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Textbook Notes for David Epstein

TCNJECO 101David EpsteinFall

ECO 101 Chapter Notes - Chapter 4: Demand Curve, Perfect Competition, Inferior Good

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25 Aug 2016
4
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TCNJECO 101David EpsteinFall

ECO 101 Chapter Notes - Chapter 5: Midpoint Method, Demand Curve, Margarine

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25 Aug 2016
3
Elasticity-a measure of how much buyers and sellers respond to changes in market conditions. One type of elasticity measures how much demand for your p
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TCNJECO 101David EpsteinFall

ECO 101 Chapter Notes - Chapter 18: Marginal Cost, Economic Equilibrium, Opportunity Cost

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7 Sep 2016
3
Capital- the economy"s stock of equipment and structures. Factors of production- the inputs used to produce goods and services. The demand for a factor
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TCNJECO 101David EpsteinFall

ECO 101 Chapter Notes - Chapter 19: Market Power, Efficiency Wage, Making Money

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7 Sep 2016
0
good jobs will tend to have lower equilibrium wages than bad jobs. Compensating differential: a difference in wages that arise to offset the nonmonetar
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TCNJECO 101David EpsteinFall

ECO 101 Chapter Notes - Chapter 20: Minimax, Negative Income Tax, Earned Income Tax Credit

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7 Sep 2016
0
Poverty rate- the percentage of the population whose family income falls below an absolute level called the poverty line. A commonly used gauge of the
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TCNJECO 101David EpsteinFall

ECO 101 Chapter Notes - Chapter 1: Invisible Hand, Opportunity Cost, Market Power

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25 Aug 2016
1
Economics- the study of how society manage its scarce resources. Which do we want more--> decisions involve trade offs. Ex: going to part before exam l
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TCNJECO 101David EpsteinFall

ECO 101 Chapter Notes - Chapter 15: Monopoly Profit, Marginal Revenue, Natural Monopoly

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25 Aug 2016
0
Monopoly- a firm that is the sole seller of a product without close substitutes. Fundamental cause of monopoly is barriers to entry: a monopoly remains
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TCNJECO 101David EpsteinFall

ECO 101 Chapter Notes - Chapter 14: Average Variable Cost, Marginal Revenue, Market Power

OC10840393 Page
25 Aug 2016
3
A market is competitive if each buyer and seller is small compared to the size of the market and has little ability to influence market prices. Market
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TCNJECO 101David EpsteinFall

ECO 101 Chapter Notes - Chapter 21: Budget Constraint, Indifference Curve, Normal Good

OC10840393 Page
25 Aug 2016
2
The budget constraint: what the consumer can afford. Budget constraint- the limit on the consumption bundles that a consumer can afford. The slope of t
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