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Textbook Notes for Barry Allen

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SFUECON 103Barry AllenFall

ECON 103 Chapter Notes - Chapter 10: Demand Curve, Sales Tax, Economic Surplus

OC4429542 Page
12 Apr 2015
46
Maximization: motivates everyone in an economic model, consumer surplus: the difference between what they would be willing to pay verses what they had
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SFUECON 103Barry AllenFall

ECON 103 Chapter 8: Chapter 8.docx

OC4429541 Page
12 Apr 2015
9
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SFUECON 103Barry AllenFall

ECON 103 Chapter Notes - Chapter 7: Ice Cream, Standard Cost Accounting, Sunk Costs

OC4429542 Page
12 Apr 2015
13
Time has many alternative uses (time is money: time is not a cost itself, cost comes from the alternative uses for that time, eg. What does it mean in
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SFUECON 103Barry AllenFall

ECON 103 Chapter Notes - Chapter 9: Fixed Cost, Lump Sum, Production Function

OC4429542 Page
12 Apr 2015
37
The competitive firm: each firm takes the price as given, each firm ignores the actions of rival firms, no firm engages in strategic behavior, the pric
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SFUECON 103Barry AllenFall

ECON 103 Chapter Notes - Chapter 4: Exchange Rate, Demand Curve, Baby Food

OC4429543 Page
12 Apr 2015
36
Bf/gf, marriage, children: absence makes the heart grow fonder. 3 principles that describe preferences: maximization, substitution, diminishing margina
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SFUECON 103Barry AllenFall

ECON 103 Chapter Notes - Chapter 1: Opportunity Cost, Time Preference

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12 Apr 2015
36
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SFUECON 103Barry AllenFall

ECON 103 Chapter Notes - Chapter 6: Economic Equilibrium

OC4429541 Page
12 Apr 2015
56
Full price: the full cost of an item include more than the nominal price, includes component of time, full price = p + w*t. P = price, w = value of tim
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SFUECON 103Barry AllenFall

ECON 103 Chapter Notes - Chapter 3: Procrastination, Marmite, Alarm Clock

OC4429542 Page
12 Apr 2015
11
Substitution: everyone is willing to trade some amount of one good for another: everyone has their price, nothing is scared. Social sanctions to substi
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SFUECON 103Barry AllenFall

ECON 103 Chapter Notes - Chapter 2: Smallpox, Natural Selection, High-Occupancy Vehicle Lane

OC4429543 Page
12 Apr 2015
28
Maximization: all individuals are always motivated by greed: all behavior is interpreted through this behavior. It does not discriminate on gender, rac
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SFUECON 103Barry AllenFall

ECON 103 Chapter Notes - Chapter 5: Inferior Good, Real Income, Demand Curve

OC4429543 Page
12 Apr 2015
36
Changes in demand results from changes in exogenous parameters: tastes, everyone has different marginal values and different rates at which those margi
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