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Unformatted text preview: Phillips Curve expectations + inflation Inflation: cost of borrowing is positive Tariffs distort equilibrium Utility Curve: Utility Decreases Utility Quantity Law of Diminishing Marginal Benefits : as get more and more of something, marginal returns decrease (utility, or happiness, decreases)...
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This note was uploaded on 04/26/2008 for the course EC 05 taught by Professor Abdullah during the Spring '08 term at Tufts.
- Spring '08
- Opportunity Cost