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lecture 4 - CHINA 10 FOOD 10 Clothes FOOD CLOTHES FOOD...

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CHINA 10 FOOD 10 Clothes FOOD CLOTHES FOOD CLOTHES ***We start out with a linear graph for both China and America, and now we combine the two and the line is bowed out I. A Quest of Water a. Beginning in 1941 Mono Lake, Ca., began disappearing down 275 a mile aquifer to LA b. Western irrigation projects use 150 billion gallons of water per day i. Farmers
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c. The Ogallala aquifer is dropping by 3 feet per year- underwater lake i. 20 million square acres at one point d. Singapore has reserved 50% of land area for water collection e. In Middle East water is a constant source of friction II. Stopping at the pizza store a. I go to the pizzeria and someone sticks something in my head to tell them how much I would be willing to pay for a piece of pizza i. Marginal Value: is the maximum amount you would be willing to pay for one additional unit of a good SLIC E Marginal Value Total Value Price Total Expenditure CS= TValue-TExpeditures 1 6 $ 6 2 2 4 2 4$ 10 2 4 6 3 2$ 12 2 6 6 4 1$ 13 2 8 5 5 .50 $ 13.5 2 10 3.5 6 0 $ 13.5 2 12 1.5 b. Total Value: the total value of consuming a certain number of units of a good.
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