Unit Five Lesson Three
The graph above shows the marginal revenue, marginal social benefit, marginal
private cost, and marginal social cost associated with the production of banana oil.
The production of banana oil creates an externality
Monopoly is a market structure in which there is a single seller, there are no close
substitutes for the commodity it produces and there are barriers to entry.
Factors That Create Monopoly
1. The size of the market may be such that it cannot supp
ELASTICITY OF DEMAND AND SUPPLY
Elasticity of Demand: This measures the responsiveness of the quantity
demanded of an item as a result of a change in:
(a) Price of item
(b) Income of consumer
(c) Price of related items
Price Elasticig of Demand (ep): This
DEMAND, SUPPLY AND PRICE
Demand: refers to the quantity of a product that consumers are willing and able
to buy at a particular price and over a particular ti_n_1§ period. Example: the daily
demand for apples is 1000 at @ per apple. Hence demand is a ﬂow.
ECONOMIC ISSUES AND CONCEPTS
What is Microeconomics?
The branch of economics that deals with the behaviour of the individual producer
and consumer, particularly as decisions are made with respect to the allocation of
Resources are scarc
UNIVERSITY OF THE WEST INDIES
CAVE HILL CAMPUS
FACULTY OF SOCIAL SCIENCES
DEPARTMENT OF ECONOMICS
ECON 1001 — INTRODUCTION TO MICROECONOMICS
1. Why is the study of microeconomics important?
2. Draw graphs of the following relationships
WHITE COLLAR CRIME IN TRINIDAD
DYLAN KERRIGAN AND NIRMALA SOOKOO
White-collar crime both internationally and regionally is understudied.
This chapter addresses this gap and explores the phenomenon in Trinidad
and Tobago from sociologi
Econ 3005- Monetary Theory and Policy
TOPIC : Theories on Monetary Policy
Past Papers :
JULY 2015 (Question 1- 20mks), JULY 2013 (Question 1- 15mks), JULY 2012
(Question 2a- 16mks) , DEC 2007 ( 25mks).
Explain the key differences among Classical, Keynesia
UNIVERSITY OF THE WEST INDIES, ST. AUGUSTINE CAMPUS
DEPARTMENT OF ECONOMICS
ECON2025 STATISTICAL METHOD
Semester I 2014-2015
Tutorial Sheet #3
PART A (Revision of the Concepts)
1. Critically evaluate what is meant by the Central Limit Theorem and explain
ECON 1002 INTRODUCTION TO ECONOMICS II
TUTORIAL SHEET #2
(a) What assumptions are implicit in the definition of aggregate expenditure?
(b) Using the AE framework, show how equilibrium national income is determined.
(Note: this can be done both diagra
Monopolistic competition is one of the many models of imperfect competition.
1. There is a large number of buyers and sellers.
2. Items are similar but differentiated by brand name (Pamolive, Lux, Irish
Spring. are al