ECO1000 (ECON1000)
York University (Ebor )
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SUNK COSTS DON’T MATTER FOR FUTURE CHOICES
- Presentation • 27 pages • 2023
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Increase in Market Supply of Piercings 
Supply changes with changes in technology, environment, prices of inputs, prices of related products or services produced, expected future prices, number of businesses. For example, supply increases with: 
improvement in technology 
Increase in Market Supply of Piercings(Marginal Cost Reading) 
Supply changes with changes in technology, environment, prices of inputs, prices of related products or services produced, expected future prices, number of busine...
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Introduction to Microeconomics Econ1000 chapter2:Coordinating Demand and Supply
- Other • 19 pages • 2023
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Market Demand for Water 
Two Ways to Read a Demand Curve:Demand Curve – Read Over and Down 
Two Ways to Read a Demand Curve:Marginal Benefit Curve – Read Up and Over 
WHAT CAN CHANGE DEMAND? 
Quantity demanded changes only with a change in price. 
 All other influences on consumer choice change demand.
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introduction microeconomics chapter1
- Summary • 33 pages • 2023
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Because of scarcity, every choice involves a trade-off — you have to give up something to get something else 
The true cost of any choice is the opportunity cost — the cost of the best alternative given up 
Opportunity cost is more important than money cost 
For a smart choice, the value of what you get must be greater than value of what you give up 
Economic models assume all other things not in the model do not change 
Mental equivalent of controlled experiments in laboratory 
Positive s...
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