Class notes
microeconomics principles econ 2613 partial notes
- Course
- Institution
- Book
these notes are from start of class until near the end of second month of the semester.
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Question Bank in line with Microeconomics Canada in the Global Environment,Parkin,10e
-
Test Bank For Microeconomics Canada in the Global Environment, 11th Edition by Michael Parkin, Robin Bade Chapter 1-18
-
Lead the Pack with the [Microeconomics Canada in the Global Environment,Parkin,10e] 2024 Test Bank
Seller
Follow
karamveersingh1
Content preview
POSITIVE STATEMENTSThursday, September 12, 2024 11:43 AM
Derive a set of POSITIVE STATEMENTS
1. Statement referring to “what is”
2. Free of opinion
EXAMPLE: the unemployment rate in
Canada is currently 6.1%.
Positive statements while free of opinion may not
necessarily be true.
From <https://acadiau-my.sharepoint.com/personal/0310987s_acadiau_ca/Documents/microeconomics%20lecture%
20notes%201.docx>
CHAPTER 1 Page 1
,NORMATIVE STATEMENTS
Thursday, September 12, 2024 11:43 AM
COMPARE THIS AGAINST NORMATIVE STATEMENT
• Statement referring to what "ought to be"
• Statement of opinion
Example 1.: not enough people are purchasing
electric cars
2 minimum wage is to low
NORMATIVE STATEMENTS SHOULD ALWAYS
FLOW FROM POSITIVE STATEMENTS.
CHAPTER 1 Page 2
,GAS STATION ANALYSIS
Thursday, September 12, 2024 11:53 AM
THE FURTHEST ONE HAS TO DRIVE TO GET FUEL =
0.5KM
Is this socially optimal ?
➢ 0.25 and 0.75 for a and b respectively the
furthest one has to drive to get fuel=1/4 km
➢ Therefore we may argue {i.e. make a
normative statement } that market forces also
cause people to drive too far for fuel.
➢ Example politics
CHAPTER 1 Page 3
, WHAT IS MICROECONOMICS
Thursday, September 12, 2024 12:08 PM
WHAT IS MICROECONMICS?
➢ DECISION MAKING IN LIGHT OF SCARCITY
WHO ARE THE DECISION MAKERS?
- 1 individuals/households
{or as some textbooks may say
"consumers"}
- 2 firms
{i.e. sole proprietors, partnerships,
corporations}
CHAPTER 1 Page 4
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller karamveersingh1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $4.79. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67163 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now