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ECN 340 (221)

lower liberal

3 Pages

Course Code
ECN 340
Thomas Barbiero

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Costs Thinking About Costs: Choosing one alternative means giving up another alternative = costs (Opportunity cost) Cost is a constraint on an action No free anything Everything has a cost Money is just one means of measuring cost Why do poor people ride buses and the rich fly? o Rich persons time is more valuable Why is the rich persons time more valuable? o Because they can do more (defined by market) Why do menwomen forgo asking the other sex out on a date? o Fear of rejection (which is a cost) Thinking About the Margin of Cost: It is the additional cost Marginal cost That is important when we consider a course of actio
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