Exams are coming!
Get ready with premium notes and study guides!

Textbook Notes for Hannah Holmes


MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03- Final Exam Guide - Comprehensive Notes for the exam ( 61 pages long!)

OC53748861 Page
28 Mar 2018
0
Study of how society allocates scarce resources to satisfy society"s unlimited wants. Resources are scarce/limited so we need to come up with a way to
View Document
MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03 Lecture Notes - Lecture 5: Average Cost, Production Function, Average Variable Cost

OC53748815 Page
9 Mar 2018
0
The value of all inputs the firm uses in production. You spend money and you can get a receipt for. No money involved and cannot get a receipt for it.
View Document
MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03 Lecture Notes - Lecture 4: Economic Surplus, Reservation Price, Demand Curve

OC53748813 Page
9 Mar 2018
0
Benefits consumers and firms receive when participating in the market (buying and selling) The maximum amount that a buyer will pay for a good. Measure
View Document
MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03 Chapter Notes - Chapter 4: Demand Curve, Ice Cream Cone, Hyperbola

OC5374886 Page
9 Mar 2018
0
Measures the responsiveness of quantity demanded or quantity supplied is to changes in price or other determinants. If price changes, will quantity dem
View Document
MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03 Lecture Notes - Lecture 2: Peanut Butter, Charity Shop, Market Power

OC5374889 Page
2 Feb 2018
0
Group of buyers and sellers of a particular good or service. The behaviour of supply and demand as they interact with each other in markets. Sum of all
View Document
MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03 Lecture Notes - Lecture 1: Tim Hortons, Invisible Hand, Market Economy

OC53748811 Page
2 Feb 2018
0
Study of how society allocates scarce resources to satisfy society"s unlimited wants. Resources are scarce/limited so we need to come up with a way to
View Document
MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03 Lecture Notes - Lecture 3: Opportunity Cost, Absolute Advantage, Potash

OC5374884 Page
2 Feb 2018
0
The production possibilities frontier is the boundary between. Those combinations of goods and services that can be produced and those that cannot. An
View Document
View all Premium Notes (7+)
MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03 Chapter Notes - Chapter 4: Demand Curve, Ice Cream Cone, Hyperbola

OC5374886 Page
9 Mar 2018
0
Measures the responsiveness of quantity demanded or quantity supplied is to changes in price or other determinants. If price changes, will quantity dem
View Document
MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Chapter 1: Intro to Microeconomics

Stephen Danku3 Page
21 Sep 2018
0
View Document
MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03 Chapter Notes - Chapter 1-2: Perfect Information, Comparative Advantage, Tim Hortons

OC11285919 Page
26 Jan 2017
4
Economics: how society allocates scare resources to satisfy unlimited wants. Scarcity: society has limited resources, so we cannot produce everything w
View Document
MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03 Chapter Notes - Chapter 9,10: Monopolistic Competition, Monopoly Profit, Deadweight Loss

OC112859112 Page
10 Apr 2017
0
Module 4, unit 9. 1: monopoly - output and price decisions. Monopoly and market power: monopoly, one seller of a product. Its product does not has any
View Document
MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Chapter Notes - Fall 2018 Chapter 2 - Opportunity cost

Stephen Danku3 Page
21 Sep 2018
0
To move from 0 to 500 trucks (a to b): To get 500 trucks, give up 2000 smartphones. To get 1 truck, give up 2000/500 = 4 smartphones. Therefore opportu
View Document
MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Chapter Notes - Chapter 6: Insulin, Broccoli, Ice Cream Cone

Stephen Danku3 Page
7 Oct 2018
0
If we are given % changes in price and corresponding changes in qd, we use formula: Ex: price of milk increases by 2% and qd decreases by 0. 5% When we
View Document
MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03 Chapter Notes - Chapter 11-12: Marginal Product, Normal-Form Game, Danian

OC11285917 Page
11 Apr 2017
0
Module 4, unit 11. 1: oligopoly and profit maximizing behaviour. Few sellers, big firms: homogeneous or nearly identical products. Interdependent firms
View Document
MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Chapter Notes - Fall 2018 Chapter 3 - Economic equilibrium

Stephen Danku2 Page
21 Sep 2018
0
Suppose that for some reason, market price of candy bars was . 5. At . 5, consumers will only buy 5 bars, but firms will offer 25 bars for sale. There
View Document
MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03 Chapter Notes - Chapter 13: Utility, Budget Constraint, Indifference Curve

OC11285918 Page
12 Apr 2017
0
Module 5, unit 13. 1: consumer theory - utility. Example: pizza utils depending on number of slices eaten. Module 5, unit 13. 2: consumer theory - the
View Document
MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Chapter 3: Analyzing Market Equilibrium Part2

Stephen Danku4 Page
21 Sep 2018
0
Often, events can happen which will shift demand/supply/both. This will lead to a change in equilibrium p and q. We can use our diagrams to see what ha
View Document
MCMASTERECON 1B03Hannah HolmesFall

ECON 1B03 Chapter 3: Market Supply and Equilibrium

Stephen Danku3 Page
21 Sep 2018
0
A change in quantity supplied: movement along supply curve due to change in price of good. A change in supply: shift of supply curve due to a change in
View Document
MCMASTERECON 1B03Hannah HolmesWinter

ECON 1B03 Chapter Notes - Chapter 8: Perfect Competition, Pyrroloquinoline Quinone, Marginal Revenue

OC112859111 Page
5 Apr 2017
0
Module 4, unit 8. 1: perfect competition in the short run: So, when tr > tc there is profit. How much revenue a firm receives for the typical unit sold
View Document
Showing 1 — 12 of 231 results

Textbook Notes (280,000)
CA (160,000)
McMaster (10,000)
ECON (800)
ECON 1B03 (300)
Hannah Holmes (200)