Lecture%202%20January%2024

Lecture%202%20January%2024 - Syllabus available up front...

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Unformatted text preview: Syllabus available up front (Please: For newcomers only) Digital version always available on Sakai Need me to figure out your iClickers ID? Bring it to my office hours upstairs (room 401) right after class. Todays Agenda Production Possibility Curves Opportunity Cost An Application of Opportunity Cost Reasoning: The Surprising Principle of Comparative Advantage Key tasks for you now Read the syllabus carefully Sign up for Aplia online homework system. Buy an iClicker and register it. Begin visiting the class Sakai site regularly. Complete the online forms there. Decide whether and how to buy a physical copy of the textbook. Begin the 6 (!) homework assignments due Friday or Sunday Raritania has a linear production possibility frontier in the production of widgets and gadgets. It can produce two gadgets per hour of labor time or three widgets per hour of labor time. What is the opportunity cost of producing one widget in Raritania? A. 0.67 gadget B. 2 gadgets C. 3 widgets D. 1.5 gadgets Your course syllabus contains A. The date on which your final exam occurs B. Why you cannot use a laptop in this class C. What happens if you miss an exam D. How much the first exam counts in your grade E. Why you should ignore notices posted on the classroom door Your course syllabus contains A. How to subscribe to economics blogs B. TAs contact information C. Sources of advice on study skills D. My expectations about classroom behavior E. Advice on whether majoring in business is a good idea Production possibility curves illustrate some basic economic themes... Scarcity Choice Opportunity cost Productive Resources natural resources human resources produced resources Butter Guns Deriving the Production Possibility Curve Butter Guns a Butter Guns a b Butter Guns a b Butter Guns Butter Guns Production possibility curve Attainable combinations Butter Guns Un attainable combinations x y z Butter Guns Effect of economic growth on PPC Butter Guns Effect of economic growth on PPC Butter Guns 1 1 1 a b c a < b < c Opportunity cost = - slope of PPC Why do PPCs bow outward?...
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Lecture%202%20January%2024 - Syllabus available up front...

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