[ECON 1P91] - Final Exam Guide - Comprehensive Notes for the exam (52 pages long!)

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ECON 1P91 Full Course Notes
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ECON 1P91 Full Course Notes
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Positive statements: consistent with observation, gives us an understanding of economic and allows us to measure, build test models. What should or ought to be in moral sense. What one would like to have happen. Changes in one of the above assumptions will shift in the ppf. Resources are equally useful in all activities. Economy produces either 12 bottles of wine or 10 boxes of chocolates. Increases production by 1 box of chocolates to 2 boxes. I box of chocolates opportunity cost = |slope| 3 boxes opportunity cost = 3 x 1. 2. | (cid:2869) slope| =|(cid:2869)(cid:3117)(cid:3118)(cid:3117)(cid:3116)| =|(cid:2869)(cid:2868) (cid:883)(cid:884)|=|(cid:2873) (cid:888)|=0. 8333 boxes of chocolates. = 6 x (cid:2873)(cid:2874) = 5 boxes of chocolates. Move from g to a point on the ppf, the opportunity cost is 0. Unable to produce at h with given state of technology and given number of employees. Resources not equally useful in all activities. Slope differs at each point along the curve.

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