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Textbook Notes for T. Hilmer

SDSUECON 102T. Hilmer Spring

ECON 102 Chapter Notes - Chapter 15: Monopoly Profit, Natural Monopoly, Monody

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SDSUECON 102T. Hilmer Spring

ECON 102 Chapter Notes - Chapter 13: Opportunity Cost, Production Function, Variable Cost

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Economists normally assume that the goal of a firm is to maximize profit. Total revenue - amount that the firm receives form the sale of its output. Eq
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SDSUECON 102T. Hilmer Spring

ECON 102 Chapter Notes - Chapter 9: Economic Surplus, Invisible Hand, Comparative Advantage

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SDSUECON 102T. Hilmer Spring

ECON 102 Chapter Notes - Chapter 2: Opportunity Cost

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Economists pay close attention to the natural experiments offered by history. Assumptions can simplify the complex world and make it easier to understa
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SDSUECON 102T. Hilmer Spring

ECON 102 Chapter Notes - Chapter 6: Price Floor, Price Ceiling, Price Controls

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Price ceiling - legal maximum on the price at which a good can be sold. Price floor - legal minimum on the price at which a good can be sold. Not bindi
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SDSUECON 102T. Hilmer Spring

ECON 102 Chapter Notes - Chapter 5: Midpoint Method, Negative Number, Demand Curve

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Elasticity - measure of the responsiveness of quantity demanded or quantity supplied to a change in one of its determinants. Price elasticity of demand
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SDSUECON 102T. Hilmer Spring

ECON 102 Chapter Notes - Chapter 8: Market Distortion, Economic Surplus, Deadweight Loss

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Benefit received by buyers in market is measured by consumer surplus. Consumer surplus = amount buyers are willing to pay for the good amount they actu
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SDSUECON 102T. Hilmer Spring

ECON 102 Chapter 3: Economics 102 Chapter 3

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Production possibilities frontier - shows the various mixes of output that an economy can produce. 3. 2 comparative advantage: the driving force of spe
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SDSUECON 102T. Hilmer Spring

ECON 102 Chapter 4: Economics 102 Chapter 4

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Market - group of buyers and sellers of a particular good or service. Buyers as a group determine the demand for the product, and the sellers as a grou
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SDSUECON 102T. Hilmer Spring

ECON 102 Chapter Notes - Chapter 14: Market Power, Marginal Revenue, Profit Maximization

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Competitive market - there are many buyers and many sellers in the market, and the goods offered by the various sellers are largely the same. Actions o
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SDSUECON 102T. Hilmer Spring

ECON 102 Chapter Notes - Chapter 1: Marginal Utility, Marginal Cost, Opportunity Cost

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To get something that we like, we usually have to give up something else that we also like. Efficiency - society is getting the maximum benefits from i
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