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PSYCH 100 Chapter Notes - Chapter 5: Junkers D.I

I \ C-~o~ --t~ a.,w1rr\b Sor;.ev\S (U1av>-rho~kb, fe.e,u-~5 We . en~ CU-C--o/YeA '(VU...

Psychology & Brain Sciences
PSYCH 100
John Bickford
PSYCH 100 Chapter Notes - Chapter 1-3, 11-12, Appendix: Behavioral Neuroscience, Clinical Psychology, Experimental Psychology

Chapter 1, Section 1 Psychology: the scientic study of behavior and mental processes Thoughts, emotions, actions, perceptions, reasoning processes, memories, and biological activity Psychologists describe, predict, and exp...

Psychology & Brain Sciences
PSYCH 100
Tammy Rahhal
PSYCH 100 Chapter Notes - Chapter 10: Motivation, Homeostasis, Egocentrism

Chapter 10 motivation, the factors that direct and energize the behavior of humans and other organisms. instincts, inborn patterns of behavior that are biologically determined rather than learned. instinct approaches to mo...

Psychology & Brain Sciences
PSYCH 100
John Bickford
ECON 103 Chapter Notes - Chapter 13: Monopoly Profit, Monopsony, Natural Monopoly

Monopolies One firm producing a product with no close substitutes Drug companies Uses market power to charge high prices and produce less output than competitive industry--> generates profits in short and long run Downward...

Economics
ECON 103
Rus Janis
ECON 103 Chapter Notes - Chapter 17: Deadweight Loss, Netflix, Social Cost

Excludable: Supplier can prevent people from using it if they did not buy it Non-Excludable: supplier cannot prevent people from using it Rival in Consumption: good cannot be used by more than one person at the same time N...

Economics
ECON 103
Rus Janis
ECON 103 Chapter Notes - Chapter 16: Pigovian Tax, Coase Theorem, Rush Hour

External Costs and Benefits Externalities: consequence of individualfirm that effects others wout being reflected in the cost of goodsservices External Cost: uncompensated cost that an individualfirm poses on others Pollut...

Economics
ECON 103
Rus Janis
ECON 103 Chapter Notes - Chapter 14: Deflation, Market Structure, Product Differentiation

Market structure with a few firms as main producers Phone Companies (ATT, Verizon, Sprint) The Prisoners Dilemma Cooperative action benefits both, but individual action benefits each more Tactic Collusion: normal state of ...

Economics
ECON 103
Rus Janis
ECON 103 Chapter Notes - Chapter 12: Marginal Revenue, Oligopoly

A Firms Goal: Maximize Profits (pi) Marginal Revenue = Marginal Cost Pi = (3.141592653589793) TR - TC Total Revenue = P x Q TC = Total Economic Costs FC + VC (fixed Costs + variable costs) ATC x Q (Average Total Cost x Qua...

Economics
ECON 103
Rus Janis
ECON 103 Chapter Notes - Chapter 11: Average Variable Cost, Average Cost, Diminishing Returns

Production Function Production Function: relationship between quantity of inputs and outputs of a firm Fixed input: quantity is fixed for a period of time and cannot be varied Variable input: input where quantity can chang...

Economics
ECON 103
Rus Janis
ECON 103 Chapter Notes - Chapter 10: Marginal Utility, Demand Curve, Giffen Good

Utility Utility= benefitgain to consumer Consumption bundle: collection of all goods and services consumed by individual Utility function: total utility generated by consumption bundle Total utility: total gainbenefit from...

Economics
ECON 103
Rus Janis
ECON 103 Chapter Notes - Chapter 9: Marginal Utility, Marginal Cost, Historical Cost

Types of Costs Explicit vs. Implicit Explicit--> out of pocket Implicit--> alternative value of capital Explicit + Implicit = Opportunity Cost Capital: total value of assets owned by an individual or firm Implicit Cost of ...

Economics
ECON 103
Rus Janis
ECON 103 Chapter Notes - Chapter 7: Flat Tax

Taxes Taxes are controversial--> govt taking money from people Good and bad Generate revenue for govt activities Taxes create DWL Deter use of some product (ie smoking) Tax Rate: amount of tax being levied per unit of the ...

Economics
ECON 103
Rus Janis
ECON 103 Chapter Notes - Chapter 6: Demand Curve, Inverse Relation, Normal Good

Price of Elasticity Demand Measures how sensitive demand is to its price--> percentage change in quantity demanded Total D = change QD change P Elastic = greater than 1, less than infinity Inelastic = less than 1, greate...

Economics
ECON 103
Rus Janis
ECON 103 Chapter Notes - Chapter 5: Deadweight Loss, Rent Regulation, Price Controls

Why Govt Control Prices Strong political demand Price controls--> govt intervenes to regulate prices Price ceilings Price floors Up-side-down house! Cant go through the ceiling Cant go through the floor Price Ceilings Mand...

Economics
ECON 103
Rus Janis
ECON 103 Chapter Notes - Chapter 4: Economic Surplus, Externality

Consumer Surplus and the Demand Curve Willingness to pay: the max price at which a consumer will buy a product Net Gain--> amount gained from purchase (cash, time, happiness, etc.) Individual Consumer Surplus--> net gain a...

Economics
ECON 103
Rus Janis

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