lecture1

lecture1 - Econ 115a Prof. Timothy Guinnane Fall 2009...

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Unformatted text preview: Econ 115a Prof. Timothy Guinnane Fall 2009 On-line syllabus and materials: classesv2.yale.edu 1 Outline for Today What is Economics: Scarcity and Opportunity Cost Introduction to Supply and Demand The Course Ahead 2 This course is an introduction to microeconomic analysis: the study of how our economy works to allocate scarce resources among consumers and firms. The course will develop a theoretical framework for this analysis and show how this framework can be applied to real-world issues such as global warming, health care reform, poverty, the regulation of mergers and the role of markets in the economy. 3 What is Economics? The Study of the Allocation of Scarce Resources 4 What is Scarce? What isnt? Time Talent Oil Cars Ideas Money 5 Scarcity Opportunity Cost The Value of the Good in its Next Best Use There is no such thing as a free lunch 6 Opportunity Cost Necessity of TRADE-OFFS You cant always get what you want But Econ Helps You to Make the Best Trade-off 7 Method in the Course Models intentionally simplified via ASSUMPTIONS Math language of logic to move from assumptions to results (proof). 8 Level of Math 10th Grade Algebra (BUT REALLY: WE WILL USE NO MORE BUT NO LESS) Simple Graphs (used in a new way) Logic of Calculus (but no prior experience necessary, no use of calculus formulas, etc.) 9 Predictions of Model Compare to Data Improve Model 10 In many cases, simple models can produce relatively realistic and...
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This note was uploaded on 01/11/2010 for the course ECON 115 taught by Professor Stevenberry during the Spring '07 term at Yale.

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lecture1 - Econ 115a Prof. Timothy Guinnane Fall 2009...

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