ECO1000 (ECON1000)

SUNK COSTS DON’T MATTER FOR FUTURE CHOICES Last document update:   ago

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...

Introduction to Microeconomics Econ1000 chapter2:Coordinating Demand and Supply Last document update:   ago

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.

introduction microeconomics chapter1 Last document update:   ago

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...