Ch 1 and - PAM 200 Intermediate Microeconomics Intr oducti on and Revi ew Chapters 1 and 2 Intros Your instructor Ali Sinan Unur Your TA David De

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PAM 200 Intermediate Microeconomics Introduction and Review Introduction and Review Chapters 1 and 2
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Chapters 1 and 2 Intros Your instructor: Ali Sinan Unur Your TA: David De Angelis Course web site on http://blackboard.cornell.edu/ (course id: pam200-unur). Download syllabus. Highlights: Textbook: David Besanko and Ronald R. Braeutigam, Microeconomics , Second Edition, Wiley 2 prelims, 1 final, quiz every Thursday Need solid background in Intro Micro (Econ 101 or equivalent) as well as algebra and graphs
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Chapters 1 and 2 Some news stories … Lower gas prices may end http://tinyurl.com/2q8g2x Why? Congestion pricing in New York http://tinyurl.com/2kugms Why? Zimbabwe eases price crackdown on businesses http://tinyurl.com/2ly5yo Why?
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Chapters 1 and 2 What do markets do? Suppose there is a good or service. You want this good or service, and you can afford it . Is the following statement true or false? You will most likely be able to buy it.
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Chapters 1 and 2 What do markets do? There are virtually no instances in our lives where can’t buy something we want and we can afford. The market price of a good reflects its relative scarcity. We are basing our decision of whether we can afford that good on that price. We are assured of being able to buy it. This is decidedly not the case everywhere in the world or throughout history.
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Chapters 1 and 2 Economics: Science of constrained choice Economic actors have preferences. Economic actors face constraints. Economic actors want to choose a most preferred alternative subject to these constraints. That is, economic actors are rational .
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Chapters 1 and 2 Rationality and Self Interest Self Interest Standard of Rationality : Consider only costs and benefits that accrue directly to themselves Present Aim Standard of Rationality : Rational people act efficiently in pursuit of whatever objectives they hold at the moment of choice
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Economic Analysis: Abstraction You are going to drive from New York City to Ithaca. What kind of map do you need? The most accurate map?
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This note was uploaded on 02/19/2009 for the course PAM 2000 taught by Professor Evans,t. during the Fall '07 term at Cornell University (Engineering School).

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Ch 1 and - PAM 200 Intermediate Microeconomics Intr oducti on and Revi ew Chapters 1 and 2 Intros Your instructor Ali Sinan Unur Your TA David De

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