Get 2 days of premium access
at Boston University

Textbook Notes for Todd Idson

  • 14 Result
  • About BU
BUCAS EC 101Todd IdsonFall

CAS EC 101 Chapter Notes - Chapter 15: Marginal Revenue, Natural Monopoly, Demand Curve

OC2458012 Page
28
Monopoly: a firm that is the sole seller of a product without close substitute. Barrier to entry: monopolies can remain the sole seller because other f
View Document
BUCAS EC 101Todd IdsonFall

CAS EC 101 Chapter Notes - Chapter 16: Monopolistic Competition, Market Power, Marginal Revenue

OC2458012 Page
35
11:07 am: between monopoly and perfect competition. Perfect competition, monopolistic competition and monopoly all maximize profits at. Monopolistic co
View Document
BUCAS EC 101Todd IdsonFall

CAS EC 101 Chapter Notes - Chapter 17: Nash Equilibrium, Oligopoly, Marginal Cost

OC2458011 Page
48
Oligopoly: a market structure in which only a few sellers offer similar or identical products. Want to act like monopolies but self-interest drives to
View Document
BUCAS EC 101Todd IdsonFall

CAS EC 101 Chapter Notes - Chapter 1~6: Marginal Utility, Marginal Cost, Opportunity Cost

OC254900727 Page
0
Scarcity society has limited resources and therefore cannot produce all the goods and services people wish to have. The study of how the society should
View Document
BUCAS EC 101Todd IdsonFall

CAS EC 101 Chapter Notes - Chapter 14: Average Variable Cost, Sunk Costs, Marginal Revenue

OC2458013 Page
21
Competitive market (perfectly competitive market): many buyers and sellers, offers the same goods and firms can enter and exit freely. Actions of singl
View Document
BUCAS EC 101Todd IdsonFall

CAS EC 101 Chapter Notes - Chapter 7: Economic Surplus, Demand Curve

OC8450713 Page
20
Our analysis of market has been positive (what is) rather than normative (what should be) Welfare economics: study of how the allocation of resources a
View Document
BUCAS EC 101Todd IdsonFall

CAS EC 101 Chapter Notes - Chapter 7: Externality, Market Failure, Organ Trade

OC12462602 Page
0
How the allocation of resources affect economic well-being. Amount gained when the buyer pays less than expected. Willingness to pay the maximum amount
View Document
BUCAS EC 101Todd IdsonFall

CAS EC 101 Chapter Notes - Chapter 18: Marginal Product, Demand Curve, Production Function

OC2458012 Page
31
Chapter 18: the markets for the factors of production. Labor demand is different from other demands because it is a derived demand. Firms are competiti
View Document
BUCAS EC 101Todd IdsonFall

CAS EC 101 Chapter Notes - Chapter 5: Demand Curve, Midpoint Method, Margarine

OC8450715 Page
10
Elasticity: measure of how much buyers and sellers respond to changes in market conditions. Price elasticity of demand: measures how much the quantity
View Document
BUCAS EC 101Todd IdsonFall

CAS EC 101 Chapter Notes - Chapter 1: Risk Compensation, Marginal Cost, Lifesaving

OC12462601 Page
0
Economy greek one who manages a household . The study of how society manages its scarce resources. Scarcity society has limited resources and cannot pr
View Document
BUCAS EC 101Todd IdsonFall

CAS EC 101 Chapter Notes - Chapter 4: Market Clearing, Shortage, Heat Wave

OC8450715 Page
7
Supply and demand are two words economist use most. Determine quantity of each good produced and price at which it"s sold. Determines prices in a marke
View Document
BUCAS EC 101Todd IdsonFall

CAS EC 101 Chapter 2: Chapter 2: Thinking Like an Economist

OC8450712 Page
3
To test theory, collect and analyze data. In economics conducting experiments are not impractical. Instead pay close attention to natural experiments o
View Document
Showing 1 — 12 of 14 result

Textbook Notes (270,000)
US (100,000)
BU (1,000)
CAS EC (200)
Todd Idson (10)