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ECON101 Principles of Microeconomics Cheat Sheet CA$15.54
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  3. University Of British Columbia (UBC )
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Study guide

ECON101 Principles of Microeconomics Cheat Sheet

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Study guide/cheat sheet for introductory microeconomics. Includes important definitions, formulas, graphs, and tips. Colour-coded and concise! Understanding all concepts on this sheet will give you a solid foundation on fundamental microeconomic concepts.

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  • December 16, 2019
  • 2
  • 2019/2020
  • Study guide

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cost value of THE
opportunity consumer
surplus DifferenceBetween elasticityOF DEMAND HOW
next Best alternative price consumer is wanna to pay Responsive Quantity Demanded Is10
OUTPUT OTHERGoes over 000
ann market price for a certain a change in price
input other Goes unber Quantity
absolute advantage produce same propucer surplus DifferenceBetween EE y0Qp
Op
GOOD USINGFewer inputsthan Price probucer is Willink to sell always negative
anyone else ann market price For a certain local 1 elastic
comparative abvantaue lower Quantity lent 1 unit elastic
opportunity cost of PRODUCTION
p I E Is 1 inelastic
probuction possibilities FrontierPpr
s Perfectly
p Pinelastic p
perfectly
Graphical representation of hoops as elastic
consumer surplus
a country can produce Gwen i L L
Ps is
their PRODUCTIVITY constraints propucer surplus a a
rcomputers i D Demandin THE long run is
6 Q more elastic
g noTrane p
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after Qber
I
one
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i zyftai.be
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i i i o is maximize
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i at pricewherereman
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line returns Q is unit elastic
STRAIGHTline constant
1rape OFF
perfect competition a inelastic aprice arevenue
TRADE Freeentry exit many Buyers It elastic aprice d revenue
makes people w Different preferencessellers no artificial restrictions to elasticityOF supply How
Better of wo extra cost movement OF prices Free market responsive Quantity suppliers isto
increases probuctivity THROUGH a change in price
p mega s
specialization piv or knoweenae
comparative advantage µ.µ Es y 0Q op
s

equilibrium
Trade more consumption Hlaerwaues always positive
wake Total consumption www.sw IEal s 1 elastic
OF WORKERS
lent 1 unit elastic
HIGHproductivity HIGH Wake Q I E Is 1 inelastic
autarky selfsufficiency notrape Pareto optimum no one can Bemain Determinant is increase in
lawOFDemanp lower the price BetterOFF WITHOUT making unit cost
Greater THE Quantity pemanpers someone worse OFF Callocativeefficiencycross price elasticity measure of
Demaris is a function relationship Pareto improvement someone consumers responsiveness For GOODA
QuantityDemanpen is a number Better OFF WITHOUT MAKING Whenprice of B changes
Demann shifters someone worse OFF YeoQin
income population tastes price DEADWEIGHTloss Reduction in total Era.my0PB
of substitutes1compliments surplus From marketinefficiencies positive substitutes
Future expections normal Goods aincome a Demang negative Compliments
Price Doesn't SHIFT Demand inferior GOODS rename Demand zero unrelated
supply SHIFTERS substituteGoons 9pricea apemanpp Income elasticity measure of
innovation tax 1 SUBSIDIES complimentary Goons 9Price a Demand consumers responsiveness to changes
expectations entry1exit CHanues Revenue income Firm recieves PxQ in income
in Opp cost costs expenses a Firm incurs FctVC
IE 0Q
Price ceiling sets Max price PROFIT Total RevenueCtrlTotal costic to 1
Below market price markinal Revenue Cmr appitional positive normal Goob
PriceFloor sets min price Revenue from selling an appnonac negative inferior GOOD
above market price unit Iers 1 luxury GOOD

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