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Principles of Microeconomics Study Notes

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The summary of microeconomics. The notes for exam revision. You can use it to review the course.

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38 Pages Complete Study Notes < 1 Year old
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Topics this document covers:
Economics Demand Economy Microeconomics Elasticity Market Economics laws Supply and demand Demand curve Price elasticity of demand Economic equilibrium Monopoly
This is a Complete Set of Study Notes

Complete Study Notes typically cover at least half a semester’s content or several topics in greater depth. They are typically greater than 20 pages in length and go into more detail when covering topics.

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Topics this document covers:
Economics Demand Economy Microeconomics Elasticity Market Economics laws Supply and demand Demand curve Price elasticity of demand Economic equilibrium Monopoly
Sample Text:
Microeconomics – How individual households and firms make decisions of resource allocation Macroeconomics – How a national economy allocates resources. Positive analysis – what goods and services will be produced Normative analysis – what goods and service should be produced Three key factors in decision making 1. People face tradeoff (Every economic decision entails a tradeoff.) Example: Work VS leisure So, making a choice requires careful analysis of costs and benefits Maximizes surplus = benefits – costs 2. Opportunity cost – the best alternative that must be given up to obtain some item. 3. Ration people think at the margin Marginal analysis – An individual (or firm or society) should take an action if, and only if, the extra benefits from taking the action are at least as great as the extra costs. Example: It costs $20,000 to hire, fuel and crew a plane with...
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