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Textbook Notes for Jason Dean

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WLUEC120Jason DeanFall

EC120 Chapter Notes - Chapter 1-20: Opportunity Cost, Marginal Cost, Marginal Product

OC35416553 Page
18 Dec 2015
89
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WLUEC120Jason DeanFall

EC120 Chapter Notes - Chapter 20: Gini Coefficient, Rfactor, Political Philosophy

OC4943323 Page
17 Apr 2016
24
Gini coeicient: measure of inequality that calculates the extent to which the distribution of income among individuals within a country deviates from a
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WLUEC120Jason DeanFall

EC120 Chapter Notes - Chapter 17: Nash Equilibrium, Monopoly Profit, Oligopoly

OC4943323 Page
17 Apr 2016
24
Oligopoly: a market structure in which only a few sellers ofer similar or identical products. Game theory: the study of how people behave in strategic
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WLUEC120Jason DeanFall

EC120 Chapter Notes - Chapter 9: Deadweight Loss, Demand Curve, Comparative Advantage

OC4943326 Page
17 Apr 2016
15
World price: the price of a good that prevails in the world market for that good. If the world price is higher than the domestic price the nation shoul
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WLUEC120Jason DeanFall

EC120 Chapter Notes - Chapter 19: Human Capital, Market Power, Efficiency Wage

OC4943323 Page
17 Apr 2016
22
Compensating diferentials: a diference in wages that arises to ofset the nonmonetary characteristics of diferent jobs. Paying more for jobs that are le
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WLUEC120Jason DeanFall

EC120 Chapter Notes - Chapter 18: Marginal Product, Demand Curve, W. M. Keck Observatory

OC4943324 Page
17 Apr 2016
31
Chapter 18: the markets for the factors of production. Factors of production: the inputs used to produce goods and services. Labour, land, and capital
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WLUEC120Jason DeanFall

EC120 Chapter Notes - Chapter 21: Budget Constraint, Indifference Curve, Demand Curve

OC4943325 Page
17 Apr 2016
24
Basic theory of consumer choice will help answer: The budget constraint: what the consumer can aford. Budget constraint: the limit on the consumption b
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WLUEC120Jason DeanFall

EC120 Chapter Notes - Chapter 11: Private Good, Excludability, Externality

OC4943323 Page
17 Apr 2016
14
Excludability: the property of a good whereby a person can be prevented from using it. Rival in consumption: the property of a good whereby one person"
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WLUEC120Jason DeanFall

EC120 Chapter Notes - Chapter 16: Monopolistic Competition, Marginal Revenue, Demand Curve

OC4943326 Page
17 Apr 2016
21
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WLUEC120Jason DeanFall

EC120 Chapter Notes - Chapter 15: Natural Monopoly, Demand Curve, Marginal Revenue

OC4943324 Page
17 Apr 2016
17
Competitive firm price taker, monopoly firm price maker. Monopoly: a irm that is the sole seller of a product without close substitutes. A fundamental
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WLUEC120Jason DeanFall

EC120 Chapter Notes - Chapter 10: Demand Curve, Deadweight Loss, Social Cost

OC4943326 Page
17 Apr 2016
14
Externality: the uncompensated impact of one person"s actions on the well- being of a bystander. The cost to society of producing any good that causes
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WLUEC120Jason DeanFall

EC120 Chapter Notes - Chapter 8: Deadweight Loss, Market Distortion, Economic Surplus

OC4943323 Page
17 Apr 2016
15
When the government taxes a good the total tax revenue they receive (money made from the tax) is txq, where t is the tax charge and q is the quantity o
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