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John Freebairn, Eik Swee (13)

Study Guides for John Freebairn, Eik Swee

Introductory Microeconomics

ECON10004 Study Guide - Final Guide: Natural Monopoly, Demand Curve, Market Power
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Monopoly Monday, 17 April 2017 8:40 PM A monopolyfirm is a price maker Outcome in a market with a monopoly is often not in the best interest of society Why monopoliesarise: A firm is a monopoly if its the sole seller of it...

Economics
ECON10004
John Freebairn, Eik Swee
ECON10004 Study Guide - Final Guide: Ceteris Paribus, Demand Curve, Inferior Good
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Demand Friday, 10 March 2017 6:12 PM Quantity demanded = amount that buyers are willing and able to purchase Law of demand = ceteris paribus, there is a negative causal relationship between the price of a good and the quan...

Economics
ECON10004
John Freebairn, Eik Swee
ECON10004 Study Guide - Final Guide: Perfect Competition, Economic Equilibrium, Demand Curve
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Consumer surplus Tuesday, 21 March 2017 12:17 AM Willingness to pay = maximum price a buyer is willing to pay Consumer surplus = amount a buyer is willing to pay amount buyer actually pays Consumer surplus = area below de...

Economics
ECON10004
John Freebairn, Eik Swee
ECON10004 Study Guide - Final Guide: Fundamental Solution, Nash Equilibrium, Strategic Dominance
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Games with simultaneous moves Sunday, 14 May 2017 3:16 PM Players choose their actions in isolation, with no informationabout what other players have done or will do A player can reason through the game from the perspectiv...

Economics
ECON10004
John Freebairn, Eik Swee
ECON10004 Final: Games with Sequential Moves
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Games with sequential moves Thursday, 18 May 2017 12:47 PM Strategic situations in which there is a strict order of play Players decide current movesbased on calculationsof future consequences

Economics
ECON10004
John Freebairn, Eik Swee
ECON10004 Study Guide - Final Guide: Marginal Product, Production Function, Marginal Cost
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Costs of production Wednesday, 5 April 2017 10:32 PM Total revenue, total cost and profit: Total revenue = amount a firm receivesfor sale of its output Total cost = amount a firm pays to buy inputs into production Profit =...

Economics
ECON10004
John Freebairn, Eik Swee
ECON10004 Study Guide - Final Guide: Coase Theorem, Social Cost, Externality
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Externalities Wednesday, 29 March 2017 11:17 PM Type of marketfailure Arises when a person engages in an activitythat influences wellbeing of a bystander but they neither pay nor receives any compensation Negative or posit...

Economics
ECON10004
John Freebairn, Eik Swee
ECON10004 Study Guide - Final Guide: Monopolistic Competition, Imperfect Competition, Product Differentiation
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Monopolistic competition Tuesday, 11 April 2017 1:44 PM Competitionoccurs when there are many firms in a market offering essentially identical products Monopolyoccurs when there is only one firm in a market Many industries...

Economics
ECON10004
John Freebairn, Eik Swee
ECON10004 Study Guide - Final Guide: Marginal Revenue, Takers, Market Maker
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Firms in competitive markets Monday, 17 April 2017 3:11 PM Competitivemarket: There are many buyers and many sellers in the market The goods offered by the varioussellers are largely the same (Firms can freely enter or ...

Economics
ECON10004
John Freebairn, Eik Swee
ECON10004 Study Guide - Final Guide: Proportional Division, Rationality
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How to think about strategic games Sunday, 14 May 2017 12:33 PM Decisionsvs games: Games = interactionsbetween mutually aware players Decisions= action situationswhere each person can choose without concern for reaction or...

Economics
ECON10004
John Freebairn, Eik Swee
ECON10004 Study Guide - Final Guide: Game Theory, Oligopoly
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Application to Oligopoly Monday, 22 May 2017 11:24 PM Each firm in an oligopolistic market must act strategically Markets with only a few sellers: Key feature of oligopoly is tension between cooperationand selfinterest Oli...

Economics
ECON10004
John Freebairn, Eik Swee
ECON10004 Study Guide - Final Guide: Infant Industry Argument, Import Quota
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Determinants of trade Thursday, 23 March 2017 1:42 PM World price = price of a good that prevails in the world market for that good If world price > domestic price, country becomesexporter If world price < domestic price, ...

Economics
ECON10004
John Freebairn, Eik Swee
ECON10004 Study Guide - Final Guide: Competition Law, Market Power, Oligopoly
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Competition policy Friday, 28 April 2017 9:28 PM Market power is regarded as a source of marketfailure Competitionpolicies = government policies that aim to improve efficiency of oligopolistic and monopoly markets Competit...

Economics
ECON10004
John Freebairn, Eik Swee

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