AP ECON: MICROECONOMICS
AP ECON: MICROECONOMICS
North Allegheny Senior High School
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This 21 page Study Guide was uploaded by Anni on Thursday October 6, 2016. The Study Guide belongs to at North Allegheny Senior High School taught by JOELLE KEATS in Fall 2015. Since its upload, it has received 7 views. For similar materials see MICRO ECONOMICS in AP ECONOMICS at North Allegheny Senior High School.
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Date Created: 10/06/16
P a g e | 1 FUNDAMENTAL PRINCIPLES OF ECONOMICS P a g e | 2 DEMAND P a g e | 3 SUPPLY P a g e | 4 TO DECRESASE IN THE FUTURE, THEY SELL MORE NOW. EQUILIBRIUM AND PRICE CONTROLS P a g e | 5 ELASTICITY P a g e | 6 COEFFICIENT <1 %CHANGE P ELASTICITY CONT P a g e | 7 COSTS OF PRODUCTION P a g e | 8 LABOR MP WORKERS GET DESTRUCTIVE PURPLE: FC COSTS OF PRODUCTION CON’T P a g e | 9 3X OUTPUTI2X OUT I1 OUT PERFECT COMPETITION P a g e | 10 MONOPOLY P a g e | 11 -ONLY ONE COMPANY= LOWER PRICE MONOPOLY CON’T P a g e | 12 MONOPOLISTIC COMPETITION P a g e | 13 MONOPOLISTIC COMP &OLIGOPOLY P a g e | 14 STRATEGIC TO AVOID ECONOMIC LOSSES OLIGOPOLY GAME THEORY MUST KNOW HOW TO DO!!! P a g e | 15 1) YOU WANT TO COVER UP THE RIGHT SIDE OF THE MATRIX AND CHOSE THE HIGNEST NUMBER WITHIN THE FIST SECTION ON THE LEFT OF THE COMMA AND CIRCLE THAT NUMBER 2) DO THE SAME THING AS 1 BUT NOW COVER THE LEFT SIDE 3) NOW COVER THE TOP PART OF THE MATRIX AND SQUARE THE HIGHEST NUMBER ON THE RIGHT SIDE OF THE COMMA 4) DO THE SAME AS 3 BUT NOW COVER THE BOTTOM 5) THE BOX WITH BOTH THE CIRCLE AND THE SQUARE IS YOUR NASH EQUILIBRIUM. THAT’S WHAT YOU CHOOSE DOMINANT STRATEGY: WHEN THE COMPANY/PERSON/COUNTRY HAS ONLY ONE OPTION NO MATTER WHAT THE OTHER CHOOSES.ROADWAY DEPENDENT STRATEGY: THE COUNTRY/PERSON/COMPANY THAT DEPENDS ON THE OTHER. IN THIS CASE, IT’S RANKIN WHEELS FACTOR/RESOURCE/INPUT MARKETS P a g e | 16 EXTERNALITIES P a g e | 17 PUBLIC GOODS P a g e | 18 GRAPHS NEED TO KNOW!!! P a g e | 19 P a g e | 20 P a g e | 21 I AM NOT RESPONSIBLE FOR ANY MISTAKE YOU MY PARTAKE ON A QUIZ /TEST OR HOMEWORK. THESE ARE MY STUDY GUIDES I MADE FOR MY TESTS DURING MY JUNIOR YEAR TAKING AP ECON. I DID GET A 5 ON BOTH MICRO AND MACRO TESTS. I HOPE YOU FOUNF THIS HELPFUL.
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