econ101w0723 - Introductory Economics Economics 101-300...

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(c) Sherrie A. Kossoudji Introductory Economics Economics 101--300 Lecture # 23 Sherrie A. Kossoudji If you print the preliminary version of these slides before class, please be aware that they are likely to change right up to class time.
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(c) Sherrie A. Kossoudji Please remember that reading these slides does not substitute for attending class. These slides are merely outline guides for what is discussed during the lecture.
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(c) Sherrie A. Kossoudji Hi Kuesi! Thanks a million!
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(c) Sherrie A. Kossoudji Schedule: Week 16 WEEK 16: WEEK OF APRIL 16 TH Lecture #: 26 Discussion #: No discussion sections this week Subjects/Concepts: Review Readings: This week: Next week: Spillover, review Homework: Graded: Ungraded: Chapter 22, problem set II Section Quizzes: None Exams: None Other Important Information: Sherrie’s extra office hours announced in lecture.
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(c) Sherrie A. Kossoudji When is the final, again? Tuesday, April 24 th 1:30—3:30 Don’t forget to bring your UM Picture ID!!!!!!!!!!!
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(c) Sherrie A. Kossoudji Where will you take the final? Section Final Location 306, 307, 308, 309 170 Dennison 301, 302, 303, 304, 305 140 Lorch Hall
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(c) Sherrie A. Kossoudji End of semester preparation Sherrie’s extra office hours this week are Tuesday, April 17 th , 3:00 to 5:00 Don’t forget availability of web office hours. There will be no web office hours on Monday night, April 23 rd . Reviews for final, Saturday, April 21 st and Sunday, April 22 nd 3pm—Angell Hall, Auditorium B
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(c) Sherrie A. Kossoudji Student Tricks for the exam READ THE QUESTION!!!!!!!!!!!!!!!!!!! Eliminate impossible answers Underline critical words Pay attention to critical words Jot down the applicable rule Solve without looking at the responses Draw graphs for answers. Answer questions for which you know the answers or can get them quickly PAY ATTENTION to scantron numbers
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(c) Sherrie A. Kossoudji Class Topics--January Incentives Scarcity Moving money through time Budget constraints Consumer optimization Firm profit maximization Basic demand and supply Complements and substitutes
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(c) Sherrie A. Kossoudji A list to remember The difference between positive and normative economics and the policy implications of the difference. Comparative advantage means that opportunity costs are lower How does the production possibilities curve change and how do you compare different points on the production possibilities curve? How does the budget constraint reflect choice options? How does utility maximization work? Decisions are made on the margin. Today’s value of money that you get at different times is different.
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(c) Sherrie A. Kossoudji Opportunity cost is how many DVDs you have to give up to get one more iPod (or iPod/DVDs) If there is increasing opportunity cost, then it depends on where you compare production (changing slope) If there is constant opportunity cost then the trade off is the same no matter where you are on the PPF (constant slope) 05 10 15 20 25 30 iPods DVDs 05 10 15 20 25
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(c) Sherrie A. Kossoudji The highest indifference curve that a person can reach is one that just touches the budget constraint.
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This note was uploaded on 04/04/2008 for the course ECON 101 taught by Professor Gerson during the Winter '08 term at University of Michigan.

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econ101w0723 - Introductory Economics Economics 101-300...

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