01_Ch01_02_spr08_pam200

01_Ch01_02_spr08_pam200 - PAM 200 Intermediate...

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PAM 200 Intermediate Microeconomics A. Sinan Ünür Introduction and Review Introduction and Review Chapters 1 and 2
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Chapters 1 and 2 PAM 200 – A. Sinan Ünür Intros Your instructor: Ali Sinan Unur Your TA: Benjarong (Ben) Suwankiri Course web site on http://blackboard.cornell.edu/ (course id: pam200-unur). Download syllabus . Highlights: Textbook: David Besanko and Ronald R. Braeutigam, Microeconomics , Third Edition, Wiley 2 prelims, 1 final, grading scheme in syllabus. Need solid background in Intro Micro (Econ 101 or equivalent) as well as algebra and graphs
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Chapters 1 and 2 PAM 200 – A. Sinan Ünür An interesting news story … Zimbabwe inflation is ‘incalculable’: http://news.bbc.co.uk/2/hi/africa/7115651.stm Why?
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Chapters 1 and 2 PAM 200 – A. Sinan Ünür What do markets do? Suppose there is a good or service. You want this good or service, and you can afford it . Is the following statement true or false? You will most likely be able to buy it.
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Chapters 1 and 2 PAM 200 – A. Sinan Ünür What do markets do? There are virtually no instances in our lives where can’t buy something we want and we can afford. The market price of a good reflects its relative scarcity. We are basing our decision of whether we can afford that good on that price. We are assured of being able to buy it. This is decidedly not the case everywhere in the world or throughout history.
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Chapters 1 and 2 PAM 200 – A. Sinan Ünür Economics: Science of constrained choice Economic actors have preferences. Economic actors face constraints. Economic actors want to choose a most preferred alternative subject to these constraints. That is, economic actors are rational .
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Chapters 1 and 2 PAM 200 – A. Sinan Ünür Rationality and Self Interest Self Interest Standard of Rationality : Consider only costs and benefits that accrue directly to themselves Present Aim Standard of Rationality : Rational people act efficiently in pursuit of whatever objectives they hold at the moment of choice
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PAM 200 – A. Sinan Ünür Economic Analysis: Abstraction You are going to drive from New York City to Ithaca. What kind of map do you need? The most accurate map?
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This note was uploaded on 04/03/2008 for the course PAM 2000 taught by Professor Evans,t. during the Spring '07 term at Cornell.

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01_Ch01_02_spr08_pam200 - PAM 200 Intermediate...

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