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Unformatted text preview: Econ 201 - Principles of Microeconomics 1 25 th Percentile = 30/50 Median = 34/50 75 th Percentile = 39/50 Min = 15/50 Mean = 34.5/50 Max = 48/50 Midterm 1: Midterm 1: 5 10 15 Frequency 10 20 30 40 50 points on midterm 1 Exchange and Supply Exchange and Supply One of the purest fallacies is that trade follows the flag. Trade follows the lowest price current. If a dealer in any colony wished to buy Union Jacks, he would order them from Britains worst foe if he could save a sixpence. ~ Andrew Carnegie Our discussion: Our discussion: 1. Voluntary exchange 2. The supply side of the market 3. Organized markets The making of these bricks taught me an important lesson in regard to the relations of the two races in the South. Many white people who had no contact with the school [Tuskegee], and perhaps no sympathy with it, came to us to buy bricks because they found that ours were good bricks As the people of the neighborhood came to us to buy bricks, we got acquainted with them; they traded with us and we with them. Our business interests became intermingled. We had something they wanted; they had something we wanted In this way pleasant relations between the races have been stimulated. ~ Booker T. Washington, Up From Slavery....
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- Winter '07