Econ at ZHAW - Zürcher Hochschule für Angewandte Wissenschaften

Flashcards and summaries for Econ at the ZHAW - Zürcher Hochschule für Angewandte Wissenschaften

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Study with flashcards and summaries for the course Econ at the ZHAW - Zürcher Hochschule für Angewandte Wissenschaften

Exemplary flashcards for Econ at the ZHAW - Zürcher Hochschule für Angewandte Wissenschaften on StudySmarter:

Market outcome no binding agreements

Exemplary flashcards for Econ at the ZHAW - Zürcher Hochschule für Angewandte Wissenschaften on StudySmarter:

Microeconomics

Exemplary flashcards for Econ at the ZHAW - Zürcher Hochschule für Angewandte Wissenschaften on StudySmarter:

Relationship monopolistic comp 

to monopoly / perfect comp

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Exemplary flashcards for Econ at the ZHAW - Zürcher Hochschule für Angewandte Wissenschaften on StudySmarter:

Monopolistic Competition and Welfare

Exemplary flashcards for Econ at the ZHAW - Zürcher Hochschule für Angewandte Wissenschaften on StudySmarter:

Equilibrium in the oligopoly Market

Exemplary flashcards for Econ at the ZHAW - Zürcher Hochschule für Angewandte Wissenschaften on StudySmarter:

Implicit costs

Exemplary flashcards for Econ at the ZHAW - Zürcher Hochschule für Angewandte Wissenschaften on StudySmarter:

Diminishing Marginal Product

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Exemplary flashcards for Econ at the ZHAW - Zürcher Hochschule für Angewandte Wissenschaften on StudySmarter:

State Legitimised 


Exemplary flashcards for Econ at the ZHAW - Zürcher Hochschule für Angewandte Wissenschaften on StudySmarter:

Control on Prices

Exemplary flashcards for Econ at the ZHAW - Zürcher Hochschule für Angewandte Wissenschaften on StudySmarter:

How to find Intersection of MC and ATC

Exemplary flashcards for Econ at the ZHAW - Zürcher Hochschule für Angewandte Wissenschaften on StudySmarter:

Production Function

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Exemplary flashcards for Econ at the ZHAW - Zürcher Hochschule für Angewandte Wissenschaften on StudySmarter:

Macroeconomics

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Exemplary flashcards for Econ at the ZHAW - Zürcher Hochschule für Angewandte Wissenschaften on StudySmarter:

Econ

Market outcome no binding agreements

-oligopolist max individual benefits

-P[PC]<P[O]<P[M]

-Q[PC]>Q[O]>Q[M]

Econ

Microeconomics

How individuals households and firms make decisions and jpw they interact with one another in markets.

Econ

Relationship monopolistic comp 

to monopoly / perfect comp

-suppliers good not 100% substitutable(monopoly in short-term) but still alternatives (competition long-run)


-separate demand for each individual manufacturer, marginal revenue function decreasing not horizontal


-total demand for cars determined, if new supplier enter market now demand of the current suppliers will decrease (demand curve down)


-market entries happen until Profit=0 (similar to perfect competition) => P=ATC


Econ

Monopolistic Competition and Welfare

-normal deadweight loss of monopoly pricing caused by mark-up of P>MC

-administrative burden regulating all firms with differentiated products to big

-socially inefficient bc nr of firms in market may not ideal => too much or too little entry

Econ

Equilibrium in the oligopoly Market

-nr of company small=>each must act strategically

-each company's profits depend on its own P/Q as well as the competitors

-reaction function =Y strategy depending on competitors

Econ

Implicit costs

Input costs that do not require an outlay of money by the firm

=>Opportunity Costs

Econ

Diminishing Marginal Product

marginal product of an input declines as the quantity of the input increases

Econ

State Legitimised 


-exclusive rights

-gov my restrict entry by giving exclusive rights to sell a particular good in certain markets

-patent and copyright laws gov creates monopoly to serve public interest


Motivation of state:

incentives for innovations, reduce consequences of natural monopoly

=> loss of welfare vs incentive for innovations


other examples:

-lottery in ch

-fishing rights of the canton

Econ

Control on Prices

Price Ceiling: Legal Maximum on the price at which good can be sold

Price Floor: Legal Minimum on the price at which a good can be sold

Binding / not-binding

Econ

How to find Intersection of MC and ATC

1: MC=ATC solve for Q


2: ATC Minima

=>derrivative=0

solve for 0

=> finds point where slope = 0

Econ

Production Function

Shortterm

-Kapital stock K is fixed

-others (Labour) variable

=>marginal Returns (partial factor Variation)


Longterm

-All production factors are free

=>Economies of scale (total factor variation)

Econ

Macroeconomics

Study of Economy as a whole. its goal is to explain the economic changes that affect many households, firms and markets at once.

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