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Textbook Notes for Shannon Pullaro

FORDHAMECON 1200Shannon PullaroSpring

ECON 1200 Chapter Notes - Chapter 14: Marginal Cost, Average Variable Cost, Sunk Costs

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The meaning of compeiion: compeiive market: market w/ many buyers & sellers trading idenical products so that each buyer & seller is a price taker, fir
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FORDHAMECON 1200Shannon PullaroSpring

ECON 1200 Chapter Notes - Chapter 3: Absolute Advantage, Comparative Advantage, Opportunity Cost

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Production possibilities: ppf shows the various mixes of output that an economy can produce & illustrates that people face trade-offs. Specialization &
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FORDHAMECON 1200Shannon PullaroSpring

ECON 1200 Chapter Notes - Chapter 11: Club Good

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FORDHAMECON 1200Shannon PullaroSpring

ECON 1200 Chapter Notes - Chapter 1: Longrun, Externality, Opportunity Cost

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Management of society"s resources is important b/c resources are scarce: scarcity means that society has limited resources & can"t produce all the good
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FORDHAMECON 1200Shannon PullaroSpring

ECON 1200 Chapter Notes - Chapter 15: Monopoly Profit, Deadweight Loss, Demand Curve

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FORDHAMECON 1200Shannon PullaroSpring

ECON 1200 Chapter Notes - Chapter 9: Invisible Hand, Deadweight Loss, Trade Restriction

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FORDHAMECON 1200Shannon PullaroSpring

ECON 1200 Chapter Notes - Chapter 7: Market Failure, Market Power, Economic Surplus

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FORDHAMECON 1200Shannon PullaroSpring

ECON 1200 Chapter Notes - Chapter 5: Midpoint Method, Demand Curve, Drug Education

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Chapter 5: elasticity: measure of how much buyers & sellers respond to changes in market conditions (measure of the responsiveness of quantity demanded
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FORDHAMECON 1200Shannon PullaroSpring

ECON 1200 Chapter Notes - Chapter 6: Price Ceiling, Price Floor, Economic Equilibrium

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Controls on prices: price ceiling: legal max on price @ which a good can be sold, price floor: legal min on price @ which a good can be sold. How price
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FORDHAMECON 1200Shannon PullaroSpring

ECON 1200 Chapter Notes - Chapter 2: Congressional Budget Office, Opportunity Cost

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The role of assumptions: economists make assumptions b/c assumptions can simplify the complex world & make it easier to understand, different assumptio
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FORDHAMECON 1200Shannon PullaroSpring

ECON 1200 Chapter Notes - Chapter 18: W. M. Keck Observatory, Marginal Revenue, Marginal Product

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The demand for labor: labor markets governed by supply & demand. The competitive profit-maximizing firm: assumed that firm is competitive & profit-maxi
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FORDHAMECON 1200Shannon PullaroSpring

ECON 1200 Chapter Notes - Chapter 13: Marginal Product, Average Variable Cost, Variable Cost

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Industrial organizaion: study of how irms" decisions about prices & quaniies depend on. The cost of capital as an opportunity cost: important implicit
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