ECON 1000 Study Guide - Final Guide: Longrun, Variable Cost, Market Power

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ECON 1000 Full Course Notes
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ECON 1000 Full Course Notes
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Profit= total revenue which is price x quantity- total cost. Positive statements can be tested by checking it against facts. Normative statements- how things ought to be (involves judgments), cannot be tested. Opportunity cost= what you give up (delta y)/ what you gain (delta x) Factors that influence economic growth: technological change and capital accumulation. Complimentary social institutions: firms, markets, property rights, money. Relative price- ratio of money price to the money price of the next best alternative good. Demand- entire relationship b/w price of the good and quantity demanded. Quantity demanded- amount that consumers are willing and able to purchase. Law of demand- higher the price of a good, the smaller is the quantity demanded; and the lower the price of a good, the larger is the quantity demanded. Factors that change demand: prices of related goods, expected future prices, income, expected future income and credit, population, preferences.

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