assignment1-first principles

assignment1-first principles - 1 ECONOMICS 100 Lecture...

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1 ECONOMICS 100 Lecture Assignment #1 (First Principles) Source: LR11 and LR10: Chapter 1; Skim Chapter 2 Note1: This is not a course in mathematical models of economics (there are such offerings!!). However, we do use the simple tools of geometry (graphs, slopes, etc.) and algebra. See the website for an opportunity to test whether you have the requisite math skills. If you are shaky in these areas, you MUST learn this material immediately. See Chapter 2 as a good start. Note2: Wise advice from your text (LR11, page xxv; LR10 page xxi), as follows: “ You should seek to understand Economics, not memorize it .” See also the “ Survival Guide to ECO 100 ” posted on the website. 1. Production Possibility Curve 1.1 Assume an economy can produce only civilian goods ("butter") and military goods ("guns"). Resources are limited so that the combinations of civilian and military goods that can be produced are limited. However, it is always possible to transform production from one to the other at the same rate. a)
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assignment1-first principles - 1 ECONOMICS 100 Lecture...

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