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Textbook Notes - Sept 19.docx

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Department
Economics
Course
Economics 1021A/B
Professor
Michael Parkin
Semester
Fall

Description
11-09-19 Economics – Textbook Questions Pg. 14 #1 – 6 1. Apple Computer Inc. decides to make songs freely available in unlimited quantities at the iTunes Store a. How does Apple’s decision change the opportunity cost of downloading a song? i. Apple is giving up the profit they make off the songs in order to have more people download their songs b. Does Apple’s decision change the incentives that people face? i. The marginal benefit of downloading a song off of iTunes has increased, because the marginal cost of downloading a song off of iTunes has decreased c. Is Apple’s decision an example of a microeconomics or a macroeconomics issue? i. It is a microeconomics issue because it does not effect the global economy as a whole 2. Which of the following pairs does not match? a. Labour and wages b. Land and rent c. Entrepreneurship and profit d. Capital and profit 3. Explain how the following news headlines concern self-interest and the social interest: a. Roots Expands in China i. That helps self-interest for Roots because they want to increase their profit by expanding into new markets b. McDonald’s Moves into Salads i. This helps the social interest, because this way it gives people more options of what to get at the McDonalds. It also will
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