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Textbook Notes for Kirk Doran

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NDECON 10010Kirk DoranFall

ECON 10010 Chapter Notes - Chapter 16: Market Power, Natural Monopoly, Profit Maximization

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Market domination (small # of firms) is measured using the concentration ratio: percentage of total output in the market supplied by the four largest f
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NDECON 10010Kirk DoranFall

ECON 10010 Chapter Notes - Chapter 10: Morality, Normal Good, Pigovian Tax

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Difference between the two reflects cost of the pollution emitted: q*: intersection of demand curve and social cost curve, achieving optimal outcome (q
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NDECON 10010Kirk DoranFall

ECON 10010 Chapter Notes - Chapter 19: Market Power, Making Money, Efficiency Wage

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Some determinants of equilibrium wages: compensating differentials, good jobs have lower equilibrium wages than bad jobs, compensating differential: di
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NDECON 10010Kirk DoranFall

ECON 10010 Chapter Notes - Chapter 11: Externality

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NDECON 10010Kirk DoranFall

ECON 10010 Chapter Notes - Chapter 17: Resale Price Maintenance, Predatory Pricing, Nash Equilibrium

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Cartel: group of firms acting in unison in a collusion. Market feels the effects of a monopoly market. The cartel would decide on an outcome that maxim
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NDECON 10010Kirk DoranFall

ECON 10010 Chapter Notes - Chapter 9: Trade Restriction, Startup Company, Invisible Hand

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Indicates comparative advantage: world price: price prevailing in the world markets. World price < domestic price = import good: trade among nations is
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NDECON 10010Kirk DoranFall

ECON 10010 Chapter Notes - Chapter 15: Marginal Revenue, Taipei Metro, Economic Surplus

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NDECON 10010Kirk DoranFall

ECON 10010 Chapter Notes - Chapter 8: Deadweight Loss, Tax Wedge, Economic Surplus

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NDECON 10010Kirk DoranFall

ECON 10010 Chapter Notes - Chapter 13: Production Function, Average Cost, Cost Curve

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Negative economic profit: fail to earn enough revenue. Production and costs: the production function, assumption: size of the firm is fixed and the qua
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NDECON 10010Kirk DoranFall

ECON 10010 Chapter Notes - Chapter 20: Marginal Utility, Minimax, Economic Mobility

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NDECON 10010Kirk DoranFall

ECON 10010 Chapter Notes - Chapter 21: Giffen Good, Inferior Good, Marginal Utility

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People prefer to consumer more (greater q) Higher indifference curve = higher q: property 2: indifference curves are downward sloping. Q of one good is
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