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Menu_25_Aug_05

Menu_25_Aug_05 - C Note on graphing Appendix A D...

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TODAY’S MENU: Thursday 25 August 2005 I. BUSINESS A. Check-in for new arrivals B. Practice Problems 1. Chapter 1: 2, 3, 6-8, 11, 12, 14-17 2. Appendix A: ALL (but. ..) 3. Chapter 2: 1-3, 6, 8, 9, 13, 14 II. SUBSTANCE A. Basics 1. Opportunity Cost and Scarcity 2. The Margin 3. Fallacy of composition 4. Positive versus normative 5. Economic Surplus a. Rationality b. Optimizing rule: Marginal Benefit (MB) = Marginal Cost (MC) B. Opportunity Cost and Decision Making: Examples of Economic Thinking 1. Bibi the tutor, parts 1 and 2 a. Relevant costs b. Sunk costs 2. Stasia and the Smorgasbord a. Relevant costs b. Sunk costs 3. Cristine and the Glasses a. Relevant costs 4. Delta and the Mayor a. Relevant costs
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Unformatted text preview: C. Note on graphing: Appendix A D. Opportunity Cost Application: International Trade 1. Questions to Answer a. If “workers in the United States are the most productive in the world,” why do we consume so many imported goods? b. If “trade can make everyone better off,” why is there so much opposition to it? 2. Tool: Production Possibilities Frontier (PPF) a. Efficiency b. Numerical Slope = Opportunity Cost c. Optimal Point? d. No Trade (Autarky) Case: Production = Consumption III: NEXT TIME A. Finish Chapter 2: “Economic Activities. ..” B. Begin Chapter 3: “Supply and Demand: Theory”...
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Menu_25_Aug_05 - C Note on graphing Appendix A D...

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