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Textbook Notes for Economics at Bishop's University


UBISHOPSECO102Thierry EylandFall

ECO102 Chapter Notes - Chapter 1-3: Equation, Opportunity Cost, Dependent And Independent Variables

OC2306184 Page
65
Chapter 1: key concepts, opportunity cost, the next best alternative forgone (given up) in order to obtain a certain good or service, production possib
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UBISHOPSECO102Thierry EylandFall

ECO102 Chapter Notes - Chapter 4-9: Luxury Goods, Economic Surplus, Normal Good

OC2306189 Page
68
Chapter 4: price elasticity of demand, n = %change qd / % change p, law of demand p goes up qd goes down, 5 cases, perfectly inelastic demand, n = 0 ii
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UBISHOPSECO102Thierry EylandFall

ECO102 Chapter Notes - Chapter 10-18: Monopoly Profit, Monopoly Price, Profit Maximization

OC2306187 Page
2
Perfect price discrimination: firm has perfect info on consumers demand. Implying that the firm can charge each unit of a good at a different p: d = mr
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