ECON 1B03 Study Guide - Final Guide: Economic Surplus, Nash Equilibrium, Deadweight Loss
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24 Jun 2013
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ECON 1B03 Full Course Notes
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= what you give up to get something else. Example: to get 3 cds, give up 1 dvd. To get 1 cd, give up 1/3 dvd. = you have it if your opp. cost of producing a good is lower than someone else"s => specialization and gains from trade. = your economy is more productive in all goods. = shift of the demand curve due to a change in income, taste, population, prices of related goods, expectations. = movement along the demand curve due to a change in the price of the good. = shift of the supply curve due to a change in production costs, number of firms, expectations, prices of related goods produced. = movement along the supply curve due to a change in the price of the good. = measures the responsiveness of quantity of a good demanded (or supplied) to a change in: Inelastic = not very responsive, | e | between 0 and 1 (fraction)
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