Textbook Notes for Irakli Japaridze

MCGILLECON 230D1Irakli JaparidzeFall

ECON 230D1 Chapter Notes - Chapter 1: Demand Curve, Root Mean Square

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1 May 2017
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De nitions: microeconomics: how individuals and rms make themselves as well off as possible with the scarce amount of resources that are available, mar
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MCGILLECON 230D1Irakli JaparidzeFall

ECON 230D1 Chapter Notes - Chapter 3: Tax Incidence, Ad Valorem Tax

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1 May 2017
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Chapter 3: applying the s and d model. How shapes of s and d curves matter. When there is a shock, eq price and quantity is affected. But depends on th
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MCGILLECON 230D1Irakli JaparidzeFall

ECON 230D1 Chapter Notes - Chapter 2: Shortage, Market Power, Perfect Competition

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1 May 2017
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Diff factors in uence d, like price, tastes, advertising, information/misinformation, prices of other goods (subs and complements), income, gov rules a
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MCGILLECON 230D1Irakli JaparidzeFall

ECON 230D1 Chapter Notes - Chapter 4: Budget Constraint, Bounded Rationality, Newstalk Zb

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1 May 2017
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A consumer ranks bundles of goods according to the pleasure they get from their consumption. Completeness: a consumer must be able to decide which bund
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MCGILLECON 230D1Irakli JaparidzeFall

ECON 230D1 Chapter Notes - Chapter 5: Greek People'S Liberation Army, Tax Rate, Engel Curve

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1 May 2017
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Consumer theory is uses to show how much the qd of a good falls as its p rises. When p rises, budget constraint shifts, forcing consumer to choose new
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MCGILLECON 230D1Irakli JaparidzeFall

ECON 230D1 Chapter Notes - Chapter 6: Marginal Product, Diminishing Returns, Isoquant

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1 May 2017
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Firms operate in diff sectors: private, public and nonpro t. Private= owned by individuals or non governmental entities and contribute the most to the
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MCGILLECON 230D1Irakli JaparidzeFall

ECON 230D1 Chapter Notes - Chapter 7: Tangent, Root Mean Square, Diminishing Returns

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1 May 2017
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Economic cost/opportunity cost= value of the best alternative use of a resource and includes explicit and implicit costs. (ques: what are you giving up
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MCGILLECON 230D1Irakli JaparidzeFall

ECON 230D1 Chapter Notes - Chapter 10: Utility, Root Mean Square, Social Welfare Function

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1 May 2017
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Pareto principle: a change that makes a person better off without harming anyone else is good. An allocation is pareto ef cient if any possible realloc
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MCGILLECON 230D1Irakli JaparidzeFall

ECON 230D1 Chapter Notes - Chapter 8: Economic Equilibrium, Greek People'S Liberation Army, Market Power

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1 May 2017
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Price taking: when a rm cannot signi cantly affect the market price for its output. Market is considered competitive if each rm is a price taker. The d
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MCGILLECON 230D1Irakli JaparidzeFall

ECON 230D1 Chapter Notes - Chapter 9: Free Trade, Rent-Seeking, Ad Valorem Tax

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1 May 2017
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Zero profit for competitive firms in the long run. The rm may be willing to operate in the lr even tho it is making 0 economic pro t because by looking
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