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Textbook Notes for Suranovic Steve

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GWUECON 1011Suranovic SteveFall

ECON 1011 Chapter Notes - Chapter 5: Necessity And Sufficiency

OC10872812 Page
9
The assumptions of the pure exchange model (self-interest, mutually voluntary exchange, perfect information) imply that the individuals have ethics and
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GWUECON 1011Suranovic SteveFall

ECON 1011 Chapter Notes - Chapter 9: Demand Curve, Negative Number, Inferior Good

OC10872812 Page
3
Reasons for elasticities assigning magnitudes to the price-quantity relationships. Inelastic no matter what the price is, people will still relatively
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GWUECON 1011Suranovic SteveFall

ECON 1011 Chapter Notes - Chapter 4: Edgeworth Box, Marginal Utility, Indifference Curve

OC10872815 Page
2
The invisible hand the natural workings of a market economy: no one person created or designed the economic activity of the world, it comes from the id
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GWUECON 1011Suranovic SteveFall

ECON 1011 Chapter Notes - Chapter Text 3: Bloomington, Indiana, Tacit Assumption, Inductive Reasoning

OC10872813 Page
5
Standard approach in economics use deductive or inductive reasoning. Deductive reasoning set of assumptions and use these to figure out certain outcome
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GWUECON 1011Suranovic SteveFall

ECON 1011 Chapter Notes - Chapter 8: Inferior Good, Complementary Good, Substitute Good

OC10872811 Page
3
Market demand for a certain good is the sum of all people"s demands: it is hypothetical what people would wish to buy. The quantity demand (qd) for a g
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GWUECON 1011Suranovic SteveFall

ECON 1011 Chapter Notes - Chapter 6-7: Edgeworth Box, Invisible Hand, Autarky

OC10872817 Page
2
Production is a complicated process to produce a fruit, need workers to tend the trees, harvest, manage, and capital. Smith can spend his day producing
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GWUECON 1011Suranovic SteveFall

ECON 1011 Chapter Notes - Chapter 10: Process Function, Comparative Advantage, Production Function

OC10872813 Page
3
A firm is an organization created to produce goods good for firm when they sell products. There is a legal structure: sole proprietorship. One individu
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GWUECON 1011Suranovic SteveFall

ECON 1011 Chapter Notes - Chapter 14: Perfect Competition, Market Price, Marginal Cost

OC10872813 Page
6
Individual firm supply in the short run the quantity from the marginal cost curve for all prices above minimum avc: = 0 when p < min avc. The firm lose
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