PSYB10H3- Final Exam Guide - Comprehensive Notes for the exam ( 114 pages long!)
Document Summary
Mgea02 introduction to microeconomics: a mathematical approach. Topic 1 (week of sept 1-8) production possibilities & opportunity costs. The role of scarcity of economic resources and of choice. The production possibilities model as a way of thinking about scarcity, choice and opportunity cost. Recommended reading: read chapter 1 first principles (pp. 5-21) as an introduction to some of the key insights of economics and part of chapter 2 economic models: tradeoffs and. Many of you will also benefit from reading appendix 2a graphs in. We will be using graphs intensively throughout the term. Do all the check your understanding questions within the parts of the text in the assigned readings. Answers for these are at the back of the textbook. 1-3 an economy can produce two goods, x and y. Possibilities frontier for this economy is given by: Y = 144 - 10x - x2, 0 x 8, y 0. Questions 1, 2 and 3 concern this economy.
