particular good. Price ceiling a legal maximum on the price of a good, eg: rent control. For the price...

Economics
ECON1101
Paul

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