MGEA02H3 Study Guide - Final Guide: Demand Curve, Opportunity Cost, Perfect Competition

• School: UTSC
• Department: Economics for Management Studies
• Course: MGEA02H3
• Professor: Gordon Cleveland

Document Summary

Lectures posted on utsc intranet every sunday: first test. Final exam 50% *7th, 8th, or 9th december. Sep 16, 2009 lecture 02 the opportunity cost of getting married: implicit: your next best alternative, time with friends www. notesolution. com. Video: www. utsc. utoronto. ca/~ecma04/online. html: second derivative is -1/6, which shows increasing costs, ocx rises as x produced increase. V = 3x + 6y = 3x + 6(14 x/6 x^2/12) = 3x + 84 x x^2/2. = - (x^2)/2 + 2x+ 84: dv/dx = -x +2 = 0 x = 2 sub x = 2 into ppf y = 13. 33. Law of demand negative slope: qd = 600 10p, or p = 60 0. 1 qd, could be qd = 10p-1 = September 23, 2009 lecture 04: supply curve: positive slope www. notesolution. com. Video: www. utsc. utoronto. ca/~ecma04/online. html: in sr, marginal cost of production r ise as output increase, mc = tc/ q = , ex.