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Textbook Notes for Kevin Roth

UC-IRVINEECON 100AKevin RothFall

ECON 100A Chapter 9: Ch 9

OC10878512 Page
20 Nov 2016
2
Consumer surplus: total benefit that consumers receive beyond what they pay for the good. Producer surplus: benefit that lower-cost producers enjoy by
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UC-IRVINEECON 100AKevin RothFall

ECON 100A Chapter Notes - Chapter 8: Marginal Revenue, Profit Maximization, Marginal Cost

OC10878513 Page
29 Oct 2016
10
Firm that has no influence over market price and thus takes the price as given. Price taking applies to consumers too: each consumer buys small proport
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UC-IRVINEECON 100AKevin RothFall

ECON 100A Chapter Notes - Chapter 7: Average Variable Cost, Sunk Costs, Marginal Cost

OC10878513 Page
23 Oct 2016
6
Accounting cost: actual expenses plus depreciation charges for capital equipment. Economic cost: cost to firm of utilizing economic resources in produc
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UC-IRVINEECON 100AKevin RothFall

ECON 100A Chapter Notes - Chapter 2: Demand Curve, Shortage, Market Power

OC10878513 Page
25 Sep 2016
15
Chapter 2: the basics of supply and demand. Supply curve: shows quantity of good that producers willing to sell at given price. The higher the price, t
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UC-IRVINEECON 100AKevin RothFall

ECON 100A Chapter 11: Ch 11 & 15

OC10878512 Page
20 Nov 2016
4
Capturing consumer surplus and transferring it to the producer. Charging different prices to different customers: according to where customers are alon
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UC-IRVINEECON 100AKevin RothFall

ECON 100A Chapter Notes - Chapter 6: Isoquant, Diminishing Returns, Factors Of Production

OC10878513 Page
19 Oct 2016
5
Theory of the firm: explanation of how firm makes cost-minimizing production decisions and how its cost varies with its output. Firms eliminate need fo
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UC-IRVINEECON 100AKevin RothFall

ECON 100A Chapter 6: ECON 100A Chapter 6

OC9329216 Page
20 Nov 2016
4
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UC-IRVINEECON 100AKevin RothFall

ECON 100A Chapter Notes - Chapter 5: Information Cascade, Loss Aversion, Ultimatum Game

OC10878514 Page
3 Oct 2016
4
Objective interpretation of probability: relies on frequency with which certain events tend to occur. Subjective: perception that outcome will occur: d
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UC-IRVINEECON 100AKevin RothFall

ECON 100A Chapter Notes - Chapter 3: Indifference Curve, Utility, Consumer Behaviour

OC10878514 Page
26 Sep 2016
6
Theory of consumer behavior: explanation of how consumers allocate incomes to the purchase of different goods and services. Consumer behavior in three
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UC-IRVINEECON 100AKevin RothFall

ECON 100A Chapter 10: Ch 10

OC10878512 Page
20 Nov 2016
3
Market power: ability of seller or buyer to affect price of good. Average revenue: price it receives per unit sold. Marginal revenue: change in revenue
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UC-IRVINEECON 100AKevin RothFall

ECON 100A Chapter Notes - Chapter 4: Inferior Good, Demand Curve, Giffen Good

OC10878514 Page
30 Sep 2016
0
Price-consumption curve: curve tracing the utility-maximizing combinations of two goods as the price of one changes. Pattern of increasing consumption
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