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Textbook Notes for Johanna Goertz

U OF GECON 2310Johanna GoertzWinter

Intermediate Economics Chapter Nine Notes

OC318393 Page
14 Jan 2012
40
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U OF GECON 2310Johanna GoertzWinter

Intermediate Economics Chapter Eighteen Notes

OC318392 Page
14 Jan 2012
48
In some rare cases, a firm may know perfectly a customer s willingness to pay for each unit it sells and may be able to charge a different price for ea
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U OF GECON 2310Johanna GoertzFall

ECON 2310 Chapter Notes - Chapter 6: Economic Surplus

OC310952 Page
17 Dec 2011
35
6. 1 dissecting the effects of a price change. When the price of a good increases . The good becomes more expensive relative to all other goods. Consum
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U OF GECON 2310Johanna GoertzFall

ECON 2310 Chapter Notes - Chapter 9: Marginal Revenue

OC310952 Page
17 Dec 2011
39
9. 1 profit-maximizing quantities: profit = revenue - cost. Firm needs to find quantity or price that results in the largest possible profit. In very c
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U OF GECON 2310Johanna GoertzWinter

Intermediate Economics Chapter Fourteen Notes

OC318394 Page
14 Jan 2012
29
Chapter fourteen equilibrium and efficiency y what makes a market competitive: three factors cause a market to be perfectly competitive. The first fact
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U OF GECON 2310Johanna GoertzFall

Chapter 7 Intermediate Micro Notes

OC310952 Page
17 Dec 2011
36
Outputs: the physical products or services a firm produces. Inputs: the materials, labour, land or equipment that firms use to produce their outputs. P
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U OF GECON 2310Johanna GoertzFall

ECON 2310 Chapter Notes - Chapter 4: Indifference Curve

OC310952 Page
17 Dec 2011
42
Preferences: tell us about a consumer"s likes and dislikes. The ranking principle a consumer ranks, in order of preference all potentially available al
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U OF GECON 2310Johanna GoertzFall

ECON 2310 Chapter Notes - Chapter 14: Competitive Equilibrium, Longrun

OC310952 Page
17 Dec 2011
29
Usually a consumers demand for a good, or a firm"s demand for input, is just a tiny fraction of the overall amount bought/sold. A change in amount cons
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U OF GECON 2310Johanna GoertzWinter

Intermediate Economics Chapter Fifteen Notes

OC318393 Page
14 Jan 2012
36
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U OF GECON 2310Johanna GoertzFall

Chapter 15 Intermediate Micro Notes

OC310951 Page
17 Dec 2011
35
In canada, government imposes a goods & services tax (gst) in some provinces and a harmonized sales tax (hst) in others. Specific tax: is a fixed dolla
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U OF GECON 2310Johanna GoertzFall

ECON 2310 Chapter Notes - Chapter 8: Longrun

OC310951 Page
17 Dec 2011
33
A firm"s total cost is the expenditure required to produce that output in the most economical way. To make good pricing & output decisions, managers ne
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U OF GECON 2310Johanna GoertzFall

ECON 2310 Chapter Notes - Chapter 5: Indifference Curve

OC310952 Page
17 Dec 2011
32
Need to decide what is affordable & what isn"t by focusing on consumption bundles rather than individual products. Income, prices, & the budget line: (
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