Textbook Notes for online

CONCORDIAECON 201onlineFall

ECON 201 Chapter Notes - Chapter 8: Sunk Costs, Root Mean Square, Average Variable Cost

Lucas le Faucheur2 Page
14 Dec 2016
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Production function: a technological relationship that speci es how much output can be produced with speci c amounts of inputs. Technological ef ciency
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CONCORDIAECON 201onlineFall

ECON 201 Chapter Notes - Chapter 3: Normal Good, Complementary Good, Price Controls

Lucas le Faucheur2 Page
14 Dec 2016
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CONCORDIAECON 201onlineFall

ECON 201 Chapter Notes - Chapter 13: Tax Incidence, Luxury Goods

Lucas le Faucheur2 Page
14 Dec 2016
1
A key component of the pricing decision is to know how responsive your market is to variations in your pricing. We begin by analyzing the responsivenes
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CONCORDIAECON 201onlineFall

ECON 201 Chapter Notes - Chapter 12: Marginal Revenue Productivity Theory Of Wages, Marginal Revenue, Monopsony

Lucas le Faucheur2 Page
14 Dec 2016
1
Demand for labour: a derived demand, re ecting the value of the output it produces. The value of the marginal product is the marginal product multiplie
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CONCORDIAECON 201onlineFall

ECON 201 Chapter Notes - Chapter 7: Opportunity Cost, Retained Earnings, Capital Market

Lucas le Faucheur2 Page
14 Dec 2016
2
Sole proprietor is the single owner of a business. Partnership: a business owned jointly by two or more individuals, who share in the pro ts and are jo
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CONCORDIAECON 201onlineFall

ECON 201 Chapter Notes - Chapter 1: Business Cycle, Mixed Economy, Opportunity Cost

Lucas le Faucheur2 Page
14 Dec 2016
1
Since it uses scienti c methods it is called a social science. We study human behaviour to better understand and improve our world. Macroeconomics: the
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CONCORDIAECON 201onlineFall

ECON 201 Chapter Notes - Chapter 13: Tax Wedge, Deadweight Loss, Economic Surplus

Lucas le Faucheur2 Page
14 Dec 2016
0
Welfare economics: assesses how well the economy allocates its scarce resources in accordance with the goals of ef ciency and equity. Equity: deals wit
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CONCORDIAECON 201onlineFall

ECON 201 Chapter Notes - Chapter 13: Lorenz Curve, Human Capital, Root Mean Square

Lucas le Faucheur1 Page
14 Dec 2016
0
Human capital is the stock of knowledge and ability accumulated by a worker that determines future productivity and earning. Age-earnings pro les de ne
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CONCORDIAECON 201onlineFall

ECON 201 Chapter Notes - Chapter 14: Resale Price Maintenance, Bid Rigging, Predatory Pricing

Lucas le Faucheur1 Page
14 Dec 2016
0
Market failure de nes outcomes in which the allocation of resources is not ef cient. The principal sources of market failure are: externalities, public
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CONCORDIAECON 201onlineFall

ECON 201 Chapter Notes - Chapter 2: Abcc8, Scatter Plot, Panel Data

Lucas le Faucheur1 Page
14 Dec 2016
0
Variables: measures that can take on different values. Time-series: a set of measurements made sequentially at different points in time. High (low) fre
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