ECN 340 Lecture : lower liberal

• School: Ryerson University
• Department: Economics
• Course: ECN 340
• Professor: Thomas Barbiero

Document Summary

But you also need incentives to elicit more supply. Will more or less dating occur? (will some women cheat and accept a lower price ?: example: speeding and fines. Markets: www. notesolution. com: there are many buyers and sellers in markets with diverse wants and abilities to provide goods and services, allow trading, so people can get what they most value at the least possible cost, markets create competition . Individuals consume a product or service (g/s) until mc (marginal cost) = mb (marginal benefit) If mb > mc, you can increase satisfaction by increasing consumption ex: i want to. If mb < mc, decrease consumption ex: i am sick and tired of you . Limits of economic thinking: little to say about what people value, at the end of the course we will discuss habit formation as at least a partial explanation for human values.