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Introduction to Microeconomics
Wilfrid Laurier University
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Oliver Masakure

Steffen Ziss

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EC120 Lecture Notes - Lecture 1: Sunk Costs, Opportunity Cost

Economics: is the study of the allocation of scarce resources, which are resources with alternative uses (food, time etc) Microeconomics: deals with wi

EC120 Lecture 2: Lecture 2 - September 12, 2018

EC120 Lecture Notes - Lecture 3: Complementary Good, Demand Curve, Ceteris Paribus

Is the amount of goods that buyers are willing and able to buy in a given time period (flow) Is the amount of goods that sellers are willing and able t

EC120 Lecture 4: Lecture 4 - September 19, 2018

EC120 Lecture Notes - Lecture 4: Normal Good, Inferior Good

Price elasticity of demand =(cid:1842)(cid:1857)(cid:1870)(cid:1855)(cid:1857)(cid:1866)(cid:1872)(cid:1859)(cid:1857) (cid:1855) (cid:1866)(cid:1859)(

EC120 Lecture Notes - Lecture 5: Economic Equilibrium, Demand Curve, Lead

A tax of t per unit on either buyer or seller causes . Price paid by buyers (ps) to equal price received by sellers (ps) plus the tax [pb = A movement

EC120 Lecture Notes - Lecture 6: Economic Surplus, Toffee, Giffen Good

Total utility of x measures the satisfaction from consuming a given level of good x. The additional utility from an additional unit of x. Referred to a

EC120 Lecture Notes - Lecture 6: Utility, Demand Curve, Relative Price

Marginal utility per dollar across all goods, i. e. - relative bene ts and relative costs, i. e: marginal utility/price: for the last dollar spent you

EC120 Lecture Notes - Lecture 7: Demand Curve, Indifference Curve

Set of bundles that yield equal satisfaction (or utility) and thus over which the consumer is indifferent. Marginal rate of substitution (mrs) of y for

EC120 Lecture Notes - Lecture 8: West Bank Areas In The Oslo Ii Accord, Economic Equilibrium, Price Floor

Question review: opp cost for food= price of food/price of books (/). Increase price of books, decrease price of food. Opp cost for books= opposite: mo

EC120 Lecture Notes - Lecture 11: Average Variable Cost, Marginal Cost, Diminishing Returns

>0 will attract entry, <0 will induce exit. =0 will induce netiehr entry nor exit. Production function: q = f(k,l), k is fixed in sr. Average product o

EC120 Lecture Notes - Lecture 12: Tangent, Marginal Product, Production Function

Technical efficiency: use fewest inputs for a given q. A firm minimizes cost of a given q by equating . Marginal product per dollar across all inputs,

EC120 Lecture Notes - Lecture 13: Marginal Revenue, Competitive Equilibrium, Takers

EC120 Lecture Notes - Lecture 14: Competitive Equilibrium, Profit Maximization, Economic Surplus

EC120 Lecture Notes - Lecture 15: Strategic Dominance, Monopolistic Competition, Nash Equilibrium

Use mr and mc to find profit maximizing prices if firm can price discriminate between workers and tourists. Use mr and mc to find profit maximizing pri

EC120 Lecture Notes - Lecture 16: Deadweight Loss, Economic Surplus, Allocative Efficiency

EC120 Lecture Notes - Lecture 16: Monopolistic Competition, Price Discrimination, Marginal Revenue

Chapter 10 - monopoly, cartels, and price discrimination. Monopoly is a market structure in which an entire industry is supplied by a single firm. The

EC120 Lecture Notes - Lecture 19: Marginal Revenue, Profit Maximization, Takers

For price-takers in output markets mrp = pxmpl. Average factor cost (afc) = (wxl)/l = w. For price takers in labour markets mfc = Mrp=mfc at l=l* if l

EC120 Lecture Notes - Lecture 20: Monopsony, Sunk Costs, Outsourcing

Profit maximizing factor use for a monopsonist: (p=) Unions and minimum wages in competitive labour markets: In competitive labour markets the effects

EC120 Lecture Notes - Lecture 21: Real Interest Rate, Nominal Interest Rate, Consumption Smoothing

Present value of mrp one period from now. Present value of mrp two periods from now. Present value of a stream of mrp payments. If p k is price of capi

EC120 Lecture Notes - Lecture 22: Club Good, Allocative Efficiency, Adverse Selection

Goods tend to be publicly provided if they . Are non-rivalrous which means that the opportunity cost of use is zero. And it is possible to prevent anyo

EC120 Lecture Notes - Lecture 23: Absolute Advantage, Factor Endowment, Comparative Advantage

Opportnity costs differ between countries . ( theory of comparative advantage . Trade allows importing countries to acquire goods at a lower opportunit

EC120 Lecture Notes - Lecture 24: Economic Surplus, Deadweight Loss

: goods that are easy to transport will sell at the same price worldwide. If a good is cheaper in a than b then . Buyers shift to a and sellers shift t