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Economics 1021A/B Chapter Notes - Chapter 5: Social Cost, Avoidance Speech, Externality

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erindog461
9 Nov 2011
School
Western University
Department
Economics
Course
Economics 1021A/B
Professor
Michael Parkin

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ECON 1021A/B Full Course Notes
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ECON 1021A/B Full Course Notes
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Document Summary

Those who can afford it but choose not to buy it. Individual demand: the relationship between the price of a good and he quantity demanded by one person. Market demand: the relationship between the pice of a good and the quantity demanded by all buyers. Consumer surplus: when people buy something for less than it is worth the value (or marginal benefit) of a good minus the price paid for it, summed over the quantity bought. Marginal cost: minimum price that produces must receive to induce them to offer one more unit of a good or service for sale: minimum supply price determines supply supply curve is a marginal cost curve. Individual supply: the relationship between the price of a good and the quantity supplied by one producer. Mario is willing to produce the 50th pizza for , his marginal cost of that pizza that pizza.

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