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Textbook Notes for ECON 1201 at University of Connecticut (UCONN)


UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture Notes - Lecture 30: Perfect Competition, Profit Maximization, Diminishing Returns

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Why d and s curves are sloped as they are. The determinants of demand and supply - know how a change of each affects the market. There will be a number
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Study Guide - Final Guide: Price Discrimination, Production Function, Fixed Cost

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UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture Notes - Lecture 29: National Safety Council, Coase Theorem, Network Effect

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UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture Notes - Lecture 28: Monopolistic Competition, Demand Curve, Product Differentiation

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If firms are earning economic profits, new firms will want to enter the industry. This will reduce the demand curve facing each individual producer. In
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture Notes - Lecture 27: Monopolistic Competition, Perfect Competition, Product Differentiation

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# of firms - many but not as many as pc. Ease - no barriers of entry (easy to start) Not total control over the individual price, but if their product
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture Notes - Lecture 24: Nash Equilibrium, Strategic Dominance, Oligopoly

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Game theory: the study of behavior in situations of interdependence; a way of predicting outcomes in strategic situations like oligopolies. When each f
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture Notes - Lecture 23: Oligopoly, Imperfect Competition, Perfect Competition

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Our neck is stretched over the fence and opec has a knife - us president. An oligopoly is a market that is dominated by a small number of firms. Is com
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture Notes - Lecture 22: Monopoly Profit, Price Ceiling, Deadweight Loss

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You might be tempted to ask about the supply curve of a monopolist. Monopolist"s don"t have supply curves - since they control prices there is not set
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture 21: Micro Economics Chapter 13: Part 1

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In order to develop model and make predictions about producers will behave, we have developed four principle models of market structure: Monopolist: a
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Study Guide - Fall 2018, Comprehensive Midterm Notes - Economic Equilibrium, Price Ceiling, Price Elasticity Of Demand

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Homework questions are not mandatory, they are just to help. Quizzes are due monday at midnight for the info for the previous week (if a quiz is missed
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture Notes - Lecture 20: Taipei Metro, Marginal Revenue, Profit Maximization

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Each time the firm produces another unit, there are extra costs and extra revenues. If producing another unit adds more to the revenue than cost, profi
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture Notes - Lecture 19: Market Power, Toothpaste, Perfect Competition

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No one firm has individual effect on the market. Type of product - identical (standard/homogeneous) (agriculture - potato, Price is determined by the m
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture 17: Micro Economics Chapter 11: Part 1

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Production is the process of turning inputs into outputs. The cost of structure if a firm depends on the nature of the production process. Marginal pro
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture Notes - Lecture 18: Average Variable Cost, Marginal Cost, Diminishing Returns

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Increasing output has two opposing effects on average total cost: The spreading effect: the larger the output, the more output over which fixed cost is
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture Notes - Lecture 15: Normal Distribution, Marginal Revenue, Behavioral Economics

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Chapter 1 (least amount of questions, about 2-3) Understand concepts, not memorize will be our unspoken assumptions. Economic problems (how we cope wit
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture Notes - Lecture 7: Price Ceiling, Price Controls, Price Floor

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Chapter 5 : price controls and quotas- meddling with markets. Price controls: legal restrictions on how high or low a market price may go. Price ceilin
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture Notes - Lecture 8: Deadweight Loss, Price Floor

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Chapter 5 : price controls and quotas- meddling with markets. They do benefit some people (who are typically better organized and more vocal than those
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture Notes - Lecture 3: Red Tide, Economic Equilibrium, Demand Curve

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Q1: looking at market for gas, equilibrium price is . 90/gal (ave. price). Suppose in the following months, 10% of all car owners buy electric cars and
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture Notes - Lecture 4: Invisible Hand

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A supply curve shows the quantity supplied at various prices. When you have an example think: supply or demand, what tract is it going (+ or -) Equilib
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture Notes - Lecture 14: Sunk Costs, Loss Aversion, Mental Accounting

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Chapter 9: decision making by individuals and firms. The quantity at which the marginal benefit and marginal cost curves intersect leads to the maximum
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture Notes - Lecture 6: Price Ceiling, Deadweight Loss, Economic Surplus

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They allocate consumption of the good to the potential buyers who most value it. They allocate sales to the potential sellers who most value the right
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture Notes - Lecture 5: Economic Surplus, Price Ceiling, Reservation Price

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Markets are usually efficient: we can measure their benefit to society by measuring consumer surplus and producer surplus. Reservation price: refers to
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture 13: Micro Economics Chapter 9: Part 1

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Chapter 9: decision making by individuals and firms. Our decisions depend on comparing costs with benefits . The quality of our decisions depends on ho
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture Notes - Lecture 12: Regressive Tax, Progressive Tax, Proportional Tax

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The administrative costs of a tax are the resources used for its collection, for the method of payment, and for any attempts to evade the tax. Taxes co
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture Notes - Lecture 11: Tax Efficiency, Luxury Goods, Economic Equilibrium

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The effect of an excise tax on quantities and prices. Taxes drive a wedge between the price buyers pay and the price sellers receive. To analyze the ef
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture Notes - Lecture 10: Normal Good

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What factors determine the price elasticity of demand: the availability of close substitutes is very important. Fewer substitutes makes it harder for c
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture Notes - Lecture 9: Demand Curve

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A demand curve is elastic when an increase in price reduces the quantity demanded a lot (and vice versa). When the same increase in price reduces quant
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture Notes - Lecture 1: Opportunity Cost

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Homework questions are not mandatory, they are just to help. Quizzes are due monday at midnight for the info for the previous week (if a quiz is missed
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Lecture Notes - Lecture 2: Absolute Advantage, Comparative Advantage, Opportunity Cost

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Comparative advantage drives trade, deals with opportunity costs, leads to specialization and is the central part to economists, leads to need and desi
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UCONNECON 1201D. JohnsonSpring

ECON 1201 Lecture Notes - Lecture 1: Market Economy, List Of Fables Characters, Opportunity Cost

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UCONNECON 1201AllWinter

ECON 1201 Midterm: ECON 1201 - Term Test 1 - Winter 2018

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Studies our material world: how societies as a whole provide for us (our wellbeing) Paradox of wealth: absent an economic catastrophe, presumably we wo
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UCONNECON 1201AllWinter

ECON 1201 Study Guide - Midterm Guide: Network Effect, Mixed Economy, Production Function

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Chapter 2: choice in a world of scarcity. We live in a world of scarcity (wants are greater than the means) and this makes choices necessary. Scarcity
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UCONNECON 1201AllWinter

ECON 1201 Study Guide - Final Guide: Public Good, Information Asymmetry, Profit Maximization

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Chapter 12 and 13: environmental protection, negative and positive externalities. Monopolistic competition: the competitive model in a more realistic s
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UCONNECON 1201AllWinter

ECON 1201 Study Guide - Final Guide: Nordstrom, Price Discrimination, Spotify

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Solutions to externalities and intro to public goods. There is a federal and state component. Economic effects: loss of economic surplus, consumer and
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UCONNECON 1201Derek JohnsonSpring

ECON 1201 Lecture Notes - Lecture 19: Oligopoly, Marginal Revenue, Demand Curve

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UCONNECON 1201Derek JohnsonSpring

ECON 1201 Lecture Notes - Lecture 15: Pigovian Tax, Used Car, Adverse Selection

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Econ 1201 lecture 15 public goods and economics of healthcare. Reminders: first study session next monday night, additional office hours on friday. If
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UCONNECON 1201Derek JohnsonSpring

ECON 1201 Lecture Notes - Lecture 13: Artificial Scarcity, Deadweight Loss, Diarrhea

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UCONNECON 1201Derek JohnsonSpring

ECON 1201 Lecture Notes - Lecture 17: Health Insurance Mandate, Opportunity Cost, Risk Pool

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Econ 1201 lecture 17 economics of health care cont. /production and costs. Issues arise because third party payer system: avenues for insurance compani
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UCONNECON 1201Derek JohnsonSpring

ECON 1201 Lecture Notes - Lecture 16: Health Insurance Mandate, Normal Good, Market Power

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Econ 1201 lecture 15 economics of health care. Imperfect information not certain on the quality/outcome: thin markets, less market transactions, asymme
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UCONNECON 1201Derek JohnsonSpring

ECON 1201 Lecture Notes - Lecture 20: Final Good, Deadweight Loss, Microsoft Powerpoint

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What is monopoly: sole seller of a good, does not have any close substitutes, hard to define market in which companies compete. Economic reasons: natur
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UCONNECON 1201Derek JohnsonSpring

ECON 1201 Lecture Notes - Lecture 21: Spotify, Monopolistic Competition, Marginal Revenue

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Econ 1201 lecture 21 monopolistic competition cont. and oligopoly. In the long run: losses will cause exit or profits will cause entry, all profits wou
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UCONNECON 1201Derek JohnsonSpring

ECON 1201 Lecture Notes - Lecture 14: Pigovian Tax, Externality

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Econ 1201 lecture 14 notes solutions to externalities and intro to public goods. First study session on new stuff - april 9th at 5pm in oak 401. Privat
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UCONNECON 1201Derek JohnsonSpring

ECON 1201 Lecture Notes - Lecture 22: Strategic Dominance, Microsoft Powerpoint, Quality Assurance

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UCONNECON 1201Derek JohnsonSpring

ECON 1201 Lecture Notes - Lecture 18: Perfect Competition, Market Price, Monopolistic Competition

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Econ 1201 lecture 18 notes production costs cont. /markets and market structure. Key idea: no fixed factors in the long run, companies can decide plant
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UCONNECON 1201Derek JohnsonSpring

ECON 1201- Final Exam Guide - Comprehensive Notes for the exam ( 50 pages long!)

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Econ 1201 lecture 1 principles of microeconomics. What is economics about: studies our material world, how societies as a whole provide for us (our wel
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UCONNECON 1201Derek JohnsonSpring

ECON 1201 Lecture Notes - Lecture 2: Marginal Utility, Marginal Cost

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Going over house rules: no cell phones, be respectful of classmates, be open-minded. In microeconomics we : study markets, how they work, what they do,
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UCONNECON 1201Derek JohnsonSpring

ECON 1201 Lecture Notes - Lecture 1: The Wall Street Journal, Tim Harford, Barista

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Econ 1201 lecture 1 principles of microeconomics. What is economics about: studies our material world, how societies as a whole provide for us (our wel
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UCONNECON 1201Derek JohnsonSpring

ECON 1201 Lecture Notes - Lecture 9: Toothpick, Demand Curve, Venice, Los Angeles

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Econ 1201 lecture 9 elasticity of demand cont. and elasticity of supply. If demand is elastic, same direction: p tr , p tr . If demand is inelastic, op
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UCONNECON 1201Derek JohnsonSpring

ECON 1201 Lecture 5: Introduction to Markets

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Econ 1201 lecture 5 introduction to markets. Interaction of households and firms: three primary markets, goods and services (product, labor (factor, fi
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UCONNECON 1201Derek JohnsonSpring

ECON 1201 Lecture 3: Introduction Cont.

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Econ 1201 lecture 3 introduction cont. Scarcity: because inputs (labor, technology, machines, etc. ) are fixed/scarce, and society has to decide on wha
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UCONNECON 1201Derek JohnsonSpring

ECON 1201 Lecture Notes - Lecture 11: Earned Income Tax Credit, Demand Curve, Congressional Budget Office

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UCONNECON 1201Derek JohnsonSpring

ECON 1201 Lecture Notes - Lecture 4: Natural Disaster, Internal Combustion Engine, Human Capital

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UCONNECON 1201Derek JohnsonSpring

ECON 1201 Lecture Notes - Lecture 6: Inverse Relation, Critical Role, Complementary Good

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Econ 1201 lecture 6 supply and demand principles. Price: prices are determined by the interaction of demand and supply, demand: value, supply: cost, pr
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UCONNECON 1201Derek JohnsonSpring

ECON 1201 Lecture Notes - Lecture 10: Competitive Equilibrium, Deadweight Loss, Economic Surplus

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UCONNECON 1201Derek JohnsonSpring

ECON 1201 Lecture Notes - Lecture 7: Shortage, Excess Supply, Economic Equilibrium

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Econ 1201 lecture 7 supply and demand and supply mechanics. Impact of higher prices (short run: role of entry (long run) Big idea: not all suppliers ha
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UCONNECON 1201Derek JohnsonSpring

ECON 1201 Lecture Notes - Lecture 8: Economic Equilibrium, Takers

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UCONNECON 1201Derek JohnsonSpring

ECON 1201 Lecture Notes - Lecture 12: Multiple Choice, Market Distortion, Deadweight Loss

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Econ 1201 lecture 12 demand and supply application: taxes. Economic effects: loss of economic surplus, consumer and producer surplus, deadweight loss,
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UCONNECON 1201Derek JohnsonFall

ECON 1201 Chapter 4: consumer and producer surplus

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UCONNECON 1201Owen SvalestadFall

ECON 1201 Chapter Notes - Chapter 9: Pharmacy School, Opportunity Cost, Pharmacology

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All economic decisions involve the allocation of scarce resources. Two types of decisions: either-or: the question is whether to or not to do something
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Chapter Notes - Chapter 7: Economic Surplus, Regressive Tax, Progressive Tax

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Most tax revenue in the us comes from other forms, besides excise tax; however, excise taxes are the most common. The effect of an excise tax on quanti
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UCONNECON 1201Derek JohnsonFall

ECON 1201 Chapter 6: Economic 1201 chapter 6 note Price Elasticity

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UCONNECON 1201Derek JohnsonFall

ECON 1201 Chapter 5: price control

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UCONNECON 1201Ria BhattacharyaFall

ECON 1201 Chapter Notes - Chapter 11: Marginal Revenue, Marginal Cost, Demand Curve

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Chapter 11: cost and profit maximization under competition. What price to set their goods at. When to enter and exit the industry. A competitive firm w
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UCONNECON 1201Ria BhattacharyaFall

ECON 1201 Chapter Notes - Chapter 18: Lebron James, Demand Curve, Marginal Product

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Differences in wages have to do with supply and demand. Wages are determined in the market for labor. 18. 1 the demand for labor and the marginal produ
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Chapter Notes - Chapter 15: Robinson–Patman Act, Sherman Antitrust Act, Joseph Schumpeter

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Monopoly: a firm that is the only seller of a good or service that does not have a close substitute. A firm has a monopoly if it can ignore the actions
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Chapter Notes - Chapter 16: Price Discrimination, Economic Surplus, Yield Management

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Price discrimination: charging higher prices to some customers and lower prices to others. Charging different prices to different customers for the sam
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Chapter Notes - Chapter 13: Brand Management, Monopolistic Competition, Marginal Revenue

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Monopolistic competition : a market structure in which barriers to entry are low and. Average revenue is equal to total revenue divided by quantity---b
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Chapter Notes - Chapter 14: Sequential Game, Bargaining Power, Nash Equilibrium

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Chapter 14: oligopoly: firms in less competitive markets. Game theory is the study of the decisions of firms in industries where the profit of each fir
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UCONNECON 1201Owen SvalestadFall

ECON 1201 Chapter Notes - Chapter 12: Marginal Utility, Productive Efficiency, Allocative Efficiency

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The similarity of the good or service produced by the firms in the industry. The ease with which new firms can enter the industry. Perfectly competitiv
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