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Textbook Notes for petersinclair

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WLUEC120petersinclairFall

EC120 Chapter Notes - Chapter 2: Social Science, Scientific Method, Opportunity Cost

OC592302 Page
20 Nov 2012
17
Social scientist; provide explanations: policy advisors; try to improve the theories. A social scientist uses the scientific method ; the dispassionate
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WLUEC120petersinclairFall

EC120 Chapter Notes - Chapter 5: Demand Curve, Normal Good, Inferior Good

OC2322122 Page
20 Dec 2013
20
Elasticity measures how much one variable responds to change sin another variable. It is a numerical measure of responsiveness of qd or qs to one of it
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WLUEC120petersinclairFall

EC120 Chapter Notes - Chapter 4: Perfect Competition, Demand Curve, Inferior Good

OC2322122 Page
20 Dec 2013
19
Chapter 4: the market forces of supply and demand. A market is a group of buyers and sellers of a particular good or service. Competitive market is one
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