`Ch. 2 Foundations
Why trade? Because there are gain from trade. We are better off with trade than without.
History of Trade:
-The mercantilists 1500-1800
-They sought to answer how nations could regulate their domestic and international affa
Econ 360 Fall 2016 NIU Simple introduction and review of calculating marginal utility using the idea
of a derivative.
Calculating marginal utility can be done by taking a derivative.
Gist Calculating the marginal utility from any utility function requires
Chapter 1- Models=simplified versions of reality
Exogenous variables- variables that will be determined outside of a model
Endogenous variables- determined within a model
Price and quantity are endogenous
Everything else is exogenous
Partial Derivative Sample Problems: Intermediate Microeconomics NIU Fall 2016
Given the following functions, solve for the partial derivatives of each function with respect to X and Y.
Answers are provided immediately below you should show your work and t