Textbook Notes for Emanuel Carvalho

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UWECON101Emanuel CarvalhoWinter

ECON101 Chapter Notes - Chapter 4: Normal Good, Opportunity Cost, Inferior Good

OC679566 Page
20 Feb 2013
39
Answer depends on the responsiveness of the quantity demanded to a change in price. Price elasticity of demand: a units-free measure of the responsiven
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UWECON101Emanuel CarvalhoWinter

ECON101 Chapter Notes - Chapter 12: Economic Surplus, Social Cost, Average Variable Cost

OC679569 Page
20 Feb 2013
41
Perfect competition is a market in which. Many firms sell identical products to many buyers. There are no restrictions on entry into the market. Establ
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UWECON101Emanuel CarvalhoFall

ECON101 Chapter Notes - Chapter 4: Inferior Good, Normal Good, Greek People'S Liberation Army

OC11437377 Page
30 Oct 2016
6
Price elasticity of demand - units free measurement of the responsiveness of the quantity demanded of a good to a change in its price when all other in
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UWECON101Emanuel CarvalhoWinter

ECON101 Chapter Notes - Chapter 1: Bar Chart, Zoom Lens, Marginal Utility

OC6795611 Page
20 Feb 2013
39
Scarcity: our inability to satisfy all our wants. Since faced with scarcity, we must choose among available alternatives. Incentive: a reward that enco
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UWECON101Emanuel CarvalhoWinter

ECON101 Chapter Notes - Chapter 3: Cowhide, Economic Equilibrium, Energy Gel

OC679568 Page
20 Feb 2013
22
Market has two sides: buyers and sellers. Markets for goods (apples), services (haircuts), resources (computer programmers), manufactured inputs (memor
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UWECON101Emanuel CarvalhoFall

ECON101 Chapter Notes - Chapter 10: Taipei Metro, Opportunity Cost, European Cooperation In Science And Technology

OC11437373 Page
27 Nov 2016
4
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UWECON101Emanuel CarvalhoFall

ECON101 Chapter Notes - Chapter 3: Maple Syrup, Demand Curve, Opportunity Cost

OC11437374 Page
22 Sep 2016
5
Relative price- the ratio of one price to another which is also an opportunity cost. Money price- the price of an object is the number of dollars that
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UWECON101Emanuel CarvalhoFall

ECON101 Chapter Notes - Chapter 11: Marginal Product, Longrun, Fixed Cost

OC11437375 Page
29 Nov 2016
10
Output and costs long run & short run - corresponds with. Short run- quantity of at least one factor of production is fixed. This is typically seen in
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UWECON101Emanuel CarvalhoFall

ECON101 Chapter Notes - Chapter 3-4: Economic Equilibrium

OC11437372 Page
21 Sep 2016
8
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UWECON101Emanuel CarvalhoWinter

ECON101 Chapter Notes - Chapter 2: Fax, Canadian Tire, Planned Economy

OC679565 Page
20 Feb 2013
21
If we want to increase our production of one good, we must decrease our production of something else- face a trade-off. Production possibilities fronti
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UWECON101Emanuel CarvalhoFall

ECON101 Chapter Notes - Chapter 11: Sunk Costs, Marginal Product

OC11437372 Page
28 Nov 2016
1
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UWECON101Emanuel CarvalhoFall

ECON101 Chapter Notes - Chapter 4: Price Ceiling, Normal Good, Inferior Good

OC814325 Page
6 Dec 2012
31
Price elasticity of demand measures responsiveness of quantity demanded to change in price. The percentage change in the quantity demanded is exactly e
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