ECO 201 Lecture Notes - Lecture 1: Marginal Revenue, Tzatziki
Document Summary
Eco 201 - lecture 1 - class introduction/marginal thinking. The beginning of class was spent going over class policies and information that can easily be found in the syllabus. After a brief introduction, the class continued with discussions of what the class is and is not. After clearing up a few preconceived notions about the class that were incorrect, we dove into a bit of material through the use of two examples. We defined microeconomics as a system of individual choices. This is best defined through the classic example of how many widgets are sold. We then proceeded to define marginal as what happens when just a little bit of something is done. We used the example of dan the shoeshine boy to demonstrate this phenomenon. The table found on the next page presents the data used in our example. This table represents an analysis of how cost-effective it is for dan to continue shining shoes for an extra hour.
