ECON 201 Lecture Notes - Lecture 3: Time Series, Absolute Advantage, Real Change
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About incentives for people to perform important tasks. Focuses on the improvement of the society. Uses mathematics, models, data and statistical methods. Lyryx learning open textbooks, oer, online homework system. Zoe has an absolute advantage in the fish production. After a trade, you can do better in both goods. You have more for both after trading. When time and prices are given: it"s a time series data. A point in time when you are given cross-sectional data it is a cross data. Price indexes make it easier to see by what percent is the increase. A number that converts the dollar to a number. Cpi is about more than one good not only about houses. You can compare the price of the house to the cpi. Percentage price change: take the difference and divide by the initial value. Real price change: the difference between percentage price change and inflation rate (change in cpi)