Textbook Notes for MGEB02H3 at University of Toronto Scarborough (UTSC)

Microeconomics: branch of economics that deals with the behavior of individual economic units consumers, firms, workers, and investors as well as the m

Chapter 2 the basics of supply and demand notes. N without government intervention, supply and demand will come into equilibrium to determine both the

N theory of consumer behaviour  a description of how consumers allocate their incomes among the purchases of different goods and services to maximize

N mutual fund  firm that pools funds of individual investors to buy large number of diverse stocks or other financial assets. Summary: consumers and m

N microeconomics  branch of economics that deals with the behaviour of individual economic units consumers, firms, workers, N macroeconomics  branch

N materials include steel, plastics, electricity, water, and any other goods that the firm buys and transforms into final products. N when capital is f

The lower the price of the product, the higher the level of utility. N when the income-consumption curve has a positive slope, the quantity demanded in

Chapter 9 the analysis of competitive markets notes. 9. 1 evaluating gains and losses from government policies consumer & producer surplus. N deadweigh

Chapter 7 the cost of production notes accounting cost  actual expenses plus depreciation charges for capital equipment economic cost  cost to a firm

Chapter 8 profit maximization and competitive supply notes. N model of perfect competition rests on 3 basic assumptions: (1) price taking, (2) product