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Canada (161,660)
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ECON 2500 (12)
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Department
Economics
Course
ECON 2500
Professor
Rebecca Jubis
Semester
Fall

Description
Equilibrium for a monopolist is where MC = MR; • But equilibrium price Pm occurs on the demand curve at profit­maximizing  quantity • Monopolist supplies less at a higher price • But has inefficiencies as indicated by deadweight loss • Although monopolist gains from higher price: not maximizing because of  deadweight loss • Does not produce at lowest possible average long run cost Chapter 1  Definition of economics Two big questions Econ way of thinking Econ as a social service and  APPENDIX – only if required KEY POINTS  Chapter 2 Production Possibilities Chapter 3 Demand Supply  Equilibrium Predicting changes – figure 3.10 APPENDIX NOT REQUIRED Chapter 4 Elasticity of demand Not req – cross, income, elasticity of supply Chapter 5 Resource Allocation Benefit Cost, Surplus Competitive Market Efficient/ FAIR Deadweight loss, con surplus, prod surplus NOT REQ – utilitarianism, big trade off Chapter 6 Rent Ceiling Min Wage Taxes Quotas/Subsidies Black Marke
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