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Textbook Notes for H O C H E U N G

HUMBERECN 153H O C H E U N GWinter

ECN 153 Chapter Notes - Chapter 13: Marginal Product, Production Function, Variable Cost

OC12619274 Page
20 Oct 2016
4
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HUMBERECN 153H O C H E U N GWinter

ECN 153 Chapter Notes - Chapter 16: Demand Curve, Monopolistic Competition, Perfect Competition

OC12619272 Page
20 Oct 2016
4
In a monopolistic competition, the sellers are price makers rather than price takers. That is the sellers can charge whatever they choose want. The pri
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HUMBERECN 153H O C H E U N GWinter

ECN 153 Chapter Notes - Chapter 9: Deadweight Loss, Pineapple, Economic Surplus

OC12619274 Page
20 Oct 2016
5
This figure shows the consumer and producer surplus in the equilibrium without trade. The sum of consumer and producer surplus measures the total benef
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HUMBERECN 153H O C H E U N GWinter

ECN 153 Chapter Notes - Chapter 10: Collegehumor, Demand Curve, Smog

OC12619272 Page
20 Oct 2016
5
The u(cid:374)(cid:272)o(cid:373)pe(cid:374)sated i(cid:373)pa(cid:272)t of o(cid:374)e perso(cid:374)"s a(cid:272)tio(cid:374)s o(cid:374) the (cid:44
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HUMBERECN 153H O C H E U N GWinter

ECN 153 Chapter Notes - Chapter 14: Average Variable Cost, Marginal Revenue, Market Power

OC12619272 Page
20 Oct 2016
5
If a firm can influence the market price of the good it sells, it is said to have market power. A competitive market, sometimes called a perfectly comp
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HUMBERECN 153H O C H E U N GWinter

ECN 153 Chapter Notes - Chapter 11: Private Good, Economic Surplus, Excludability

OC12619272 Page
20 Oct 2016
3
A market can provide the efficient number of goods: the price of good adjusts to balance supply and demand, and this equilibrium maximizes the sum of p
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