ECON 2030 Lecture : Notes 1-30-12
Document Summary
Ch 4 1, 3-7, 10-20, 22: practice problems, first exam: two weeks from today (13 feb) Small scantron, lsu id, a pencil, pen, highlighter. Substance: how trade can benefit all: an example, specialization and trade according to comparative advantage, with trade: consumption > production, conclusions. Everyone can be made better off if trade is done according to opt cost (end up getting more of all the goods than they could produce on their own) Ex: charles wants a ferrari but that does not mean he demands one. He has the willingness but not the ability: not to be confused with quantity demanded (will ask difference on test) For buyer it is the highest price they are willing and able to purchase the good for.
