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Econ Notes Week 2

by: Rodney Wines

Econ Notes Week 2 ECON 1123

Rodney Wines
GPA 3.7
Principles of Economics: Microeconomics

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Week 2 of Econ Notes, Hope they help! have a great week!
Principles of Economics: Microeconomics
Class Notes
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This 5 page Class Notes was uploaded by Rodney Wines on Sunday September 6, 2015. The Class Notes belongs to ECON 1123 at University of Oklahoma taught by Clark in Summer 2015. Since its upload, it has received 105 views. For similar materials see Principles of Economics: Microeconomics in Economcs at University of Oklahoma.


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Date Created: 09/06/15
Microeconomics Notes Week 2 Class Notes from Dates 831 and 92 August 31st 2015 More General Economics IPositive vs Normative A Positive statements of empirical relationships EX quotIf this than thatquot statements 1 Analysis is strictly limited to purely objective fact B Normative involves value judgement With the outcome of good or bad EX Mostly quotshouldquot statements IITwo Concepts of Efficiency AProductive Efficiency Idea od producing good at the lowest possible cost B Allocated Efficiency Distributing goods to people who value the goods the the most IIICirculary ow of Income Households Basic unit Eccncmiic 3 II Basic pmduciing uni A Differences between Resource Market and Goods Market Household Supply Household Demand 1 Firms Demand Firms Supply 1 Resource Prices Goods Prices IVPrice Determination in Complete Markets A Characteristics of a Market 1 Markets with many acting buyers and sellers 2 Individuals householdsfirms have no control over market price a Mercy of the market or quotprice takersquot 3 Freedom of entry into and eXit from the market 4 Homogeneous ProductsAll the same a EX Pepsi and Coke same product different brand VDemand The quantity of a good or resource that people are willing and able to buy at various prices during a specified time period Cetus Paribus everything else held the same A Specified time period open space in time 1 EX Price of a Pizza per unit hour In an hour you could have 1 pizza in a day 2 pizzas or in a week 7 pizzas 2 Cetus Paribus all other things being equal are constant B Law of Demand As the price of a goodresource decreases everything else does and vice versa C Determinates of Demand 1 Price of good or resource in question 2 Buyers income 3 Tastes Religion etc a Advertising is a good way to sway tastes 4 Number of Buyers in Market 5 Prices of related good a Substitutes of the good in question b Complements things that are used With the good 6 Buyers expectations What they expect to have may be future incomes We are only focusing on number 1 leaVing 2 6 Cetus Paribus September 2nd 2015 More on Demand IDemands An Illustration A To look at demands With an illustration Prof Clark chose the Egg Market to to give an example of the of demand changes Price of Eggs Dozen Dozens Per Week a3 100 b2 200 cl 300 4 Q s3 3 s3 52 9 2 2 1 E 1 a 0 0 50 100 200 250 300 350 150 Dozens per Week IIChanges in Quantities Demand A Shown my movements along a given demand schedule Caused by changes in the price of the goodresource IIIChanges in Demand A Shown by the shifts in a demand schedule 1 Could have been an increase in demand curve shifts to the right 2 A decrease in demand is shown by the curve being shifted to the left 1 2 Price per Price per Can Can it EDI Guam if Per week Guam it Per week B Increase on buyer s income 1 Means Normal goods increase in demand 2 Inferior goods decrease in demand IV Supply A Supply quantities of a good or resource that people are Willing and able to produce and offer for sale at various prices at some specified time period everything else the same B Determine supply The price of good or resource in question Cost of Production Technology Number of sellers in the market 9999 Sellers eXpectations gt For the purpose of the class 2 5 assume constant C General Price Relationship 1 As the price of the good increases the quantity supplied increases Vice V6183 El E 5w ll 2 5an l E39 munitiEmghip 3quot Fl E a 5 1 A 3951 F v 7 W mquot I I l I I 41 El Qua Fully Enigma 2mm Irnln a g l jl q


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