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Handout 1

# Handout 1 - N N N O O O R R R T T T H H H C C C A A A R R R...

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Unformatted text preview: N N N O O O R R R T T T H H H C C C A A A R R R O O O L L L I I I N N N A A A S S S T T T A A A T T T E E E U U U N N N I I I V V V E E E R R R S S S I I I T T T Y Y Y College of Management – Department of Economics Instructor: Kosmas Marinakis Handout 1: The Golden Rule Introduction The purpose of this handout is to clear the most common confusion for economics students. Probably the 99% of people in the US today believe that the phrase “when price increases demand decreases” is correct. However, it is NOT and this handout explains why. Variables A variable is letter that pretends to be a number! Most of the people are scared of mathematical expressions which contain symbols other than numbers. However we use variables in our everyday life without any problem. For example the optimal intake of protein, according to FDA, is about 0.4 grams per pound of body weight per day. This phrase is actually an equation: Prot = 0.4 Bw where Bw is the bodyweight in pounds and Prot is the protein in grams. In this equation, Bw is a variable and we use it in order for people of different body weights to be able to use the equation. Prot is another variable and in our case, is the output of the previous equation. Relationships A relationship is a mathematical way to represent the response of one variable to the change of another variable....
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Handout 1 - N N N O O O R R R T T T H H H C C C A A A R R R...

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