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Principles of Micro Economics: Bundle Notes

by: Dasmine Ferrer

Principles of Micro Economics: Bundle Notes Econ 103

Marketplace > Pace University > Economcs > Econ 103 > Principles of Micro Economics Bundle Notes
Dasmine Ferrer
GPA 3.1

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About this Document

Bundle Notes: Productions & Costs Market Organization Labor Markets
Principles of Economics: Microeconomics
Anna Shostya
Bundle Notes: Productions & Costs Market Organization Labor Markets, production, and, costs, Shostya, Microeconomics, pace, PaceUniversity, market, MarketOrganizations
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This 2 page Bundle was uploaded by Dasmine Ferrer on Tuesday May 3, 2016. The Bundle belongs to Econ 103 at Pace University taught by Anna Shostya in Winter 2016. Since its upload, it has received 42 views. For similar materials see Principles of Economics: Microeconomics in Economcs at Pace University.


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Date Created: 05/03/16
Principles of Micro­Economics Study Guide  Exam Date: 5/4/16 What to Know From Notes #1 Definitions:   Demand o The Law of Demand  Quantity Demand o Market Demand o Normal Goods vs. Inferior Goods o Shifts in Demand  Supply o The Law of Supply o Quantity Supply o Shifts in Supply What to Know From Notes #2  Elasticity’s (Definitions and Graph models) 1. Relatively Elastic 2. Relatively Inelastic 3. Perfectly Inelastic 4. Perfectly Elastic 5. Unitary Elastic  Two Ways to Calculate Ep: o Point Elasticity of Demand Formula o Arc Elasticity o Demand Formula  Income Elasticity of Demand Formula  The Cross Elasticity of Demand Formula What to Know From Notes #3  Invisible Hand in supply and Demand  The Demand Curve and Consumer Surplus (Definitions and graph)  The Supply Curve and Producer Surplus (definitions and Graph)  Definitions: o Willingness to Accept o Total Surplus o Dead Weight Loss  o Gross Price o Net Price o Marginal Utility o Law of Diminishing Utility What to Know From Notes #4  Short Run vs. Long Run  Equations for: o Total Cost (SR and LR) o Marginal Revenue Product Labor o Marginal Production Labor o Marginal Cost o Average Total Cost  Fixed Costs Vs. Variable Costs What to Know From Notes #5  4 Types of Markets: Perfect Competition, Monopolistic Competition, Oligopoly,  and Pure Competition  Definitions: o Barrier to Entry o Natural Monopoly  Perfectly Competitive Market Vs. Perfectly Competitive Firm What to Know From Notes #5  Definitions: o Opaque Countries o Derived Demand o Economic Rent  o Monopsony  Shut Down Vs. Exit  Law of Diminishing Marginal Revenue  Wage Determinants


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