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Textbook Notes for ECON-UA 2 at New York University (NYU)

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NYUECON-UA 2Maharukh BhiladwallaFall

ECON-UA 2 Textbook Notes

OC26832191 Page
14 Apr 2014
41
Economics is the study of choice under conditions of scarcity. Scarcity- a situation in which the amount of something available is insufficient to sati
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NYUECON-UA 2Marc LiebermanSpring

ECON-UA 2 Chapter Notes - Chapter 7: Variable Cost, Opportunity Cost, Marginal Product

OC5414712 Page
11 Apr 2016
15
Organizations owned and operated by private individuals that specialize in production. Production is the process of combining inputs to make goods and
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NYUECON-UA 2Marc LiebermanFall

ECON-UA 2 Chapter Notes - Chapter 10: Fokker E.Ii, Longrun, Monopoly Price

OC5092273 Page
7 Apr 2016
19
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NYUECON-UA 2AllSpring

ECON-UA 2 Chapter Notes - Chapter 4: Ween, Demand Curve, Overproduction

OC3652743 Page
3 Dec 2014
23
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NYUECON-UA 2Marc LiebermanFall

ECON-UA 2 Chapter Notes - Chapter 9: Perfect Competition, Demand Curve, Market Power

OC5092275 Page
7 Apr 2016
23
Chapter 9 perfect competition: what is perfect competition, 4 requirements of perfect competition i. Sellers offer a standardized product: buyers do no
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NYUECON-UA 2Marc LiebermanFall

ECON-UA 2 Chapter Notes - Chapter 8: Profit Maximization, Marginal Revenue, Demand Curve

OC5092273 Page
6 Apr 2016
32
How firms make decisions: profit maximization: the goal of profit maximization, goal is to maximize its owners" profit, understanding profit, profit: f
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NYUECON-UA 2Marc LiebermanFall

ECON-UA 2 Chapter Notes - Chapter 7: Diminishing Returns, Sunk Costs, Active Valve Control System

OC5092275 Page
6 Apr 2016
12
Chapter 7: production & cost: production is the process of combining inputs to make goods & services a. Inputs include the four resources: technology &
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NYUECON-UA 2Andrew PaizisFall

ECON-UA 2 Chapter Notes - Chapter 1: Opportunity Cost, Human Capital

OC10058453 Page
22 Feb 2017
0
Economics= the study of choice under conditions of scarcity: scarcity and individual choice. Scarcity= a situation in which the amount of something ava
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NYUECON-UA 2Andrew PaizisFall

ECON-UA 2 Chapter Notes - Chapter 2: Productive Efficiency, Opportunity Cost, Wonderwall Music

OC10058454 Page
22 Feb 2017
0
Chapter 2-- scarcity, choice and economic systems: society"s production choices. Production possibilities frontier (ppf)= a curve showing all combinati
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NYUECON-UA 2Marc LiebermanFall

ECON-UA 2 Chapter Notes - Chapter 13: Demand Curve, Retained Earnings

OC5092274 Page
12 May 2016
8
Chapter 13: physical capital & the firm"s investment decision, a first, simple approach: renting capital a. i. The marginal approach to profit states t
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NYUECON-UA 2Marc LiebermanSpring

ECON-UA 2 Chapter Notes - Chapter 10: Oligopoly, Externality, Market Power

OC5414713 Page
12 Apr 2016
18
One firm in the market (monopoly)-a few firms in the market (oligopoly)1. Economies of scale (increasing production leads to a decrease in average cost
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NYUECON-UA 2davidjenkinsSummer

ECON-UA 2 Chapter Notes - Chapter 3: Demand Curve

OC2623885 Page
18 Mar 2014
16
Excise tax - the government collects a set amount from the buyer or seller for every good traded. * a tax on sellers shifts the supply curve left by th
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