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Econ 369 Notes

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Department
Economics
Course
ECON269
Professor
Gordon Lee
Semester
Fall

Description
INTD 225 SEPT 121 Economics and the Environment2 Review of Economics ConceptsMaterials Balance AnalysisFirst Law of Thermodynamics Matter cannot be created or destroyed Inputs from the environment are not consumed but rather transformed A Raw Materials ProductionFinal product CConsumptionB Waste productD Waste ProductProduction ABCConsumption CDSociety ABDSecond law of Thermodynamics Entropy Law Conversion of energy from one form to another is not completely efcientEntropy increasessuggests that there is a limit on the growth that can be based upon renewable energy sourcesneed to move to a steady state societyEnvironmental Economics the study of the choices made in allocating scarce environmental resourcesReview of Economics ConceptsDemandLaw of Demand As a product price increases decreases quantity demanded decreases increases ceteris paribus graph is downward slopingTheory of the Consumer Utilitythe satisfaction that people derive from the consumption of goods and servicesLaw of Diminishing Marginal Utiliyu The greater is the amount consumed of a commodity the smaller is the increase in utility from the next unit consumedConsumers Problem Consumer wishes to maximize herhis happiness given herhis level of incomeMax UUx1 x2xnst Ip1x1p2x2pnxnMU1MU2P1P2demand curveIndividuals Demand Curvewillingness to pay for Qth unitrepresents the consumers valuation of the benets of the Qth unutMB marginal benetsP0MB0Producer TheoryLaw of SupplyAs a products price increases decreases quantitiy supply increases decreases ceteris paribusMarginal Cost the change in total cost resulting from incremental change in output MCCQ
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