Lecture 3 - ECONOMICS 100A Professor Dan Acland 09/02/10...

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ECONOMICS 100A Professor Dan Acland 09/02/10 Lecture 3 ASUC Lecture Notes Online is the only authorized note-taking service at UC Berkeley. Do not share, copy, or illegally distribute (electronically or otherwise) these notes. Our student-run program depends on your individual subscription for its continued existence. These notes are copyrighted by the University of California and are for your personal use only. D O N O T C O P Y Sharing or copying these notes is illegal and could end note taking for this course. ANNOUNCEMENTS There are only three questions on this quiz because I don’t want you to be stressed out. I heard that a lot of you were stressed out. I want you to read the text and be relaxed. You still have one minute per question, and they’re hopefully a little easier than last time. If English is your second language and if there are words in the questions that you don’t know, raise your hand immediately when you come across those sorts of words, and a GSI will come to you and try to explain it. After the quiz, I will go over the answers, but I won’t explain them. Your GSIs will be covering them in section. Another thing is that I was told the book would arrive today but I am aware that some people still don’t have a copy of the book. There is no way of verifying who you are, so what I’m going to do to try to make this less of a burden to you is that I will increase the number of quizzes that get dropped from two to three . If you didn’t bring your iClicker today, you will be able to write your answers on a sheet of paper and hand it to a GSI. Starting on Tuesday , if you don’t bring your iClicker, you won’t get credit for your quiz . The last thing is that the GSIs will be handing out the notes at the door at the beginning of class instead of handing them out during lecture. If you don’t have one yet, wait until after the quiz and we’ll get you one. ICLICKER QUIZ (5 minutes) So, in the future, you can reasonably expect the quiz questions to be somewhere between as hard as they were on Tuesday and as easy as they were today. LECTURE So today, we will be talking about preferences. The first thing we will do is an iClicker activity. Slide: Rachel and her favorite birds Setup: Rachel has preferences over money and clean water in a nearby wetland. The absence of pollution: You know from Nechyba that we can reverse clean water to the absence of pollution. The dirtier the water gets, the less happy she is. More money is always better. Scientists have determined (correctly) that above a certain cut-off level of pollution (i.e. below a certain level of water purity) the ecosystem of the lake will begin to collapse, leading to the extinction of Rachel’s favorite bird species. Up to the tipping point, Rachel is indifferent
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This note was uploaded on 02/06/2012 for the course ECON 100A taught by Professor Woroch during the Fall '08 term at Berkeley.

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Lecture 3 - ECONOMICS 100A Professor Dan Acland 09/02/10...

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