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UMECO 211RobinsFall

ECO 211 Chapter Notes - Chapter 3: Demand Curve, Reservation Price, Ceteris Paribus

OC26046025 Page
12 Mar 2014
21
If we predict a price will fall, we mean its price will fall relative to the average price of other goods and services. Relative price is usually calcu
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UMECO 211RobinsFall

ECO 211 Chapter Notes - Chapter 1: Economics, Marginal Cost, Marginal Utility

OC2604604 Page
12 Mar 2014
33
Economics is the study of the choices people make to cope with scarcity. Economics is sometimes called the science of choice the science that explains
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UMECO 211RobinsFall

ECO 211 Chapter Notes - Chapter 5: Economic Surplus, Marginal Utility, Allocative Efficiency

OC2604608 Page
12 Mar 2014
31
According to economists, allocative efficiency means the resources have been used to produce the goods and services that people value the most. Margina
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UMECO 211RobinsFall

ECO 211 Chapter Notes - Chapter 2: Marginal Cost, Opportunity Cost, Allocative Efficiency

OC26046010 Page
12 Mar 2014
35
This chapter presents the basic ricardian model of how specialization in production creates potential gains from trade. Equity and efficiency are two o
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UMECO 211RobinsFall

ECO 211 Chapter Notes - Chapter 4: Ceteris Paribus, Demand Curve, Hyperbola

OC2604607 Page
12 Mar 2014
41
If price goes up by 10% and quantity demanded went down by 10% the elasticity is 1 (it"s the ratio) The responsiveness of the quantity demanded to pric
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