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Textbook Notes for Alexander Gainer

MACEWANECON-101Alexander GainerFall

ECON-101 Chapter Notes - Chapter 8-14: Marginal Revenue, Deadweight Loss, Market Distortion

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Internalizing the externality: altering the incentive so people pay attention to the externality. Transaction costs: costs that parties incur in the pr
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MACEWANECON-101Alexander GainerFall

ECON-101 Chapter Notes - Chapter 3: Complementary Good, Demand Curve, Absolute Advantage

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MACEWANECON-101Alexander GainerFall

ECON-101 Chapter Notes - Chapter 1-18: Economic Equilibrium, Demand Curve, Economic Surplus

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Economics: the study of how society ranges its scarce resources. Ef ciency: the property of society getting most it can from its scarce resources. Equi
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MACEWANECON-101Alexander GainerFall

ECON-101 Chapter Notes - Chapter 8-14: Pigovian Tax, Tax Rate, Root Mean Square

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C+e = deadweight loss (dwl) of the tax, due to tax, units between qt and qe are not sold. Value of these units to buyers is greater than cost of produc
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