ECON 111 Study Guide - Fall 2018, Comprehensive Quiz Notes - Magnetic Resonance Imaging, Augmented Reality, Marginal Revenue

• School: Queen's University
• Department: Economics
• Course: ECON 111
• Professor: Ugurhan Gazi Berkok

Document Summary

What is economics: analysis of opportunity cost- one chooses a over alternatives b,c, and d where the best amongst [b,c,d], say d is the most valuable opportunity. For example, marriage markets/assortative mating based on education and high salary; when the most educated people marry each other household income inequality goes up. Gains from trade: produce more of a you do well with time released from reducing production of b you don"t do so well (specialization, sell extra production of a to buy b you no longer produce (trade) Example: people used to grow all their veggies& fruit and even have chicken coops, but time are different now. Quantity demanded- of a good or service the consumers are willing to purchase at a given price. Demand curve- collection of all quantities demanded at possible prices. The demand curve goes down (d for down).