The board game Monopoly: not a monopoly
not a monopoly
Telcos throughout the world: can be monopolies, depends on region
Not a monopoly
not a monopoly
New York City Subway:
Tokyo Metro: no, because other companies ope
Perfect Competition slide:
Firms problem: How much should firm produce, given a price of the product.
Perfect Competition slide pg 9
many firms is a requirement because if only few firms, the equilibrium price will be
How can labor markets be different:
Pay wages, skills, and location
Within a labor market labor demand is determined by what:
technology, other inputs.
What about labor supply:
Given by workers and individuals.
Market labor supply is
WEEK 5 ECON
Marginal Product slide:
Is this always the case in reality: Most likely, more people = more production
Diminishing Returns slide:
Is this a SR or LR concept:
APl will increase if Q or L increases.
Apl = Q / L
Week 4 notes ECON 102
What happens to P and Q if:
Demand increases? D increase, Q goes up, and P goes up.
Supply decreases? S moves left, Q goes down, P goes up
The price of a substitute decreases? p goes down, q goes down
The number of
Week 3 ECON 102 notes
Question: Kany West concert question:
What is the opportunity cost of attending the Kanye West Concert
Answer is $10
What can change demand?
There is one thing that will never affect demand: Price
How far would you Run? Slide
ECON 102 January 14, 2013
Comparative Advantage and Production Possibilities
Answer of question is 65.
Cost of adding one more unit of benefit.
Absolute Advantage: Make something using fewer resources. ie: meals per hr
April 9th Econ 102 Notes
Game theory topic
Bidding on ebay:
YES it is a game
Buying a book from Amazon: Not an interesting game, but it is a game
Playing a videogame by yourself:
No, not by yourself
Playing a videogame with friends: yes
A couple choosing