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Textbook Notes for Laura K.Brown

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UOFMECON 1010Laura K.BrownSpring

ECON 1010 Chapter 1: Topics 6

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19 May 2017
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UOFMECON 1010Laura K.BrownSpring

ECON 1010 Chapter Notes - Chapter 4: Competition Law, Deadweight Loss, Natural Monopoly

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19 May 2017
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UOFMECON 1010Laura K.BrownSpring

ECON 1010 Chapter Notes - Chapter 4: Reservation Price, Price Discrimination, Marginal Revenue

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19 May 2017
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Assume first degree price discrimination is allowed. Marginal revenue is hence equal to the marginal benefit. This is because selling more units in a n
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UOFMECON 1010Laura K.BrownSpring

ECON 1010 Chapter Notes - Chapter 5: Demand Curve, Externality

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19 May 2017
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In presence of externalities in a large market (smooth private demand and private supply curves), coase"s conditions no longer apply. The number of buy
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UOFMECON 1010Laura K.BrownSpring

ECON 1010 Chapter Notes - Chapter 4: Westpac, Market Power

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19 May 2017
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0: oliogopolistic competition: there is a small number of firms that sell good that are close substitutes. Banking sector anz, nab, westpac, commonweal
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UOFMECON 1010Laura K.BrownSpring

ECON 1010 Chapter Notes - Chapter 4: Deadweight Loss, Import Quota, Economic Surplus

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19 May 2017
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UOFMECON 1010Laura K.BrownSpring

ECON 1010 Chapter Notes - Chapter 1: Comparative Advantage, Absolute Advantage, Opportunity Cost

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19 May 2017
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Production possiblity curve: production possibility curve (ppc) describes the maximum amount of one good that can be produced for every possible level
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UOFMECON 1010Laura K.BrownSpring

ECON 1010 Chapter Notes - Chapter 1: Sunk Costs, Marginal Revenue, Marginal Cost

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19 May 2017
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In order to decide whether to produce the first unit: compare the marginal cost with. Maximum profit the firm can achieve is given by total revenue tot
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UOFMECON 1010Laura K.BrownSpring

ECON 1010 Chapter Notes - Chapter 1: Reservation Price, Sunk Costs, Fixed Cost

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19 May 2017
0
The supply curve can be interpreted in two different ways, horizontally and vertically. Horizontally; at any certain price, the associated quantity on
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UOFMECON 1010Laura K.BrownSpring

ECON 1010 Chapter Notes - Chapter 1: Perfect Competition, Economic Equilibrium, Marginal Cost

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19 May 2017
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UOFMECON 1010Laura K.BrownSpring

ECON 1010 Chapter Notes - Chapter 3: Deadweight Loss, Price Floor, Marginal Cost

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19 May 2017
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The introduction of any price floor unambiguously decreases the total surplus in the economy. The amount by which total surplus drops after the governm
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UOFMECON 1010Laura K.BrownSpring

ECON 1010 Chapter Notes - Chapter 2: Pareto Efficiency, Productive Forces, Economic Equilibrium

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19 May 2017
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A society should facilitate markets in their quest of maximizing social surplus and achieving. But once this objective is achieved (the social pie is m
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