1.Introduction

1.Introduction - (2) Monopoly Influences- Competitive...

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© 2009 Lucia F. Dunn 11 ECONOMICS 200 PRINCIPLES OF MICROECONOMICS Professor Lucia F. Dunn Department of Economics Slide Set 1: Introduction
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22 1. Microeconomics versus Macroeconomics 2. Economics A discipline that studies how to allocate the scarce or limited natural resources of the world so as to best meet the unlimited wants of human beings.
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33 Economic Efficiency Versus Technical Efficiency Technical Efficiency means producing an output with the least amount of inputs. Economic Efficiency means producing an output with the least amount of costs.
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44 RESOURCES (1) Land (2) Labor (3) Capital (4) Entrepreneurship RETURNS (1) Land – Rent (2) Labor – Wages + Salaries (3) Capital – Interest (4) Entrepreneurship – Profit
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55 3. BASIC ECONOMIC QUESTIONS (1) WHAT? (•) What should be produced and in what quantities? (2) HOW? (•) How should production be carried out? (3) FOR WHOM? (•) How should the product be distributed? - ANSWER : Free Markets Price System
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66 Mixed Economy Why? (1) Free and unregulated markets were not giving “right” answer.
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Unformatted text preview: (2) Monopoly Influences- Competitive Assumption Click to edit Master subtitle style 77 Normative versus Positive 1. Normative statements =>- value judgments 2. Positive statements =>- statements of fact- truth or falsehood can be determined empirically 88 Scientific Method- means looking at real-world data Regression Analysis- tests to see if there is relationship between two or more variables. 99 Example: Consumptio n Income Consumption = f (Income) Regression Analysis Click to edit Master subtitle style 1010 Math Concepts to Know 1. Function: y = f (x) y = dependent variable x = independent variable e.g. y=3x+2 If x=5, then y=17 Click to edit Master subtitle style 1111 Math Concepts to Know 2. Slope Intercept Method of graphing a straight line e.g. 2 5 . + = x y y x 2 1 3 4 1 2 3 4 5 Slope = 0.5 Intercept =2 1212 The End...
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This note was uploaded on 06/22/2011 for the course ECON 200 taught by Professor Newton during the Fall '08 term at Ohio State.

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1.Introduction - (2) Monopoly Influences- Competitive...

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