2/26/13

How to find a cross price elasticity of demand from a demand equation

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Finding the price elasticity of demand, and the cross price elasticity of demand from a demand function is something that most intermediate microeconomics will require you to know.  This idea is related to finding the point price elasticity of demand covered in a previous post.  For more information on the process you should review that post.  This posting is going to go over an example of calculate both the price elasticity of demand and the cross price elasticity of demand for two related goods from the following demand function to demonstrate how the process is done.
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9/16/12

Economics notes on market equilibrium

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Finding the market equilibrium:

Graphically  -- check out this prior post on finding market equilibrium graphically.

Mathematically – information with examples about finding market equilibrium mathematically.
Here is another example:

Begin with the implicit demand function for bacon: Qd=D(p, pb, pc, Y)
Then you are given the explicit demand function for bacon: Qd=171-20p+20pb+3pc+2Y
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Review of intro to microeconomics notes

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Economics – study of decisions when faced with scarcity, or the allocation of scarce resources.

Scarcity – Entities with unlimited wants but limited resources.  Imagine if resources were unlimited, everything would be free because it was unlimited (imagine someone charging for air).

Microeconomics – the study of the decisions that individuals and firms make when faced with scarcity, and the effects that those decisions have on the economy.



  1. Which goods and services to produce (Why is this a trade-off, it is due to limits on production resources.)
  2. How to produce these goods and services (Why? Because different mixtures of inputs can produce the same level of output and the prices of those inputs determine the trade-offs made.)
  3. Who gets the goods and services (Why?  Remember, unlimited wants but limited resources, you consuming a private good affects another’s ability to consume that good.)
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8/29/12

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8/8/12

Common mistakes students make when learning production theory

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This economics post goes over some of the most common mistakes that I have seen students make when turning in homework and completing exams for the production theory portion of introductory microeconomics.  Remember that this concept is what students will need to understand stand in order to perform well in all of the production theory chapters including perfect competition, monopolistic competition, oligopolies and monopolies.  Understanding the theory behind production and the associated relationships between all of the cost curves is very important and will lead to an easier time performing well in the later chapters. 
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8/4/12

Merger guidelines from the Federal Trade Commission and the Department of Justice

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After the passing of the Sherman Antitrust Act in 1890, the Department of Justice enforced the antitrust laws and governed the outcome of possible mergers.  They regulated all sorts of business practices even include chemical mergers and acquisitions.  Beginning in 1982, economists played a large role in developing the merger guidelines for the DoJ and FTC.  These guidelines were developed to provide businesses with more information about the merger and acquisition process.  The three main aspects include:
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6/10/12

How to email a teacher/professor, the proper etiquette guide

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When emailing a teacher, instructor or professor, there are a list of things you should and should not do do to not get on your instructors bad side. 

Things you should do when emailing your instructor:  Do...
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