Lecture 3 Jan 26

Lecture 3 Jan 26 - Announcements HW1 due tonight at...

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Announcements HW1 due tonight at 11:45pm—sign up for Aplia if you have not! In Aplia, only the assignments marked “graded” are graded. The readings are there just to let you know where we are in the book (also, some of the questions refer to the book – look at the online chapters if you need to). 1 of 36
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Article Alert! Good examples of “unintended consequences” (remember “ignoring secondary effects”?) in NY Times article I put under “course documents” on Blackboard By the authors of “Freakonomics” – a book worth checking out.
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Appendix A graph is a two-dimensional representation of a set of numbers, or data. 3 of 36 HOW TO READ AND UNDERSTAND GRAPHS
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Appendix A time series graph shows how a single variable changes over time. 4 of 36 TIME SERIES GRAPH Disposable Personal Income in the United States: 1975–2005 (in billions of dollars)
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Appendix The Cartesian coordinate system is the most common method of graphing two variables. This system is constructed by simply drawing two perpendicular lines: a horizontal line, or X-axis , and a vertical line, or Y- axis . The axes contain measurement scales that intersect at 0 (zero). This 5 of 36 GRAPHING TWO VARIABLES ON A CARTESIAN COORDINATE SYSTEM A Cartesian Coordinate System
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Appendix 6 of 36 The slope of the line indicates whether the relationship between the variables is positive or negative. The slope of the line is computed as follows: Y X Y Y X X = - - 2 1 2 1
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Appendix 7 of 36 A downward- sloping line describes a negative relationship between X and Y. An upward- sloping line describes a positive relationship between X and Y. A Curve with (a) Positive Slope and (b) Negative Slope
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Slope 8 of 36 (1,3) (3,2) Slope = (2-3)/(3-1)= -1/2 Y X
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Appendix 9 of 36 Changing Slopes Along Curves
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A Puzzle Ice cream stores like to have occasional “free ice-cream” days. They’ve noticed that more people show up for free ice-cream in poor neighborhoods than in rich neighborhoods. Does this mean that rich people like ice- cream less?
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Comparative and absolute advantage: Absolute advantage: To be “absolutely” better at something. Comparative advantage:
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This note was uploaded on 08/15/2011 for the course ECON 2005 taught by Professor Zirkle during the Spring '07 term at Virginia Tech.

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Lecture 3 Jan 26 - Announcements HW1 due tonight at...

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