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Textbook Notes for Chaudry Saud

TRENTECON 1010HChaudry SaudFall

ECON 1010H Chapter Notes - Chapter 12: Opportunity Cost, Marginal Revenue, Market Price

OC12481633 Page
2 Dec 2016
8
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TRENTECON 1010HChaudry SaudFall

ECON 1010H Chapter Notes - Chapter 8: Spreadsheet, Demand Curve, Bounded Rationality

OC12481633 Page
4 Nov 2016
7
Consumption choices the choices you make as a buyer of goods and. Consumption possibilities all the things that you can afford to buy. Budget line the
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TRENTECON 1010HChaudry SaudFall

ECON 1010H Chapter Notes - Chapter 14: Product Differentiation, Monopolistic Competition, Marginal Cost

OC12481633 Page
2 Dec 2016
5
Monopolistic competition a market structure in which: a large number of firms compete, each firm produces a differentiated product, firms compete on pr
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TRENTECON 1010HChaudry SaudFall

ECON 1010H Chapter Notes - Chapter 13: Perfect Competition, Longrun, Fixed Cost

OC12481635 Page
2 Dec 2016
7
Monopoly a market with a single firm that produces a good or service with no close substitutes and that is protected by a barrier that prevents other f
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TRENTECON 1010HChaudry SaudFall

ECON 1010H Chapter Notes - Chapter 6: Production Quota, Price Ceiling, Price Floor

OC12481635 Page
19 Oct 2016
4
Price ceiling (price cap) government regulation that makes it illegal to charge a price higher than a specified level. Price ceiling set above the equi
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TRENTECON 1010HChaudry SaudFall

ECON 1010H Chapter Notes - Chapter 11: Average Cost, Average Variable Cost, Marginal Product

OC12481636 Page
25 Nov 2016
1
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TRENTECON 1010HChaudry SaudFall

ECON 1010H Chapter Notes - Chapter 9: Substitute Good, Relative Price, Inferior Good

OC12481633 Page
11 Nov 2016
2
Choice are limited by income and prices. Household"s budget line describes limits to its consumption choices. Divisible goods can be bought in any quan
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TRENTECON 1010HChaudry SaudFall

ECON 1010H Chapter Notes - Chapter 15: Game Theory, Contestable Market, Monopoly Profit

OC12481632 Page
2 Dec 2016
12
Natural or legal barriers prevent the entry of new firms. Duopoly an oligopoly market with two firms. Game theory a set of tools for studying strategic
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TRENTECON 1010HChaudry SaudFall

ECON 1010H Chapter Notes - Chapter 4: Inferior Good, Normal Good, Demand Curve

OC12481633 Page
18 Oct 2016
7
Price elasticity of demand units-free measure of the responsiveness of the quantity demanded of a good to a change in its price when all other influenc
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TRENTECON 1010HChaudry SaudFall

ECON 1010H Chapter Notes - Chapter 10: Economic Efficiency, Opportunity Cost, Market Price

OC12481635 Page
11 Nov 2016
2
The firm and its economic problem factors to produce and sell goods and services: bought in the market, owned by the firm. Accountants use accounting p
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TRENTECON 1010HChaudry SaudFall

ECON 1010H Chapter Notes - Chapter 2: Human Capital, Technological Change, W. M. Keck Observatory

OC12481634 Page
15 Oct 2016
2
Production possibilities frontier (ppf) boundary between those combinations of goods and services that can be produced and those that cannot: bowed out
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TRENTECON 1010HChaudry SaudFall

ECON 1010H Chapter Notes - Chapter 3: Marginal Cost, Relative Price, Opportunity Cost

OC12481636 Page
15 Oct 2016
4
A markets has two sides: buyers and sellers. There are markets for goods, services, for factors of productions, and for other manufactured inputs. Some
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