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ECN 104 Study Guide - Midterm Guide: Externality, Inferior Good, Hypotenuse

788 views21 pages
cerisegiraffe538
28 Feb 2018
School
Ryerson University
Department
Economics
Course
ECN 104
Professor
Nazanin Behzadan

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Document Summary

Microeconomics: the study of individual decisions and how they interact: questions we"ll answer in this course include . Ppf would map out all the feasible & efficient numbers, producing a line, a concave curve, or a convex curve (depending on the combinations of resources, division of labour, etc. ) Any point below the line is feasible, but not efficient this means canada. Can produce the number of trains/jets indicated by the point on the graph, but not all resources are being used efficiently. Any point above the line in not feasible this means although it would be nice to produce that many trains/jets, canada just does not have the resources to do so. Chapter 3: introduction to supply, demand & equilibrium. In this chapter, we consider specific goods & services and how they compete within a market. A competitive market is one in which there are many buyers and sellers of specific goods/services.

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Related Questions

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