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Textbook Notes for Mitchell Dudley

U OF MECON 101Mitchell DudleyFall

ECON 101 Chapter Notes - Chapter 14: Market Power, Tacit Collusion, Imperfect Competition

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16 Dec 2017
0
Chapter 14: oligopoly the prevalence of oligopoly oligarchy: an industry with only a small number of producers a producer in such an industry is known
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U OF MECON 101Mitchell DudleyFall

ECON 101 Chapter Notes - Chapter 16: Marginal Utility, Marginal Cost, Social Cost

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26 Nov 2017
0
External costs and benefits: external cost: an uncompensated cost that an individual or firm imposes on others. The marginal social benefit of pollutio
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U OF MECON 101Mitchell DudleyFall

ECON 101 Chapter 12: Econ Chapter 12

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27 Nov 2017
0
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U OF MECON 101Mitchell DudleyFall

ECON 101 Chapter 5: Chapter 5- price controls and quotas – meddling with markets

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16 Oct 2017
0
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U OF MECON 101Mitchell DudleyFall

ECON 101 Chapter Notes - Chapter 11: Marginal Product, Production Function, Diminishing Returns

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27 Nov 2017
0
Minimum average cost: for the u-shaped average total cost curve, average total cost is at its minimum at the bottom of the u, minimum-cost output: the
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U OF MECON 101Mitchell DudleyWinter

ECON 101 Chapter Notes - Chapter 5: Price Ceiling, Equilibrium Point, Price Controls

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4 Apr 2016
11
Often a high demand for governments to intervene in markets to maintain equity. Price controls- legal restrictions on how high/low a market price may g
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U OF MECON 101Mitchell DudleyFall

ECON 101 Chapter 8: Chapter 8 – International Trade

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1 Nov 2017
0
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U OF MECON 101Mitchell DudleyFall

ECON 101 Chapter Notes - Chapter 4: Economic Surplus, Demand Curve, Opportunity Cost

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26 Sep 2017
0
Chapter 4: co(cid:374)su(cid:373)er a(cid:374)d producer surplus: how to measure benefits from being able to purchase a good ( consumer surplus). There
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U OF MECON 101Mitchell DudleyFall

ECON 101 Chapter Notes - Chapter 6: Inferior Good, Normal Good, Midpoint Method

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15 Oct 2017
0
Chapter 6: elasticity responsiveness: responsiveness of consumers to price with the particular number, called the price elasticity of demand. In this a
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U OF MECON 101Mitchell DudleyFall

ECON 101 Chapter Notes - Chapter 7: Tax Incidence, Demand Curve, Economic Equilibrium

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29 Oct 2017
0
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U OF MECON 101Mitchell DudleyFall

ECON 101 Chapter 4: 04 Surplus

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10 Jan 2019
0
Willingness to pay: the maximum price at which he or she would buy that good. Individual consumer surplus: net gain to an individual buyer from the pur
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U OF MECON 101Mitchell DudleyFall

ECON 101 Chapter Notes - Chapter 3: Demand Curve, Perfect Competition, Negative Relationship

OC26402263 Page
10 Jan 2019
0
The supply and demand model: a model of how a competitive market works. No true markets exist that follow a perfectly competitive market. Larger seller
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