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BUSS1040 Notes

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Notes on BUSS1040: Economics for business Decision Making, which is a difficult subject if you are behind.

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26 Pages Complete Study Notes < 1 Year old
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Topics this document covers:
Economics Economy Business economics Costs Market Demand Marginal concepts Marginal cost Supply Average cost Total cost Cost curve
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 Economy Business economics Costs Market Demand Marginal concepts Marginal cost Supply Average cost Total cost Cost curve
Sample Text:
• Key questions in Economics are: ○ What to produce ○ How to produce it ○ Who should get what is made • Due to scarcity, any choice involves a trade-off, or opportunity cost (oc). ○ Applies to any resource used when making a choice. • OC involve explicit and implicit costs. ○ Explicit costs are costs that result in a direct monetary outflow for the economic agent. ○ Implicit costs relate to opportunities that are foregone which do not involve an explicit cost. ○ Sunk costs are costs that have been incurred and are unrecoverable. • Marginal analysis is the analysis of the benefits and the costs of an activity at the unitary level. ○ Price=MC • Marginal benefit is the additional utility gained from the consumption of an ...
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