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ECON (248)
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Textbook Notes for Ryan Allen

Principles of Microeconomics

ECON 103 Chapter Notes - Chapter 8: Production Function, Marginal Product, Average Cost
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Production with Diminishing Marginal products, Chapter 8 Last chapter we looked at individuals always being equally productive, cost of production was always constant. We were looking at changes in cost along the extensi...

Economics
ECON 103
Ryan Allen
ECON 103 Chapter Notes - Chapter 6: Pareto Efficiency, Economic Surplus, Demand Curve
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Chapter 6 econ 103 Exchange without production Trade with just 2 people Darlene and Nelson example Consumer Surplus: total value – total expenditure of the consumer Seller surplus: total revenue – total value of the se...

Economics
ECON 103
Ryan Allen
ECON 103 Chapter Notes - Chapter 12: Opportunity Cost
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Labour Markets (Chapter 12) Demand for labour By observing input markets, we also must observe output markets (input value influences the price that is charged for output). Due to this, the demand for an input is called...

Economics
ECON 103
Ryan Allen
ECON 103 Chapter Notes - Chapter 4: Real Income, Relative Price
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find more resources at oneclass.com Chapter 4 notes Law of demand (principle #3) Diminishing MV: the more you have of something, the less willing you are to give up to get more of it Real Income and Relative Price...

Economics
ECON 103
Ryan Allen
ECON 103 Chapter Notes - Chapter 2: Optimism, Mother Teresa
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find more resources at oneclass.com Econ 103 chapter 2 notes MAXIMI)ATION, is ▯hat ▯oti▯ates people’s ▯eha▯iou▯ Principle #1: maximization: all people motivated by greed Maximization is not always smart of correct ...

Economics
ECON 103
Ryan Allen
ECON 103 Chapter 3: substitution principle
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find more resources at oneclass.com Chapter 3: Substitution Principle 2: Substitution is when everyone is willing to trade some amount of one good for some amount of another good Everyone has their price (cuz everyo...

Economics
ECON 103
Ryan Allen
ECON 103 Chapter Notes - Chapter 1: Inside The Box

Economics Chapter 1: 1.1What is Economics? Paragraph 1 addresses the fact that many people seem to have an incorrect perspective on Economists i.e.) they figure out interest rates, talk about money but never have any money...

Economics
ECON 103
Ryan Allen
ECON 103 Chapter Notes - Chapter 8.1: Production Function

Chapter 8 When individuals have different abilities, the supply curve at market level is upward sloping Low levels of output are produced by the low cost individuals Assume each individual is always equally productive, but...

Economics
ECON 103
Ryan Allen
ECON103 Problem Set 9.pdf

U NIT10-Chapter 12: Problems 2, 8 ECON 103 Section C100 C HAPTER 12 Problem #2: (a) Unemployed people are most affected by minimum wage as the increase of minimum wage can increase unemploy...

Economics
ECON 103
Ryan Allen
ECON 103 Chapter Notes -Marginal Cost, Variable Cost

U NIT 8-P ROBLEM SET #7 Chapter 9: Problems 6, 18, 20 Chapter 10: Problems 8, 14, 22, 30 ECON 103 Section C100 C HAPTER 9 Problem #6: The statement is wrong because it does not...

Economics
ECON 103
Ryan Allen
ECON103 Problem Set 4.pdf

U NIT5Chapter 6: Problems 4, 14, 18 ECON 103 Section C100 C HAPTER 5 Problem #4: The statement that “Trade occurs when two people value different goods equally. In this sense, trade is fair ...

Economics
ECON 103
Ryan Allen
ECON103 Problem Set 3.pdf

U NIT4Chapter 4: Problems 8, 10, 30 ECON 103 Section C100 C HAPTER 5 Problem #8: In William Bennet’s response to suggesting that drugs should be made legal, he is assuming that the average e...

Economics
ECON 103
Ryan Allen
ECON103 Problem Set 2.pdf

U NITChapter 4: Problems 8, 22, 30, 38 ECON 103 Section C100 C HAPTER 4 Problem #8: a) If individuals with an income less than $13, 000 are defined as “poor”, the people with income s...

Economics
ECON 103
Ryan Allen
ECON103 Problem Set 1.pdf

U NIT 2-P ROBLEM SET #1 Chapter 2: Problems 4, 8, 12 Chapter 3: Problems 4, 6 ECON 103 Section C100 C HAPTER 2 Problem #4: It is not necessarily true that Dundee must have b...

Economics
ECON 103
Ryan Allen
ECON 103 Chapter Notes -Sunk Costs, Comparative Advantage, Opportunity Cost

U NIChapter 7: Problems 10, 18, 20, 28, 50 ECON 103 Section C100 C HAPTER 7 Problem #10: The best soil in the province of British Columbia in Delta is not used for farming because of its loc...

Economics
ECON 103
Ryan Allen

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