Econ an der ZHAW - Zürcher Hochschule Für Angewandte Wissenschaften | Karteikarten & Zusammenfassungen

Lernmaterialien für Econ an der ZHAW - Zürcher Hochschule für Angewandte Wissenschaften

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TESTE DEIN WISSEN

Interpretation of PED

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TESTE DEIN WISSEN

PED>1 Elastic

PED=1 Uniformly Elastic

PED<1 inelastic


PED = 0 perfectly inelastic |

PED = ∞ perfectly elastic ----

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TESTE DEIN WISSEN

State Legitimised 


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TESTE DEIN WISSEN

-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

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TESTE DEIN WISSEN

Diminishing Marginal Product

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TESTE DEIN WISSEN

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

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TESTE DEIN WISSEN

Explicit Cost

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TESTE DEIN WISSEN

Input costs that require a direct outlay (Aufwand) of money by the firm.


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TESTE DEIN WISSEN

Implicit costs

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TESTE DEIN WISSEN

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

=>Opportunity Costs

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TESTE DEIN WISSEN

Consumer Surplus

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TESTE DEIN WISSEN

-Willingness to pay for a good minus the amount the actually pay for it

-benefit buyers get from participating in a market

-area below the demand curve and above the price


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TESTE DEIN WISSEN

Producer Surplus

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TESTE DEIN WISSEN

-amount sellers receive for their goods minus their costs of production

-benefit sellers get from participating in a market

-finding area below the price and above the supply curve 

-Revenue-Cost=Producer Surplus

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TESTE DEIN WISSEN

Welfare

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TESTE DEIN WISSEN

-sum of surpluses

-allocation of resources that maximizes welfare is said to be efficient

-equilibrium of demand and supply maximizes the sum of consumer and producer surplus and hence max welfare

-market do not allocate resources efficiently in the presence of market failures

-policy maker interested in efficiency and equity of economic outcomes

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TESTE DEIN WISSEN

Control on Prices

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TESTE DEIN WISSEN

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

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TESTE DEIN WISSEN

How to find Intersection of MC and ATC

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TESTE DEIN WISSEN

1: MC=ATC solve for Q


2: ATC Minima

=>derrivative=0

solve for 0

=> finds point where slope = 0

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TESTE DEIN WISSEN

Production Function longterm & Shortterm

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TESTE DEIN WISSEN

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)

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TESTE DEIN WISSEN

Relationship monopolistic comp 

to monopoly / perfect comp

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TESTE DEIN WISSEN

-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


Lösung ausblenden
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Q:

Interpretation of PED

A:

PED>1 Elastic

PED=1 Uniformly Elastic

PED<1 inelastic


PED = 0 perfectly inelastic |

PED = ∞ perfectly elastic ----

Q:

State Legitimised 


A:

-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

Q:

Diminishing Marginal Product

A:

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

Q:

Explicit Cost

A:

Input costs that require a direct outlay (Aufwand) of money by the firm.


Q:

Implicit costs

A:

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

=>Opportunity Costs

Mehr Karteikarten anzeigen
Q:

Consumer Surplus

A:

-Willingness to pay for a good minus the amount the actually pay for it

-benefit buyers get from participating in a market

-area below the demand curve and above the price


Q:

Producer Surplus

A:

-amount sellers receive for their goods minus their costs of production

-benefit sellers get from participating in a market

-finding area below the price and above the supply curve 

-Revenue-Cost=Producer Surplus

Q:

Welfare

A:

-sum of surpluses

-allocation of resources that maximizes welfare is said to be efficient

-equilibrium of demand and supply maximizes the sum of consumer and producer surplus and hence max welfare

-market do not allocate resources efficiently in the presence of market failures

-policy maker interested in efficiency and equity of economic outcomes

Q:

Control on Prices

A:

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

Q:

How to find Intersection of MC and ATC

A:

1: MC=ATC solve for Q


2: ATC Minima

=>derrivative=0

solve for 0

=> finds point where slope = 0

Q:

Production Function longterm & Shortterm

A:

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)

Q:

Relationship monopolistic comp 

to monopoly / perfect comp

A:

-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


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