ECON 103 Lecture Notes - Lecture 21: Optimism, Game Theory
12 Apr 2017
School
Department
Course
Professor
Document Summary
If the ac is a constant, then the mc is the same, and the firm has no fixed costs. When you are doing price searching firm questions, must determine the mc, demand, and mr! Game theory will also be on the exam. Science: a verb, scientific research and stuff are things we do. Religion: noun, it is a world view, people think a certain way based on their observations. Thinking of sentences, nouns and verbs come together in sentences. This is economics, the sentence, comprised of both science and religion. Economics: based on principles (economic model) and is subjective. One person is told his whole life that swans are white and no other colour. When he hears that an additional swan will fly in after winter time, he assumes it will be a white swan. Another person is told his whole life that there is always 1 black swan.
