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Lecture+10+October+7

Lecture+10+October+7 - Todays agenda Consumer choice Budget...

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Today’s agenda Consumer choice Budget lines and budget sets Preferences
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First Exam Approximate letter-grade equivalents A 81 – 100 B+ 75 – 80 B 66 – 74 C+ 62 – 65.5 C 52.5 – 61 D 46 – 52 F below 46
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Where we’ve been and where we’re headed... First phase of the course: Introduction to supply and demand Brief look at efficiency of markets and potential for market failure Second phase: Behind the demand and supply curves Relate them to optimizing behavior by consumers and firms in an equilibrium model Explain the negative slope of demand curves Explain the positive slope of supply curves
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