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Study Guides for CAS EC 101 at Boston University (BU)

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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 41: Coase Theorem, Deadweight Loss, Influenza Vaccine

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The dwl is below msc and above mpc. The market, left alone, gets quantity wrong. Msc = marginal private cost + additional cost to society. The dwl is b
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 40: Deadweight Loss, Demand Curve, Externality

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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 36: Pareto Efficiency, Imperfect Competition, Perfect Competition

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Asymmetric information: adverse selection, market unraveling , remedies, screening, signaling. There are many firms producing homogeneous products: non
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 39: Marginal Cost, Demand Curve, Externality

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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture 38: notes11.30.18

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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 37: Moral Hazard, Externality

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Market screening: process where an uninformed party attempts to gather information about the product or service offered by the informed party, example:
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 33: Absolute Advantage, Comparative Advantage, Abundant Number

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The buying and selling of goods and services. The basis of trade is comparative advantage, not absolute advantage. It is possible to have an absolute a
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 32: Trade Route, Absolute Advantage, Comparative Advantage

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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 31: Pareto Efficiency, Price Ceiling, Price Floor

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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 30: Economic Surplus, Demand Curve, Marginal Cost

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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 26: Marginal Product, Demand Curve, Marginal Revenue

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Demographics: age distribution (to young, too old) When one of the non-wage determinants of ls changes, curve shifts right. Increase in population: cha
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 25: Budget Constraint

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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 24: Concentration Ratio, Oligopoly, Strategic Dominance

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Concentration ratio the percentage of markets total output supplied by its four largest firms. Higher the concentration ratio, the less competition. A
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 23: Monopolistic Competition, Perfect Competition, Demand Curve

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Free entry and exit: like perfect competition. Downward sloping demand curve: more elastic than monopoly. Determining profit max quantity for monopolis
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 22: De Beers, Market Power, Bauxite

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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture 16: EC101_Watson_Lecture16

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Implicit costs: foregone salary, foregone interest, total implicit costs. = total explicit costs + total implicit costs. Say tr = 5,000; then accountin
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 19: Market Power, Profit Maximization, Perfect Competition

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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture 14: EC101_Watson_Lecture 14

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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 12: Budget Constraint, Indifference Curve

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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 15: Giffen Good, Budget Constraint, Demand Curve

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Always the same if both are normal goods. This table represents when the price of calls to france (pf) decreases. In this case, the income effect domin
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 11: Indifference Curve, Budget Constraint, Price Floor

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Percent change in qd over percent change in price. Measure of how sensitive quantity demanded is to changes in price. If the absolute value of the pric
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 9: Indifference Curve

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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 10: Opportunity Cost, Marginal Utility, Indifference Curve

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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 6: Comparative Statics, Economic Equilibrium, Demand Curve

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Change the value of one of the non-price determinants of supply or demand. Assume that the price of dvd players declines: the price of a complement dec
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 8: Normal Good, Laser Printing

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Availability of close substitutes: demand for a good with close substitutes is more elastic. Passage of time: longer the period of time, the more elast
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 7: Demand Curve

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Price of dvd players decreases by an average of per player. Quantity of dvd players sold increases by 1 million units. Price of gas decreases by avera
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 5: Price Ceiling, Rent Regulation, Price Floor

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When demand curve and supply curve intersect. Price will be drawn back toward equilibrium price because it is the natural adjustment process. If there
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 3: Demand Curve

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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture 4: EC101_Watson_Lecture4

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Quantity demanded: a single point on a demand curve. What are the factors that can cause an increase in demand? (shift right) Price of related goods: p
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Study Guide - Final Guide: Economic Surplus, Price Ceiling, Everytime

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Section 1: producer & consumer surplus good or service. Consumer surplus is difference between the price a consumer is willing to pay for a. Consumer s
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 41: Arthur Cecil Pigou, Coase Theorem, Demand Curve

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Ec 101 lecture 41 - responses to externalities. **supply curve always show marginal private cost. The marginal social cost is only equal to marginal pr
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 40: Social Cost, Externality, Everytime

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The consumption of a good or service causes affects a third party"s situation. Marginal private benefit (mpb): the benefit that the person gets for eac
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 39: Imperfect Competition, Perfect Competition, Externality

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Externality: the effect on a third party (who was not involved in the production/consumption process) caused by the production or consumption of a good
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 37: Deadweight Loss, Social Cost, Economic Surplus

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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 36: Imperfect Competition, Adverse Selection, Perfect Competition

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When a product loses its value over time or over the number of uses. Ex: once you drive a brand new car out of the dealership, the value of the car dec
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 33: Autarky, Voluntary Export Restraints, Economic Equilibrium

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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 32: Absolute Advantage, Trade Route, Opportunity Cost

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Ec 101 lecture 32 - welfare economics: basics of trade. Trading provides job specialization because not every country is equally as good as producing a
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 31: Price Ceiling, Price Floor, Pareto Efficiency

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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 30: Masala Chai, Demand Curve, Marginal Cost

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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 26: Equilibrium Point, Marginal Cost, Marginal Revenue Productivity Theory Of Wages

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Ec 101 lecture 26 - shifts in the labor supply curve / labor demand. For example: if there are more immigrants, it means that there are more possible w
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 25: Budget Constraint, Indifference Curve, Opportunity Cost

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Households supply labor and raw materials in exchange for salary and wages from the firms in order to buy other goods and services. Money (salary and w
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 24: Game Players, Oligopoly, Perfect Competition

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Ec 101 lecture 24 oligopoly & game theory. Oligopoly: a market structure in which only a few sellers offer similar or identical products. Does not foll
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 23: Monopolistic Competition, Marginal Revenue, Demand Curve

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Free entry and exit -> like perfect competition. Downward sloping demand curve -> like monopoly. These firms are the only ones that are able to be in t
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 22: Monopoly Price, Perfect Competition, Takers

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If market is in perfect competition, then firms are price takers, which means that they take the market price and have to produce at that cost. Example
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 21: Average Variable Cost, Demand Curve, Economic Equilibrium

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Ec 101 lecture 21 - accounting profits and economic profits / entry & exit to market. As long as the firm is above the shut down cut off, which is the
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 19: Ferrari Monza, Marginal Revenue, Perfect Competition

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P= price per unit of the good. Shows the total amount of money gained by a producer by selling a certain amount of a good. Ex: a grocery store sells 20
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 17: Gatorade, Budget Constraint, Indifference Curve

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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 16: Budget Constraint, Consumer Choice, Normal Good

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Ec 101 lecture 14 - substitution and income effect. The best combination of goods for a consumer is the point where the budget constraint is tangent to
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BUCAS EC 101Bruce WatsonFall

CAS EC 101 Lecture Notes - Lecture 15: Budget Constraint, Indifference Curve, Normal Good

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BUCAS EC 101Michael ManoveFall

CAS EC 101- Final Exam Guide - Comprehensive Notes for the exam ( 30 pages long!)

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No, because rents guide inputs to the producer that values them the most. Example: best soccer player gets paid most by the team that allows him to ent
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BUCAS EC 101Michael ManoveFall

CAS EC 101- Final Exam Guide - Comprehensive Notes for the exam ( 88 pages long!)

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Economic thinking helps us see things that other people might miss. Correct: e - sex is associated with unhappiness among harvard students who see psyc
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BUCAS EC 101Todd IdsonFall

CAS EC 101- Final Exam Guide - Comprehensive Notes for the exam ( 45 pages long!)

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BUCAS EC 101Todd IdsonFall

[CAS EC 101] - Final Exam Guide - Everything you need to know! (51 pages long)

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Anything free in society, something that has no value. Ex: parking space, they have no other use when no one is using it. Everything that has an altern
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BUCAS EC 101Michael ManoveFall

[CAS EC 101] - Final Exam Guide - Comprehensive Notes for the exam (85 pages long!)

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BUCAS EC 101AllFall

CAS EC 101 Study Guide - Final Guide: Scantron Corporation, Externality, Janet Yellen

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Fill in your name, student id, discussion section number (e. g. d5) and your signature. Enter the course number (ec101 dd or ee) and date on the lines
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BUCAS EC 101AllFall

CAS EC 101 Study Guide - Final Guide: Scantron Corporation, Marginal Utility, Perfect Competition

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Fill in your name, student id, discussion section number (e. g. d5) and your signature. Enter the course number (ec101 dd or ee) and date on the lines
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BUCAS EC 101AllFall

CAS EC 101 Final: EC101DDFinalV8 2017

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Fill in your name, student id, discussion section number (e. g. d5) and your signature. Enter the course number (ec101 dd or ee) and date on the lines
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BUCAS EC 101AllFall

CAS EC 101 Final: EC101DDFinalV6 2017

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Fill in your name, student id, discussion section number (e. g. d5) and your signature. Enter the course number (ec101 dd or ee) and date on the lines
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BUCAS EC 101AllFall

CAS EC 101 Final: EC101DDFinalV5 2017

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Fill in your name, student id, discussion section number (e. g. d5) and your signature. Enter the course number (ec101 dd or ee) and date on the lines
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BUCAS EC 101AllFall

CAS EC 101 Final: EC101EE Final V1 2017

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Fill in your name, student id, discussion section number (e. g. d5) and your signature. Enter the course number (ec101 dd or ee) and date on the lines
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BUCAS EC 101AllFall

CAS EC 101 Final: EC101EEFinal V2 2017

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Fill in your name, student id, discussion section number (e. g. d5) and your signature. Enter the course number (ec101 dd or ee) and date on the lines
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