The World Bank has many pros to the United States. If the United States gets into an
economic downfall they would help get us out of the situation. World Bank provides loans to a
nation that has fallen into hard times or bad situations get
Dear City Council Man Joel Arredondo,
My name is Elizabeth Griffea. I am 36. I work at Sprenger Health Care. I was born in Elyria but my
husband and I moved here to your city in Lorain many years ago. Right now I am working through an
online school to rec
The 56th Presidential Inauguration of the President of the United
This cartoon shows President Obama taking his oath into office in January of 2009. The cartoon expresses
that he is the first black president in the history of the United State to ge
1 out of 1 points
Look at the first table you filled out on Problem set five. The marginal utility (MU) of
the second beer is equal to _ (numeric) utils.
1 out of 1 points
Look at the first table you filled out o
Utility Problem Set #5H
Moe likes to visit a local establishment to consume pizza and beer. He has $16 in his
pocket and plans to spend it all tonight. When he arrives at this establishment tonight he
see the regular price for a draft beer is $4 and a sli
Where can I get some tat? I'd
like to trade it in.
Trade Around the Globe
Why We Trade
In general, people are not self-sufficient.
They rely on others to provide goods and
services that are needed.
In other words, people
The Market for Labor
16 tons and what do you get?
Another day older and
deeper in debt!
Tennessee Ernie Ford
We now turn from the firms decisions
about how much to produce to the firms
decisions about what resources to use and
how many re
Failure is not an option!
Market Efficiency and Market
Undesirable Market Outcomes
In previous chapters, we found out that
people do not always like the outcomes of
They choose to impose price controls.
They choose to put quotas in pla
Its Crowded in Here!
Cost curves are only part of the story
when explaining a firms behavior.
The rest of the story depends on the
market conditions the firm operates
There are four kinds of m
There is a kind of beauty in
The monopolistically competitive market
structure is defined by four
There are many buyers and sellers.
Firms produce differentiated or
I cant get no satisfactionbut I
might get some utility
Whats It Worth to Ya?
When I'm watchin' my tv
And that man comes on to tell me
How white my shirts can be
But he can't be a man 'cause he doesn't smoke
The same cigarrettes as me
Chapter 1 Appendix
GRAPHS AND THEIR MEANING
CONSTRUCTION OF A GRAPH
A graph is a tool used visualize the
relationship that exists between two
LIMITS, ALTERNATIVES, AND
WHAT IS ECONOMICS?
Economics is the social science
concerned with how individuals,
institutions, and society make optimal
(best) choices under conditions of
THE ECONOMIC PERSPECTIVE
The economic perspe
Test Two Review Sheet
The following information is on the second test.
1. What is the goal of the consumer?
Maxine their utility
2. What is utility?
Utility is defined as the satisfaction or benefit a consumer derives from
using a produc
Sensitivity Training for Economists
What is Elasticity?
We have learned that a decrease in
supply will cause price to rise and
quantity to fall.
How much price will rise and quantity
will fall depends on how sensative
consumers are to changes i
The market System and the circular
We must create an economic system to
deal with the problems of allocating
scarce resources to best meet our
An economic system is a set of institutional
DEMAND, SUPPLY, AND MARKET
THE MODEL OF DEMAND AND
The demand and supply model may be
the most well known model that
This is one of the core models in
The model investigates the way we
I want to put a hotel on
The Monopoly Market
The monopoly market structure is defined
by three characteristics.
There is a single seller of the product.
There are no close substitutes for the
There are very high barr
The Theory of the Firm
The Goal of the Firm
As we did with the consumer, we need
to make an assumption about what a
rational producer is trying to achieve.
Our assumption will be that firms are in
business to make a profit and seek to
Elasticity Chapter 6
Elasticity measures responsiveness.
Elastic > 1. Consumers are very sensitive (Qd is sensitive to price changes)
Inelastic < 1. Consumer are NOT very sensitive (Qd is not sensitive to price changes)
Unit elastic = 1 (Qd and Price ch
o Peoplelookaftertheirowninterestself interest
Self-Interest: each economic unit tries to
achieve its own particular goal, which
usually requires delivering something of
value to others. The units express their free
ECON 2200: Chapter 2 Notes
Economic Systems: The structures, practices or customs that are set up in society that determine how
resources are allocated and how goods and services are distributed.
-the choices we make as a nation depends on the type of eco
Chapter 4: Econ 2200
Market Failure: occurs when a market fails to allocate resources efficiently
Demand-side Market failure: when demand does not reflect consumers full willingness to pay for a
-there are some goods and services where it is
ECON 2200: Chapter 1 Notes
Economics is a social science that examines the choices that are made by individuals and society
We are forced to make everyday choices because:
-human beings have unlimited wants
-there are a limited amount of resources availab
Chapter 4 - Applications of Demand and Supply
1. An improvement in technology served to shift the supply curve to the right by a greater
relative amount than the increase in demand from households shifted the demand curve to
the right. Th
You notice that the burrito stand on the edge of campus doubles its
price on the first day of the fall semester. Classify each of the
following possible explanations as an increase or decrease in the
burrito supply curve or an increase or
Economic profits- difference between total revenue and total cost
Include both explicit and implicit costs
Economic profit per unit- difference between price and average total cost
Economic loss- amount by which a firms total cost exceeds its
increase in demand
decrease in supply
increase in demand
decrease in supply or increase in demand
100,000; 200,000; 300,000
Price= $1; quantity = 62
surplus of 37
Introduction to Microeconomics
Problem Set #1H
Question 1 (12 points)
Complete these 2 questions (questions 1 and 2) and then submit answers to questions
about problem set one on Blackboard.
1) Go to the Problem set button.
2) Then open the problem set su