Textbook Notes for ECO100Y1 at University of Toronto St. George

Chapter 4 Consumer and Producer Surplus By: Nikidiki Lin What consumer surplus is and its relationship to the demand curve What producer surplus is and its relationship to the supply curve What total surplus is and how it ...

Topic 2 Gains from Trade (Week Two Sep 20 Sep 24 ) th th Sep 20 Comparative Advantage & Specialization 2. PPF Production Possibility Frontier: s a graph that shows the combinations of output tha...

Topic 9 Monopoly (Week night Nov 10 - Nov 15 ) th Outline: 1. Definition; 2. MR < P (DD) 3. Profit-Maximizing output & price 4. Contrived Scarcity: when Competitive Industry is monopolized; 5. Price Discrimi...

Topic 10 Oligopoly (Week ten Nov 16 - Nov 24 ) th Outline: 1. Oligopoly Key Features 2. Monopoly profits for Oligopolists: Cartel 3. Firm cheats; Carte Breaks down; 4. Prisoners Dilemma Pay-off Matrix 5. Applica...

Topic 6 Consumer Demand Theory (Week six Oct 13 Oct 18 )h th Outline: 1. Preference: -- Utility Theory -- Indifference Curve (not required) 2. Principle of Diminishing Marginal Utility 3. Consumers s...

Topic 7 Production & Cost Schedule (Week seven Oct 25 -Nov 1 ) st Outline: 1. Production Function; 2. Product Schedule (Short Run) -- Definition; -- Law of Diminishing Returns; 3. Cost of Productions (Short Ru...

Chapter 3 3.1: Simultaneous Changes in Demand and Supply Draw the changes to find what increases/decreases and what stays the same 3.2: How well do markets work 1. Markets do not always adjust as quickly as we would ...

Chapter 4 Q d 100 4.1: Price Elasticity of Demand ...

Chapter 2 2.1: Demand Demand: the quantity that consumers are willing and able to buy per period of time at various prices Indirect relationship (high price, low demand low price, high demand) Price is the most im...

Chapter 6 6.1: Explicit and Implicit Costs Explicit Cost: costs which require money payment Rent Wages Utilities Implicit Cost: do not require money payment. Usually seen as opportunity costs ...

Chapter 5 5.1: Law of Diminish Marginal Utility Marginal: additional unit Utility: pleasure derived from a consumption of a product Marginal Utility: additional pleasure derived from consuming another unit of a product ...

Chapter 1 1.2: What is Economics? Economics: the study of the way humans and societies organize themselves to make choices about the use of scarce resources, which are used to produce the goods and services necessary to ...

Earnings and Discrimination Some Determinants of Equilibrium Wages o Difficult and dangerous jobs tend to have greater equilibrium wages; the difference between wages that is resultant from nonmonetary characteristics in d...

Ten Principles of Economics Societys resources must be managed because resources are scarce. o The limited nature of resources is referred to as scarcity. The study of how society manages its scarce resources is called eco...

Unemployment Unemployment is divided into two problems: long-run unemployment and short-run unemployment. The natural rate of unemployment is the rate of unemployment that is normally experienced. It is not necessarily ...