ECON2209 Study Guide - Comprehensive Final Exam Guide - Marginal Cost, Profit (Economics), Market Power
20 Nov 2018
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Can be used as a tool for diplomacy, bring nations together. Ex: the world cup, his favorite squad cote d"ivoire did not qualify, as well as ghana, cameroon, italy, us did not qualify. Part 2: industrial organization (ch 2-5) and competitive balance. Teams, franchises etc what is their cost and revenue structure, why are they in it, is the industry monopolistic, competitive etc. If the same team always wins there is low competitive balance less interesting. Stuff like npv, is a stadium worth it. Scarcity: resources are limited, to satisfy unlimited wants ex: Teams/leagues are all limited in what they can do to achieve objectives. Choice: economics is the study of making choices because of scarcity. Trade offs: conflicting actions, in order to do one thing, we must give up something else. To do more of something requires less of something else, comes from scarcity and choice. Opportunity cost: the value of what must be given up to obtain something.
