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Textbook Notes for Rebekah Owusu

UOTTAWAECO 1104Rebekah OwusuFall

ECO 1104 Chapter Notes - Chapter 11: Peanut Butter Cup, Free Rider Problem, Private Good

OC8188412 Page
9 Dec 2016
4
We examine problems that arise for goods w/o market prices. Elate to (cid:1005) of (cid:1005)(cid:1004) pri(cid:374)(cid:272)iples of e(cid:272)o(cid:3
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UOTTAWAECO 1104Rebekah OwusuFall

ECO 1104 Chapter Notes - Chapter 15: Monopoly Profit, Marginal Revenue, Perfect Competition

OC8188415 Page
9 Dec 2016
6
Final exam = 100 multiple choice (80%) + written portion (20%) Written portion --- focus on chapters of externalities, public goods, perfect competitio
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UOTTAWAECO 1104Rebekah OwusuFall

ECO 1104 Chapter Notes - Chapter 14: Marginal Revenue, Profit Maximization, Profit Margin

OC8188415 Page
9 Dec 2016
3
A market is competitive if each buyer & seller is small compared to size of the market & has little ability to influence market prices. Goal of this ch
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UOTTAWAECO 1104Rebekah OwusuFall

ECO 1104 Chapter Notes - Chapter 10: Oc Transpo, Pigovian Tax, Social Cost

OC8188414 Page
9 Dec 2016
2
Externality: u(cid:374)(cid:272)o(cid:373)pe(cid:374)sated i(cid:373)pa(cid:272)t of 1 pe(cid:396)so(cid:374)(cid:859)s a(cid:272)tio(cid:374)s o(cid:3
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UOTTAWAECO 1104Rebekah OwusuFall

ECO 1104 Chapter Notes - Chapter 5: Margarine, Demand Curve

OC12150425 Page
18 Oct 2016
14
Elasticity of demand and supply is the measure of how much buyers and sellers respond to changes in price. Measures the direction of their effects as w
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UOTTAWAECO 1104Rebekah OwusuFall

ECO 1104 Chapter Notes - Chapter 13: Fixed Cost, Marginal Cost, Variable Cost

OC8188415 Page
9 Dec 2016
4
Examining fir(cid:373)s(cid:859) behaviour in more detail to gain a better understanding of what decisions lie behind supply curve in a market. New u(c
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UOTTAWAECO 1104Rebekah OwusuFall

ECO 1104 Chapter Notes - Chapter 7: Economic Surplus, Demand Curve, Economic Equilibrium

OC12150424 Page
1 Nov 2016
4
Chapter 7 - consumers, producers, and the efficiency of markets. Welfare economics: the study of how the allocation of resources affects economic well-
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UOTTAWAECO 1104Rebekah OwusuFall

ECO 1104 Chapter Notes - Chapter 13: Marginal Product, Fixed Cost, Variable Cost

OC12150422 Page
9 Dec 2016
7
The amount that a firm receives for the sale of its outputs. The price of the good multiplied by the quantity sold. The market value of the inputs a fi
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UOTTAWAECO 1104Rebekah OwusuFall

ECO 1104 Chapter Notes - Chapter 4: Tropical Cyclone Warnings And Watches, Foodborne Illness, Economic Equilibrium

OC12150423 Page
6 Oct 2016
5
Buyers and sellers of a specific good or service. Buyers determine the demand, sellers determine the price. Many sellers and many buyers buying and sel
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UOTTAWAECO 1104Rebekah OwusuFall

ECO 1104 Chapter Notes - Chapter 3: Absolute Advantage, Comparative Advantage, Opportunity Cost

OC12150422 Page
6 Oct 2016
8
Chapter 3 - interdependence and the gains from trade. Comparing the productivity of one person, firm, or nation to that of another. The producer requir
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UOTTAWAECO 1104Rebekah OwusuFall

ECO1104 Chapter 2: Chapter 2-Think Like an Economist

OC12150423 Page
6 Oct 2016
4
Just like any other science course, economics uses the scientific method to create and test theories and analyse data. They must make due with the data
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