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Lecture 4

Econ 103 Lecture 4 Jan 16th.doc

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Department
Economics
Course
ECON 103
Professor
Iryna Dudnyk
Semester
Winter

Description
Econ 103 Lecture 4 Jan 16th -technical note on MV: -MV = 5 - Q ******check notebook for graph****** ( 1 ) CS (consumer surplus) and fees ******check notebook for graph****** ( 2 ) MV and TV water-diamond paradox Choice 1: 1 drop of water \ }=> compare MV's 1 small diamond (oubvious choice)/ Choice 2: All water in the world (oubvious choice) \ }=> compare total value All diamonds in the world / ******check notebook for graph****** ( 3 ) - Water-diamond paradox is explained by negative relationship between MV and TV. Chapter 5 More Demand When good's
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