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

Info iconThis preview shows pages 1–9. Sign up to view the full content.

View Full Document Right Arrow Icon
1 Review of graphs Plotting points in a graph Slope of a line Slope of a curve
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2 EXHIBIT A.1 The Hypothetical Relationship Between Grades and Study Time
Background image of page 2
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
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
4 Concepts Economics studies the allocation of scarce resources Resources: land, labor, capital, time
Background image of page 4
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
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
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
Background image of page 6
7 EXHIBIT 1.1 The Production Possibilities Curve
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
8 Calculating opportunity cost
Background image of page 8
Image of page 9
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/08/2008 for the course ECONOMICS 101 taught by Professor Goodspeed during the Winter '08 term at CUNY Hunter.

Page1 / 15

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

This preview shows document pages 1 - 9. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online