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ECON1101 Notes

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Complete set of original notes for ECON1101, the introductory microeconomics course for Commerce at UNSW. Acquired a mark of 92 (High Distinction)

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105 Pages Complete Study Notes > 2 Years old
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Topics this document covers:
Business Marketing Economics Microeconomics Pricing Consumer theory Elasticity Supply and demand Economic equilibrium Monopoly Marginal cost Demand Price discrimination
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:
Business Marketing Economics Microeconomics Pricing Consumer theory Elasticity Supply and demand Economic equilibrium Monopoly Marginal cost Demand Price discrimination
Sample Text:
es under conditions of scarcity, and of the results of those choices for society o Microeconomics is used to describe the study of individual choice, and of the combined result of these choices for the group as a whole o Macroeconomics is the study of the performance of national economies and the policies that governments use to try to improve that performance The scarcity principle (or no-free-lunch principle) is defined as – although we have boundless needs and wants, the resources available to use are limited An economic decision is a decision whereby securing something of value to us means that we must go without some other thing that we value o Thus this involves comprises between competing interests The cost-benefit principle – an individual (or a firm, or a society) should undertake a particular action if, and only if, the extra benefits of undertaking that action are at...
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