Econ Notes

Econ Notes - 30$ because she hasn't bought it yet The...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Income in Japan change over 25 years, Micro or Macro? Macro Dennis can fish at different parts of a pond. East side =5 fish, West side=4 fish, South side=3 fish. What is the opperunity cost of fishing on the east side? 4 because the next best IS the opperunity cost, not the difference between best and next best. If the second best is chosen the opperunity cost is the best. The opperunity cost is the BEST of the choices not chosen. Mary is considring a cell phone plane. 30$ a month, 600 minutes, 25 cents a minute over 600. What is the marginal cost of her first minute?
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 30$ because she hasn't bought it yet. The “key word” is “considering” if she has already bought the plan the marginal cost of the first minute woule be 0 because the 30$ would be a sunk cost at that point. Too many students fail to get a degree. Is this a Normative statement or a Positive statement? It's Normative Given the product possibility shown, point p is __________ and ___________ inefficient and unatainable I didn't label one lab from another. Is the stuff about absolute advantage in lab #2?? . P...
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online