microbook_3e-page4

microbook_3e-page4 - a small rural village. x Most...

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Lecture 1 Introduction and Math Review Eric Doviak Principles of Microeconomics Helpful hints x Economics doesn’t have to be difficult x BUT. .. some people make x it difficult for themselves. x I did. x If a model is unclear, don’t try to think of an example from the $10 trillion US economy. x Instead, apply the model to
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Unformatted text preview: a small rural village. x Most important part of any economic model are the: ASSUMPTIONS x If you understand the assumptions of the model, you will understand the conclusions. x You will NOT understand the conclusions, if you dont understand the assumptions. x WHEN READING, DONT SKIP CHAPTERS! Page 4...
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