econ101w0714 - Introductory Economics Economics 101-300...

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(c) Sherrie A. Kossoudji Introductory Economics Economics 101--300 Lecture # 14 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 Schedule: Week 8 Midterm, Wednesday 6-8pm No lecture on Thursday No discussions on Thursday or Friday
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(c) Sherrie A. Kossoudji Midterm Business The midterm is from 6-8pm on Wednesday, February 21 st . You MUST bring your UM student ID to the midterm. You will not be permitted to take the midterm without your ID. Discussion section numbers 301, 302, 303, 304, or 309— take the midterm in Lorch Hall Auditorium Discussion section numbers 305, 306, 307, or 308—take the midterm in the School of Education Auditorium, room 1202 There will be 25 multiple choice questions on the midterm and the midterm is worth 50 points.
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(c) Sherrie A. Kossoudji Midterm Specifics (Timing) When you show your UM ID at the door, you will be given a scantron sheet. The exam will be passed out to seated students at 6:10 pm. Everyone will begin the exam at 6:15 pm. The exam will end at 7:45pm. Answer sheets for the midterm will be posted by the weekend. We hope that grades for each section will be posted within a week. It’s possible that it could take longer.
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(c) Sherrie A. Kossoudji Midterm Specifics (supplies) Don’t forget to bring pencils and erasers for the scantron sheet. You may bring an arithmetic calculator, but not a graphing calculator. You may keep a closed cell phone on the desk for the time, but you may not open it. You may write on the exam sheets.
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(c) Sherrie A. Kossoudji A Twelve Step Program to Review for the Midterm
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(c) Sherrie A. Kossoudji Step 1 Understand Opportunities and scarcity
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(c) Sherrie A. Kossoudji What is the opportunity cost of producing an extra 1000 SUV’s? When there are diminishing returns (increasing opportunity cost), it depends on where you are. To move from 0 to 1000 SUV’s, production of computers goes from 23,500 to 22,600. The opportunity cost of 1000 SUV’s=900 computers To move from 2000 to 3000 SUV’s, production of computers goes from 18000 to 0. The opportunity cost of 1000 SUV’s is 18000 computers COMPUTERS 23500 23000 22000 18000 13000 8000 0 SUVS 3000 2000 1000 0
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(c) Sherrie A. Kossoudji We could also think about two people (or two countries) as potential trading partners We know that trade is based on comparative advantage. How do you figure out comparative advantage when a person (country) produces two goods? One person has a comparative advantage in producing good x if his or her opportunity cost to produce good x is lower than a potential trading partners’ opportunity cost to produce good x.
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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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econ101w0714 - Introductory Economics Economics 101-300...

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