ECO100Y1 Lecture Notes - Mira-Bhayandar Municipal Corporation, Marginal Cost, Marginal Revenue

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Topic 1 - the economic way of thinking (week one sep 13th sep 17th) Economics: the study of how rational people make choices; the study of how society managers its scarce resources; Scarcity leads to choices leads to economics (the study of making choices): opportunity cost: what one forgoes by not taking the best next alternative; whatever must be given up to obtain some item; Insights: the question should i do x should be replaced by. Should i do x or y where y is the most highly valued alternative to x : includes time cost as well as money cost e. g. 1. Opportunity cost = tuitions/books + forgone earnings = +,000. Oc=ticket price + forgone earnings = + = ; b). the next best alternative is going for a walk. Now should one continues operating the hotdog stand if: a).

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