Ch01 - Welcome 0. COURSE: 1. Econ 2296 2. Managerial...

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Welcome 0. COURSE: 1. Econ 2296 2. Managerial Economics 3. INSTRUCTOR: OFFICE HOURS: 4. W. Gray Giovannetti 5. Office B247n Thurs 4:30 - 5:30 pm 6. Phone 604-323-5839 (or by appointment) 7. E-mail [email protected] Chapter 1 - Introduction Topics 1.1 Themes of Microeconomics 1.2 Markets 1.3 Real vs. nominal prices (read) 1.4 Why study microeconomics 1.1 Themes o Limited Resources: 0. Land 1. Labour 2. Capital o Scarcity - implies Choice - implies “Cost”
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Question : What’s the cost of attending university for one year? Going to school requires using resources - Your time - Your money Say you didn’t go to school, a) What resources would this free up? b) What is the next best use of these resources? o Trade-offs always exist - University for year vs . $21,400 - Purchase a new car vs . Save my money - Hire more workers vs . Buy new machinery o How to judge trade-offs - Must compare benefits to costs - Not covered in chapter 1 Trade-offs are often based on prices faced
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This note was uploaded on 09/25/2010 for the course ECON Econ 2296 taught by Professor W.graygiovannetti during the Fall '10 term at Langara.

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Ch01 - Welcome 0. COURSE: 1. Econ 2296 2. Managerial...

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