ECON 1000 Chapter Notes - Chapter 1: Marginal Revenue, W. M. Keck Observatory, Opportunity Cost

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8 Jan 2017
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When self and social interest align = good outcomes. When self and social interest are at odds = bad outcomes. More in depth testing of drugs means they are safer, but take longer initially to reach the market, more drug lag and drug loss. Decisions made on weighing the marginal benefit and marginal cost. Marginal tax rate- added tax rate on each dollar of added income. Specialization allows people to be more knowledgeable in their own area, thus production is increased through specialization. Businessman hires someone to iron his shirts because the opportunity cost is high if he does it himself, therefore he does not lose as much if he hires someone because he continues to run his business. More wealth in an area allows for greater economic growth. Malaria in the u. s. existed until the 1940"s because increased wealth diminished breeding areas and reduced the number of disease carrying mosquitoes.

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