rohlf_lecture2 - Review of graphs Plotting points in a...

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1 Review of graphs Plotting points in a graph Slope of a line Slope of a curve
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2 EXHIBIT A.1 The Hypothetical Relationship Between Grades and Study Time
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3 Slopes Slope = rise/run = change in GPA / change in hours of study per week = 1/8 Straight line: slope constant Curved line: slope not constant
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4 Concepts Economics studies the allocation of scarce resources Resources: land, labor, capital, time
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5 Opportunity cost Opportunity Cost: what you forego to do something e.g. if you watch television, you forego the opportunity to study or read a book
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6 Production possibilities curve PPC: Maximum amount you can produce with given resources Illustration: Suppose 2 goods, military goods and civilian goods Can allocate resources to produce all of one, none of the other; vice-versa; or something in-between PPC plots all combinations of 2 goods you can produce with your given resources
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7 EXHIBIT 1.1 The Production Possibilities Curve
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