Verified Documents at Wilfrid Laurier University

Browse the full collection of course materials, past exams, study guides and class notes for EC120 - Introduction to Microeconomics at Wilfrid Laurier University verified by our …
PROFESSORS
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Oliver Masakure
fall
7
Steffen Ziss
fall
23

Verified Documents for Steffen Ziss

Class Notes

Taken by our most diligent verified note takers in class covering the entire semester.
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
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EC120 Lecture 2: Lecture 2 - September 12, 2018
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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
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EC120 Lecture 4: Lecture 4 - September 19, 2018
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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)(
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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
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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
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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
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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
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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
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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
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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,
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EC120 Lecture Notes - Lecture 13: Marginal Revenue, Competitive Equilibrium, Takers
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EC120 Lecture Notes - Lecture 14: Competitive Equilibrium, Profit Maximization, Economic Surplus
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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
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EC120 Lecture Notes - Lecture 16: Deadweight Loss, Economic Surplus, Allocative Efficiency
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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
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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
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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
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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
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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
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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
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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
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