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Textbook Notes for Agriculture at Illinois State University (ISU)

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ISUAGR 110Michelle KiblerSpring

AGR 110 Chapter Notes - Chapter 11: Market Power, Demand Curve, Oligopoly

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The ability to affect the price of output. A firm with market power faces a downward-sloping demand curve. The organization of an industry, typically d
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ISUAGR 110Michelle KiblerSpring

AGR 110 Chapter 2: Chapter 2 Vocabulary

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ISUAGR 110Michelle KiblerSpring

AGR 110 Chapter Notes - Chapter 7: Marginal Utility, Indifference Curve, Budget Constraint

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Individuals do the best that they can, given the constraints they face: rational behavior is purposeful and consistent. Utility: satisfaction derived f
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ISUAGR 110Michelle KiblerSpring

AGR 110 Chapter Notes - Chapter 8, 9: Economic Equilibrium, Demand Curve

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Elasticity a measure of the responsiveness of one variable to a small change in another variable. Elasticity = the percentage change in one economic va
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ISUAGR 110Michelle KiblerSpring

AGR 110 Chapter Notes - Chapter 13: Pigovian Tax, Ronald Coase, Aquifer

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ISUAGR 110Michelle KiblerSpring

AGR 110 Chapter Notes - Chapter 12: Comparative Advantage, Opportunity Cost, North American Free Trade Agreement

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Free trade carries many of the same implications as perfect competition: it is a hard-to-reach objective that can make many individuals better off. Eco
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ISUAGR 110Michelle KiblerSpring

AGR 110 Chapter Notes - Chapter 1: Mental Accounting, Status Quo Bias, Sunk Costs

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Explicit cost - a cost that requires an outlay of money. Implicit cost - the value, in dollar terms, of the benefits that are forgone. Economic profit
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ISUAGR 110Michelle KiblerSpring

AGR 110 Chapter Notes - Chapter 8: Engel Curve, Ceteris Paribus, Average Variable Cost

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Chapter 8 vocabulary (8. 1, 8. 3, 8. 4, 8. 5, 8. 7, 8. 8) Supply the relationship between the price of a good and the amount of a good available at a g
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ISUAGR 110Michelle KiblerSpring

AGR 110 Chapter Notes - Chapter 9: Statics, Economic Equilibrium

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ISUAGR 110Michelle KiblerSpring

AGR 110 Chapter Notes - Chapter 4: Market Failure, Economic Surplus

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Willingness to pay: the maximum price at which a potential buyer would buy a good. Individual consumer surplus: the net gain a buyer achieves from the
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