ECON 103 Lecture Notes - Lecture 2: Decision-Making, Opportunity Cost
Document Summary
*there are videos posted in the course website http://web. uvic. ca/~ehutchin/teach/103/103/reading. html materials. Continuing on the ideas from the last lecture and looking into economic models of what decision-making is. By how much i am willing to pay ( wtp ) for it; self-bargain before knowing the. How do we measure love? real price. We find out that the tickets cost . happiness vs actual ticket price. We would consider this a good deal to ourselves since we get a . From this we consider happiness value for u2 since we don"t love u2 as much as springsteen. Compare the two: springsteen vs u2 tickets. From the example, we considered the scarcity of our time and money to decide which. Decision making is all about making . (allocating the resources that we can use) Not all benefits might not be monetary -> time used.