ECON lecture 11 - Economics 101 Lecture 11 Feb 25 2008 1...

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Unformatted text preview: Economics 101 Lecture # 11 Feb. 25, 2008 1. Final Points on Demand a. The Consumer’s Balancing Act - - in terms of time and money b.The Demand Curve: Income vs. Substitution Effects c. Terminology: Normal vs. Inferior _ Goods; Substitutes vs. Complements 2. Production: Looking Behind Supply Curves a. Extend Specialization within the Organization b. Varieties of Institutions (Families to Multi-Nationals) c. What do Producers Want? Business (& Gov’t.) Objectives. d. What Constrains Business (& G0v’t.)? 1.) Profits: Objective 0r Constraint? 2.)Technology Constraints (Production “Recipes”) Economics 101 Question of the Week # 4 TURN IN FOR EXTRA CREDIT Your textbook indicates any individual is making her/his optimal purchases of goods and services when their marginal happiness (utility) per dollar paid is just equal for everything they buy. If everyone in this class is making their purchases in the same Ithaca marketplace facing the same prices, explain why or why not everyone here should be experiencing the same incremental happiness per dollar spent if they are optimizing their consumption decisions? (a/cu/afign a; fifiz/q MIL — 0am é’f’ “M mils “affil- = Ofefda'na f ‘ ‘ '0‘nd’e‘d 4'51!» \fi’c4luual . {on . 737155 “'"' PcPMI m “Infem‘f arm-r; -137: “57;. =3 if 'Jmamc am M f Pro 7/ ' “Nonml flfwn "fikomc 2516) on 57‘ch5 = ma 7:; fim r =Econ. 5926'! 'flanom’z (mfia/ofs 0‘22 as/ o/ Jammy? 'flérM/vma/k 5 I /r fiat/mil 04“?) 7‘ v >- . I, W; 2 7200004, 7 ...
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