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Study Guides for ECO100Y1 at University of Toronto St. George (page 6)

Introduction to Economics

ECO100Y1 Study Guide - Economic Surplus, Demand Curve

ELASTICITY  Elasticity is the measure of responsiveness of one thing to another  Price Elasticity of Demand is the measure of responsiveness of price to a change in quantity. PED= %Change in Quantity ...

Economics
ECO100Y1
Gustavo Indart
ECO100Y1 Study Guide - Gross Domestic Product, Net Domestic Product

NATIONAL ACCOUNTS Gross Domestic Product (GDP): total value of final goods and services produced in the economy during a given period. GDP is a flow of new products during a period of time There are three different appr...

Economics
ECO100Y1
Gustavo Indart
ECO100Y1 Study Guide - Allocative Efficiency, Pareto Efficiency, Economic Surplus

ALLOCATIVE EFFICIENCY, EXTERNALITIES, AND GOVERNMENT INTERVENTION Productive efficiency: For the firm: requires that the firm be producing its output at the lowest possible cost For the industry: requires that all firms ...

Economics
ECO100Y1
Gustavo Indart
ECO100Y1 Study Guide - Competitive Equilibrium, Economic Equilibrium, Marginal Revenue

SHORT-RUN COMPETITIVE EQUILIBRIUM Total, Average, and Marginal Revenue Total revenue (TR): TR = p*Q Average revenue (AR): AR = TR/Q = (p*Q)/Q = p Marginal revenue (MR): MR = dTR/dQ Short-Run Decisions Any profit-maxim...

Economics
ECO100Y1
Gustavo Indart
ECO100Y1 Study Guide - Fixed Cost, Marginal Product, Diminishing Returns

PRODUCTION AND COSTS The Production Function Q = f(L, K) Q = flow of output, L = flow of labour services, K = flow of capital services, changes in technology = changes in f Profit-Maximizing Output profit = TR - TC T...

Economics
ECO100Y1
Gustavo Indart
ECO100Y1 Study Guide - Net Domestic Product

NATIONAL ACCOUNTS Gross Domestic Product (GDP): total value of final goods and services produced in the economy during a given period. GDP is a flow of new products during a period of time There are three different appr...

Economics
ECO100Y1
Gustavo Indart
Term Test 3 Short Intro and Stats

TERM TEST 3 SHORT INTRO AND STATS: Topics to be Covered:  Competitive Firms  Monopoly  Economic Efficiency  Comparative Advantage  Price Indices and Unemployment  National Accounts The third term test...

Economics
ECO100Y1
Gustavo Indart
ECO100Y1 Study Guide - Gross Domestic Product

NATIONAL ACCOUNTS Each firm’s contribution to total output is equal to its value added Value added = value of firm’s output - values of all intermediate goods and services Sum of all values added produced in an economy ...

Economics
ECO100Y1
Gustavo Indart
ECO100 Indart Term Test 1 Statistics

Term Test Short Intro and Stats Topics to be covered:  Opportunity Costs  Demand and Supply  Elasticity  Consumer Behaviour  Production and Costs in the Short Run  Production and Costs in the Long-Run ...

Economics
ECO100Y1
Gustavo Indart
ECO331_MidtermReview.docx

ECO331 Behavioural Economics Midterm ReviewExperiment Design InternalExternal ValidityHomo economicuswe are utility maximizing and selfinterested doesnt depend on other utilites no cost of cognition and our preferences are...

Economics
ECO100Y1
Robert Gazzale
Economics
ECO100Y1
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ECO100Y1
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