Notes-Wk1 - 2 2 Section Notes Tradeo f s January 10...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 2 2 Section Notes Tradeo f s January 10 & 11, 2011 1 Class Inform at ion GSI: E v an H errn stad t Email: eherrn st@ u m ich .ed u O ce: O ce Hours: Pools: Tues: 4-5:30 Normal 10-11 Thursdays Lorch 141 O ther K ey Details: 5 Pop Quizzes based on your weekly homework at the beginning of class. Section is intended to quickly review what is taught in lecture, and teach you how to implement in the context of everyday problems. 2 T radeo f s C oncept R eview Economics is about tradeo f s. If you choose to use 1 pound of sugar to produce 10 sodas that means you give up the opportunity to use that pound of sugar to produce 20 candy bars. This is what we call an opportunity cost. An opportunity cost is what you give up of good X in order to consume Y. Opportunity cost for 1 soda = 2 candy bars Opportunity cost for 1 candy bar = 1 sodas In economics, we often restrict our attention to only two goods. Why?...
View Full Document

Page1 / 2

Notes-Wk1 - 2 2 Section Notes Tradeo f s January 10...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online