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Textbook Notes for Economics at Pennsylvania State University (PSU)

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PSUECON 102AllSpring

ECON 102 Chapter Notes - Chapter 2: Absolute Advantage, Comparative Advantage, Opportunity Cost

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PSUECON 104AllFall

ECON 104 Chapter Notes - Chapter 1: Microeconomics, Investment Goods, Opportunity Cost

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Chapter 1 review questions: some stores give free products to consumer. An economist would say the products are not free. Answer: the products may be g
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PSUECON 102Dave BrownSpring

ECON 102 Chapter Notes - Chapter 7: Marginal Product

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Firms demand factors of producion and supply goods and services. 3 decisions irms must make: how much output to supply, how to produce that output, how
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PSUECON 102Jeffery BarrWinter

ECON 102 Chapter Notes - Chapter 6: Luxury Goods, Whopper, Insulin

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Whenever a firm is thinking of changing its prices, it has a strong interest in elasticity. Elasticity: a measure of the responsiveness of quantity sup
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PSUECON 102Dave BrownSpring

ECON 102 Chapter Notes - Chapter 8: Marginal Cost, Diminishing Returns, Variable Cost

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11
Fixed costs = any cost that does not depend on the irm"s level of output: in the long run, there aren"t ixed costs. Variable costs = a cost that depend
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PSUECON 351Nihal BayraktarSpring

ECON 351 Chapter Notes - Chapter 5: Ceteris Paribus, Real Interest Rate, Zero-Coupon Bond

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25
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PSUECON 102Dave BrownSpring

ECON 102 Chapter Notes - Chapter 2: Absolute Advantage, Capital Good, Opportunity Cost

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Chapter 2: the economic problem scarcity and choice. Presumptions: human wants are unlimited but resources are not. Scarce resources force people to ch
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PSUECON 104AllWinter

Chapter 5 Review

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125
Answer: first, there are trade flows to provide goods and services. Second, there are resource flows of capital goods and labor (immigration). Fourth,
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PSUECON 102Jeffery BarrWinter

ECON 102 Chapter Notes - Chapter 5: Health Maintenance Organization, Copayment, Price Ceiling

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0
Supply and demand gives you a lens through which to view the economy. People are not always happy with the market- determined price. The invisible hand
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PSUECON 102Jeffery BarrWinter

ECON 102 Chapter Notes - Chapter 2: Echoterra, Laissez-Faire, Opportunity Cost

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0
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PSUECON 102Wooten JadrianFall

ECON 102 Chapter 4: Supply and Demand, Price Elasticity

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2
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PSUECON 351Frank SorokachFall

ECON 351 Chapter Notes - Chapter 6: Limited Liability, January Effect, S&P 500 Index

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Chapter 6: stock market, information, financial market efficiency. Sole proprietors sole owners of a firm and people who own a firm with partners have
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