Textbook Notes for Mehmet U.Oguzoglu

UOFMECON 1010Mehmet U.OguzogluSpring

ECON 1010 Chapter Notes - Chapter 4: Normal Good, Luxury Goods, Inferior Good

OC24028563 Page
5 Mar 2018
0
Price elasticity of demand: how demand changes in respond to the change of price. Price increase, demand decrease --> a negative elasticity. The more t
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UOFMECON 1010Mehmet U.OguzogluSpring

ECON 1010 Chapter Notes - Chapter 6: Demand Curve, Indifference Curve, Budget Constraint

OC24028564 Page
5 Mar 2018
0
How customer maximize their benefit with limited budget. The budget line: all the possible combination of goods a and goods b that a customer can buy.
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UOFMECON 1010Mehmet U.OguzogluSpring

ECON 1010 Chapter 5: Unit 5 Welfare Economics, Externalities and Non-Classical Marketplace

OC24028561 Page
5 Mar 2018
0
At the equilibrium price, buyer and seller are willing to buy or sell the equilibrium quantity of goods. Efficient outcome: any trade increases total s
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