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Microeconomics Notes 7

by: Paige Holub

Microeconomics Notes 7 ECON 2022

Paige Holub

GPA 3.731

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About this Document

Hello everyone. Included in this week's notes are discussions about the experiment and other microeconomic foundational themes. Enjoy!
Principles of Microeconomics
Brian Duncan
Class Notes
Principles of Economics, micro, Microeconomics, Economics, experiment, empirical
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This 2 page Class Notes was uploaded by Paige Holub on Friday March 11, 2016. The Class Notes belongs to ECON 2022 at University of Colorado Denver taught by Brian Duncan in Winter 2016. Since its upload, it has received 28 views. For similar materials see Principles of Microeconomics in Economcs at University of Colorado Denver.

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Date Created: 03/11/16
Paige DeWitt-Holub 3/07 Price in session 1 (average prices), Quantity in same round (draw lines) Quantity was 14 in session 1 The theory behind this states that the quantity would go down as a hypothesis -the price will go down by each price tax addition, but not by a correlative amount of the price -the buyers should pay more by each, not by tax amount/sellers receive more, again not correlative when you “average” sessions 1 and 2, the prices should idealistically be the same -always same amount of buyers and sellers with alternating terms graph, explain, make theories/predictions 3/09 “Lecture #9 I. Producer Theory A. Cost of production I. Accounting costs vs. economic costs B. Long- run vs. short run C. Cost curves.” 1 -trying to predict behavior with regards to behavior, not business advice -to think of behavior, like a physical good, would require to think about all of the money it amounts to in order to make something like a meal (ingredients, utilities, labor services) -time is a factor of labor services categories: Total Cost = Fixed Cost (rent, doesn’t increase with more of the amount of renting/production) and Variable Cost Variable cost can be zero but is usually the amount of what was paid out to renters, workers, etc. -if quantity equals zero than it will also equal zero -you can leave fixed costs eventually (ex. Leases end) In the Long-run… the fixed costs are zero. -something can be “constrained”, such as the importance of a company like Google vs a small food shop that can quit more easily in typically a shorter amount of time 1 All quotations are taken from the board of Professor Duncan “Accounting costs – explicit cost Economic costs – include opportunity costs (indirect costs)” -someone who loses money in a business and does not factor in interest includes that they might have an accountant’s version of loss -opportunity costs = the next best opportunity -zero economic profit is okay, if I do the next best thing then I can earn the same amount of profit, positive is better than the next best thing -negative profit means you could have been more efficient – if you calculate what you could have done better, not necessarily negative but in theory “TC = FC + VC” graph this for the best results to find what the cost would be -if it starts at zero, it is a long-run time frame – if it starts at a higher point, of a fixed cost, there will be an amount demanded eventually by the ending of the costs -marginal cost = how much it cost to make that unit, marginal could go up average could go down -to get the average total cost, you divide something by twenty -if you ask something like was the 8 unit profitable, then you will have to figure out the marginal cost and see if it was higher than the money you made – then this would be called marginal revenue -marginal cost = change in total cost divided by change in quantity -Average cost will go down because you are losing fixed investments, marginal costs – actual price of the water company -tangent line cost is the lowest point possible to calculate for each quantity -average is price divided by quantity again -increasing marginal cost vs. decreasing marginal costs and decreasing marginal costs -A realistic cost curve would include a realistic determination of all of the above three graphs: size can become too inefficient -if you want to find total cost, you can look at this graph, but additionally, you can look at average cost/curves to make “Average Total Cost = TC/q Average Total Cost Average Fixed Cost = FC/q Average Fixed Cost Average Variable Cost = VC/q Average Variable Cost Marginal Cost = change in total cost/change in total quantity”


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