Microeconomics notes

Test Bank For Microeconomics Canada in the Global Environment, 11th Edition by Michael Parkin, Robin Bade Chapter 1-18

These lecture notes from Chapter 8 of *Microeconomics: Canada in the Global Environment (11th Edition)* explore how consumers make choices using the concept of utility. The notes explain total and marginal utility, the law of diminishing marginal utility, and how consumers maximize satisfaction within budget constraints using the equi-marginal principle. The paradox of value—why water costs less than diamonds—is resolved by focusing on marginal rather than total utility. The lecture also int...

These lecture notes from Chapter 3 of *Microeconomics: Canada in the Global Environment (11th Edition)* explore how prices and quantities are determined in competitive markets using the demand and supply model. Key concepts include opportunity cost, the law of demand and supply, and the factors that shift each curve. The notes explain how market equilibrium is achieved and how surpluses and shortages influence price changes. Detailed graph descriptions help students visualize market dynamics. Re...

These lecture notes from Chapter 7 of *Microeconomics: Canada in the Global Environment (11th Edition)* explore the mechanics and impacts of international trade. The notes explain how trade allows countries to specialize based on comparative advantage, increasing overall efficiency and consumer choice. They analyze the gains from trade and identify both winners and losers in domestic markets. Key trade barriers such as tariffs, quotas, and non-tariff regulations are examined for their economic e...

These lecture notes from Chapter 11 of *Microeconomics: Canada in the Global Environment (11th Edition)* explore the characteristics and dynamics of perfect competition. The notes explain how firms act as price takers, make output decisions by equating marginal cost and marginal revenue, and earn profits or incur losses in the short run. In the long run, entry and exit drive the market to zero economic profit and productive efficiency. Technological advancements lower costs and shift supply. Per...

These lecture notes from Chapter 5 of Microeconomics: Canada in the Global Environment (11th Edition) examine how scarce resources are allocated and the concepts of efficiency and equity. The notes explore various allocation methods—market price, command, lottery, and more—and explain how demand reflects marginal benefit and supply reflects marginal cost. Key terms like consumer surplus and producer surplus are defined with graph descriptions for clarity. The notes also address market effic...

These lecture notes from Chapter 12 of *Microeconomics: Canada in the Global Environment (11th Edition)* explore the nature and behavior of monopolies. They explain how monopolies arise through barriers to entry and how a single-price monopolist determines output where marginal revenue equals marginal cost. The notes compare monopoly outcomes to perfect competition, highlighting reduced output, higher prices, and deadweight loss. Price discrimination is examined as a strategy to increase profit ...

These lecture notes from Chapter 16 of Microeconomics: Canada in the Global Environment (11th Edition) examine the economic challenges associated with public goods and common resources. The notes distinguish between private goods, public goods, common resources, and club goods based on rivalry and excludability. They explain how the **free-rider problem** leads to underproduction of public goods and how the **tragedy of the commons** results in overuse of shared resources. Graphs illustrate inef...

These lecture notes from Chapter 15 of Microeconomics: Canada in the Global Environment (11th Edition) explore how externalities—costs or benefits affecting third parties—lead to market failure. Negative externalities like pollution result in overproduction, while positive externalities like vaccinations cause underproduction. Graphs illustrate the gaps between private and social costs or benefits, highlighting resulting deadweight losses. The notes explain corrective tools such as Pigovian ...

these notes are from start of class until near the end of second month of the semester.

Test Bank For Microeconomics Canada in the Global Environment, 10th Edition by Michael Parkin Chapter 1-18

Test Bank For Microeconomics Canada in the Global Environment, 11th Edition by Michael Parkin, Robin Bade Chapter 1-18

Test Bank For Microeconomics Canada in the Global Environment, 11th Edition by Michael Parkin, Robin Bade Chapter 1-18

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These lecture notes from Chapter 17 of Microeconomics: Canada in the Global Environment (11th Edition) explore how markets for factors of production—labour, capital, land, and natural resources—determine income distribution and resource allocation. The notes explain how the value of marginal product (VMP) guides a firm’s demand for each factor and how wages, employment, and rental rates are set through supply and demand interactions. The role of labour unions, minimum wages, and productivi...

These lecture notes from Chapter 16 of Microeconomics: Canada in the Global Environment (11th Edition) examine the economic challenges associated with public goods and common resources. The notes distinguish between private goods, public goods, common resources, and club goods based on rivalry and excludability. They explain how the **free-rider problem** leads to underproduction of public goods and how the **tragedy of the commons** results in overuse of shared resources. Graphs illustrate inef...

These lecture notes from Chapter 5 of Microeconomics: Canada in the Global Environment (11th Edition) examine how scarce resources are allocated and the concepts of efficiency and equity. The notes explore various allocation methods—market price, command, lottery, and more—and explain how demand reflects marginal benefit and supply reflects marginal cost. Key terms like consumer surplus and producer surplus are defined with graph descriptions for clarity. The notes also address market effic...

These lecture notes from Chapter 11 of *Microeconomics: Canada in the Global Environment (11th Edition)* explore the characteristics and dynamics of perfect competition. The notes explain how firms act as price takers, make output decisions by equating marginal cost and marginal revenue, and earn profits or incur losses in the short run. In the long run, entry and exit drive the market to zero economic profit and productive efficiency. Technological advancements lower costs and shift supply. Per...