MGEA02H3 Lecture Notes - Lecture 1: Opportunity Cost, Natural Monopoly, Human Capital
12 Sep 2015
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Office hours: tuesday & thursdays 1-2pm (or by appointment) Textbook: microeconomics 2nd canadian edition by: paul krugman. Grading scheme: midterm exam 40% (2hours) (all mc with 10 choices and problem based) Final exam 60% (3 hours) (mc & written and graphic answers and problem based questions) What is microeconomics: the study of individual markets in the economy, demand and supply, determining price and quantity, how decisions are made, through markets, to allocate society"s economic resources to alternative possible uses. Topics covered: opportunity cost; production possibility frontiers, demand and elasticity, cist and supply, perfectly competitive markets short and long run, monopoly markets, efficiency in markets; regulation of natural monopoly, oligopoly markets, finish from ppt. Economics is the study of the allocation of scarce resources among competing uses : example: going to school, spending the money and time to come to class, limited resources (inputs or factors of production, land, labour, capital.
