econ 2030 class 1 1-26

econ 2030 class 1 1-26 - TODAYS MENU Monday 24 January 2011...

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I. BUSINESS TODAY’S MENU: Monday 24 January 2011 A. Practice Problems (answers on Moodle) 1. Chapter 1: 6-12, 16-18, 21 2. Chapter 2: 1, 2, 4-8, 10 II. SUBSTANCE A. The basics 1. Economies and economics a. Definitions b. What? How? For whom? Consequences? i. Microeconomics ii. Macroeconomics c. Markets B. Economic reasoning 1. Opportunity Cost Correlates to lab question on where to go fishing 2. The Margin Correlates to lab question on where to go fishing 3. Rationality When o Ex: movie that was awful that you thought would be awesome failed and you gave up whatever else you could have done for something you thought would be faild (AKA sucks for you) faced with a choice; the buisness chooses an option they feel is best C. Examples of Economic Reasoning 1. A question Would it be rational to give up something profitable? 2. Either/or Choices a. Bibi and the Concert Ticket, parts 1 and 2 Bibi purchased concert tickets in New Orleans and paid $40 non refundable ticket to the house of blues but walks by a
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econ 2030 class 1 1-26 - TODAYS MENU Monday 24 January 2011...

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