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Principles of Macroeconomics

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University of Wisconsin Department of Economics Economics 101: Principles of Microeconomics Korinna K. Hansen Learning Guide 1 Due Date: Week of Monday, Jan. 29 th , 2007 Reading Assignment: Case & Fair Chapter 2 and Lecture Material. Problem Assignment: 1, 4, and 9 on pages 43-44 Objectives: After completing the assignment you should be able to do the following: 1. Describe how scarcity in resources relates to tradeoffs, opportunity cost and the existence of Economics. 2. Define opportunity cost and be able to present examples of explicit and implicit, individual versus societal, present versus future opportunity costs. 3. State the Law of comparative advantage and explain how it relates to opportunity cost.
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Unformatted text preview: 4. Be able to calculate opportunity costs, absolute and comparative advantage given a specific numerical example. 5. Be able to explain how opportunity cost and comparative advantage relates to specialization. 6. Be able to graph the production possibility frontiers given a specific numerical example. 7. Define the marginal rate of transformation and explain its relationship with the production possibility frontier and opportunity cost. 8. Graph and describe the production possibility frontier for an economy. Why is it concave? 9. Describe what could result in changes/movements in the production possibility frontier....
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