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Textbook Notes for Hongbin Zhang

U OF SECON 111Hongbin ZhangFall

ECON 111 Chapter Notes - Chapter 14: Average Variable Cost, Sunk Costs, Marginal Revenue

OC3203705 Page
10
Competitive market (also known as a perfectly competitive market) There are many buyers and many sellers in the same market. The goods offered by the v
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U OF SECON 111Hongbin ZhangFall

ECON 111 Chapter Notes - Chapter 4: Fudge, Normal Good, Inferior Good

OC3203703 Page
42
4 the market forces of supply and demand. 1. over the price: because buyers and sellers in perfectly competitive markets accept the price the market de
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U OF SECON 111Hongbin ZhangFall

ECON 111 Chapter Notes - Chapter 5: Demand Curve, Midpoint Method, Ice Cream Cone

OC3203704 Page
53
Butter and margarine) tend to have more elastic demand then goods without a close substitute (ex. Vanilla ice cream is very elastic because other flavo
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U OF SECON 111Hongbin ZhangFall

ECON 111 Chapter Notes - Chapter 7: Economic Surplus, Demand Curve, Market Power

OC3203705 Page
13
Chapter 7 consumers, producers, and the efficiency of markets. Welfare economics - the study of how the allocation of resources affects the economic we
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U OF SECON 111Hongbin ZhangFall

ECON 111 Chapter Notes - Chapter 6: Price Ceiling, Price Floor, Working Poor

OC3203704 Page
30
Economists have 2 roles: scientist (develop and test theories to explain the world around them) and policy advisor (use their theories to change the wo
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U OF SECON 111Hongbin ZhangFall

ECON 111 Chapter Notes - Chapter 13: Marginal Product, Marginal Cost, Production Function

OC3203704 Page
22
Total revenue (for a firm) = the amount a firm receives for the sale of its output. Total cost = the market value of the inputs a firm uses in producti
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