New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Econ 150C1

by: Amanda Lee

Econ 150C1 Econ150C1

Marketplace > Economcs > Econ150C1 > Econ 150C1
Amanda Lee
GPA 3.929
An Economic Perspective
Charity-Joy Archiado

Almost Ready


These notes were just uploaded, and will be ready to view shortly.

Purchase these notes here, or revisit this page.

Either way, we'll remind you when they're ready :)

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

Unit 1 of notes with Charity-Joy Acchiard. Taken from 8/28/14-9/23/14
An Economic Perspective
Charity-Joy Archiado
75 ?




Popular in An Economic Perspective

Popular in Economcs

This 3 page Bundle was uploaded by Amanda Lee on Tuesday January 27, 2015. The Bundle belongs to Econ150C1 at a university taught by Charity-Joy Archiado in Fall. Since its upload, it has received 1106 views.


Reviews for Econ 150C1


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 01/27/15
828 Trade offs The option given up when another object is chosen Opportunity cost The value of the next best option that was given up Subjective value The value an individual assigns to something varies over time Relative ranking preferences strong weak Q You are given a ticket to see a Katy Perry tonight and you can t resell the ticket There is also a Pitbull concert tonight and that is the only other activity you are considering A Pitbull ticket costs 135 and you d be willing to pay up to 200 for one There is no other cost of seeing either performer What s the opportunity cost of attending the Katy Perry concert A 65 HW Choose candidate and look at policiespromises and make web with promise in the middle and who is affected and in what ways 92 Q airfare 400 4 hrs Bus 100 24 hrs A 4004t 10024t 30020t t15hr Diminishing marginal utility bene ts should outweigh consequences satisfaction lowers the more you consume 94 ncrease wealth through trade Trade voluntary exchange Wealth Production resources are changed in a way that creates value Q Which of the following is an example of specialization A Alex decides to hire Mike to make fries so Alex only has to make sandwiches Specialization producing one or a few goods or services Comparative advantage the ability to produce a good or service at a lower opportunity cost than others Absoute advantage who produces a good or service the most efficiently Prices convey information about relative values K F u D i i K A 99 Margina bene t is it worth it to me more than the consequence at a particular moment Demand relationship between a set of prices and a set of quantities demanded Law of Demand holding other things constant the quantity demanded will increase as the price decreases and vice versa Changes in demand entire curve 1 Number of consumers 2 Preferences 3 Income 4 Price of substitute goods 5 Price of complimentary goods 6 Expected pricesfuture expectations nferior good when income increases demand goes down Norma good when income increases demand goes up Q You work at Wilko where is a 1 discount on all drinks during happy hour Your manager asks your advice on her plan to increase demand for drinks during happy hour Should she A Offer free snack foods 911 Sunk cost cost of things fromof the past Suppy the relationship between a set of prices and set of quantities suppHed Law of supply holding other things constant an increase in the price of a good leads to an increase in the quantity supplied and vice versa Changes in supply Inputs when inputs increase supply decreases Technology Regulations and taxes Subsidies receiving incentive so production costs ower Price of related goods Number of suppliers OWU39lbULJNH 7 Expected prices 8 Weather ex Hail storms droughts etc Q Which of the following will cause the supply curve for tomatoes to shift to the right A The government offers subsidies to tomato growers 918 Shortage when quantity demanded gt quantity supplied Surpus when quantity demanded lt quantity supplied neastic a small change in quantity demanded when prices change ex Gas Eastic demand a big change in quantity demanded when price changes ex Cereal Price elasticity of demand the responsiveness of quantity demanded to changes in price change in quantity demanded change in price Total Revenue Price x Quantity Determinants of price elasticity 1 Availability of close substitutes 2 Proportion of income 3 Time will nd substitutes over time Price elasticity changes along the curve Q How would you decrease illegal drug use 923 Price elasticity of supply the responsiveness of quantity supplied to changes in price Eastic supply big change in supply when price changes neastic small change in suppe when price changes Determinants of elasticity 1 Time takes a while to change what is being supplied 2 Flexibility of suppliers Price ceilings legally binding maximum price Price oors legally binding minimum price ex Minimum wage


Buy Material

Are you sure you want to buy this material for

75 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Jennifer McGill UCSF Med School

"Selling my MCAT study guides and notes has been a great source of side revenue while I'm in school. Some months I'm making over $500! Plus, it makes me happy knowing that I'm helping future med students with their MCAT."

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.