ECON 1101: Principles of Microeconomics
School: University of Minnesota- Twin Cities (U of M )
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From: GradeBuddy Pages: 2An explanation of comparative advantage and absolute advantage with the Robinson Crusoe example. -
From: GradeBuddy Pages: 2Applications on tariffs and the comparison of tariffs and quotas. Introducing Production Possibility Frontier with an example. -
From: GradeBuddy Pages: 2How countries like Germany and the United States are affected by taxes imposed on carbon emissions as well as Econland being introduced to international trade. -
From: GradeBuddy Pages: 2Why Pigouvian Tax is efficient when there is externalities and some alternatives to tax. -
From: GradeBuddy Pages: 3How externalities affect supply and demand when they are both positive and negative. -
From: GradeBuddy Pages: 4Midterm study guide that covers lectures 1-13. Topics include supply and demand, elasticity, efficiency, cap and trade, quotas, and the general principles of efficiency. -
From: GradeBuddy Pages: 2What happens to consumer surplus when there is a price control on the market? What is Cao and Trade and why is it inefficient? -
From: GradeBuddy Pages: 2Comments and highlights of Kelvins examples of Subsidy and Ceiling Price from the slides available on the Moodle site. -
From: GradeBuddy Pages: 2Lesson on whether the consumers or producers get hit with tax in a market, as well as Welfare Analysis of allocation with tax. -
From: GradeBuddy Pages: 2The equivalent ideas of First Welfare Theorem, The Adam Smith theorem, and the Invisible Hand are covered as well as an introduction to Taxes. -
From: GradeBuddy Pages: 2Covers total surplus, consumer surplus, and producer surplus. Beginning of Paredo efficiency and the three general principles of efficiency. -
From: GradeBuddy Pages: 2How to calculate income elasticity, the foundation to how EconLand works and the conditions, anf a brief beginning to marginal cost and reservation price -
From: GradeBuddy Pages: 2Explanations of perfect elasticity and inelasticity as well as why you cannot calculate long term elasticity realistically. -
From: GradeBuddy Pages: 2The final wrap up to supply is covered as well as a few basic concepts that we should take from it. Introduction to elasticity and what causes it. In class explanation of MobLab experiment data. -
From: GradeBuddy Pages: 2Finish up on Lecture Four on the Topic of Supply Curves and the Law of Supply -
From: GradeBuddy Pages: 2Kelvin continues on supply and demand. He begins to talk about shifting and what factors affect the market with examples such as income, law of demand, related goods, and number of buyers. -
From: GradeBuddy Pages: 2Kelvin talks about demand and why it is best to bid at cost in a uniform price auction. The introduction to the section on Supply and demand is covered, along with competitive markets, quantity supplied, and quantity demanded. -
From: GradeBuddy Pages: 2Kelvin starts to talk about auctions, adding competition to markets and auctions, and double sided and single sided auctions. -
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