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REVIEW ECON final.docx

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ECON 1000
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REVIEW ECONPPF production possibilities frontierGraph that shows 2 goods the econmy can produceGiven available factors of productionCombinations along the frontier are efficient use all factors of production availableImpossible combinations lie outside frontierMoving from point a to b20 less from a and 8 more for b208Lie inside the frontier inefficient SHIFT IN FRONTIERimprovement in all of economy shifts both sides of ppfimprovement in one shifts only one sideproduce more of a good with the same resources both increase because of more capital more labour or tech breakthroughPRICE CEILING Above market equilibriumNOT BINDINGNO IMPACTBelow market equillbirumBINDINGquantity supplied short of quantity demandedSHORTAGETechnological advances reduce the cost of production for computers decline in input price shifts supplyLOWER INPUT PRICES SUPPLY SHIFTS TO RIGHTINCREASE CHEAPER TO PRODUCE SAME QUANTOutcome the price falls and the quantity rises cheaper productlower pricemore customersWhat is the impact on a compliment market for comp software Increase in quantity of comps soldincrease demand of softwareDEMAND INCREASESMOVES TO RIGHTPRICES RISEQUANTITY SOLD INCREASESImpact on market for typewriterscompssubstitute for typewritersDEMAND FOR TYPEWRITERS FALL DEMAND TO LEFT DECLINE IN PRICE AND QUANTITY SOLD
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