ECON-2000 Lecture Notes - Lecture 3: Marginal Utility, Opportunity Cost, Marginal Cost
Document Summary
Textbook: macroeconomics by mcconnell & brue (mcgraw/hill, 20th edition, Check d2l regularly to verify the accuracy of the recorded of the recorded attendance. All online assignments will be submitted on d2l and all assignments are due by. 11:59pm or will result in a zero grade. Test i and ii can be completed anywhere. Test iii and final exam will be proctored in class. Country selected by may 25th for the paper due july 20th. How individuals, firms, and entities make choices given scarcity. Individuals, households, business firms; how they are making decisions: macroeconomics. 3 indicators/focuses: gdp - production ii. Inflation price levels (cpi: unemployment job market. In economics, you"re trying to maximize utility satisfaction (usefulness) Opportunity cost: there"s no free lunch, what"s given up in order to get something free , studying for a test you are giving up sleep, for example. In order to optimize, we would hire where mb = mc.
