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UWM / Economics / ECON 301 / How is opportunity cost measured?

How is opportunity cost measured?

How is opportunity cost measured?

Description

School: University of Wisconsin - Milwaukee
Department: Economics
Course: Intermediate Microeconomics
Professor: Matthew mcginthy
Term: Fall 2016
Tags: Microeconomics
Cost: Free
Name: Econ 301 - Week One
Description: Classical, neoclassical economic theories and consumer theory
Uploaded: 09/13/2016
2 Pages 206 Views 0 Unlocks
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"}.lst-kix_jdnfhla99xxv-5 > li:before{content:"■ "}.lst-kix_jdnfhla99xxv-6 > li:before{content:"● "}.lst-kix_jdnfhla99xxv-7 > li:before{content:"○ "}.lst-kix_72g342j6bfku-1 > li:before{content:"" counter(lst-ctn-kix_72g342j6bfku-1,lower-latin) ". "}.lst-kix_72g342j6bfku-3 > li{counter-increment:lst-ctn-kix_72g342j6bfku-3}.lst-kix_psaj87c1emqq-7 > li{counter-increment:lst-ctn-kix_psaj87c1emqq-7}.lst-kix_72g342j6bfku-2 > li:before{content:"" counter(lst-ctn-kix_72g342j6bfku-2,lower-roman) ". "}.lst-kix_jdnfhla99xxv-8 > li:before{content:"■ "}ol.lst-kix_psaj87c1emqq-2.start{counter-reset:lst-ctn-kix_psaj87c1emqq-2 0}.lst-kix_abseaf6qqc0a-1 > li{counter-increment:lst-ctn-kix_abseaf6qqc0a-1}.lst-kix_72g342j6bfku-4 > li:before{content:"" counter(lst-ctn-kix_72g342j6bfku-4,lower-latin) ". 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"}.lst-kix_5ke8ape0plmk-5 > li{counter-increment:lst-ctn-kix_5ke8ape0plmk-5}.lst-kix_pywzogtd4rro-6 > li{counter-increment:lst-ctn-kix_pywzogtd4rro-6}ul.lst-kix_c74b0nuikgdc-1{list-style-type:none}ul.lst-kix_c74b0nuikgdc-0{list-style-type:none}.lst-kix_abseaf6qqc0a-2 > li:before{content:"" counter(lst-ctn-kix_abseaf6qqc0a-2,lower-roman) ". "}ul.lst-kix_c74b0nuikgdc-5{list-style-type:none}ul.lst-kix_c74b0nuikgdc-4{list-style-type:none}ol.lst-kix_abseaf6qqc0a-3.start{counter-reset:lst-ctn-kix_abseaf6qqc0a-3 0}ul.lst-kix_c74b0nuikgdc-3{list-style-type:none}ul.lst-kix_c74b0nuikgdc-2{list-style-type:none}ul.lst-kix_c74b0nuikgdc-8{list-style-type:none}ul.lst-kix_c74b0nuikgdc-7{list-style-type:none}.lst-kix_abseaf6qqc0a-8 > li:before{content:"" counter(lst-ctn-kix_abseaf6qqc0a-8,lower-roman) ". "}ul.lst-kix_c74b0nuikgdc-6{list-style-type:none}.lst-kix_abseaf6qqc0a-7 > li:before{content:"" counter(lst-ctn-kix_abseaf6qqc0a-7,lower-latin) ". "}ol.lst-kix_pywzogtd4rro-8.start{counter-reset:lst-ctn-kix_pywzogtd4rro-8 0}ol.lst-kix_psaj87c1emqq-8.start{counter-reset:lst-ctn-kix_psaj87c1emqq-8 0}.lst-kix_abseaf6qqc0a-6 > li:before{content:"" counter(lst-ctn-kix_abseaf6qqc0a-6,decimal) ". "}.lst-kix_psaj87c1emqq-0 > li:before{content:"" counter(lst-ctn-kix_psaj87c1emqq-0,decimal) ". "}.lst-kix_psaj87c1emqq-1 > li:before{content:"" counter(lst-ctn-kix_psaj87c1emqq-1,lower-latin) ". "}.lst-kix_psaj87c1emqq-3 > li{counter-increment:lst-ctn-kix_psaj87c1emqq-3}.lst-kix_psaj87c1emqq-3 > li:before{content:"" counter(lst-ctn-kix_psaj87c1emqq-3,decimal) ". "}.lst-kix_psaj87c1emqq-2 > li:before{content:"" counter(lst-ctn-kix_psaj87c1emqq-2,lower-roman) ". "}.lst-kix_psaj87c1emqq-4 > li:before{content:"" counter(lst-ctn-kix_psaj87c1emqq-4,lower-latin) ". 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Econ 301We also discuss several other topics like What types of selection is allowed by genetics?

Scarcity ⇒ opportunity cost: what you give up to obtain something

           ↓                ↘        We also discuss several other topics like What is a graphic representation of the relationship between price and quantity demanded of a certain good or service?

        Implies                measured in real terms, not $Don't forget about the age old question of What is a single-blind study?

Ex. Suppose it takes 2 hours to make a shirt and 4 hours to make a pair of pants.

        Opportunity cost of pants is 2 shirts.

        Opportunity cost of shirts is ½ pants.

Don't forget about the age old question of What is considered as the first step in research?

A. Smith (1776)

  • Prices send a signal (invisible bond) to allocate scarce resources
  • Expect prices to reflect opportunity cost therefore pants price = 2 shirts price

Don't forget about the age old question of What is the key historical document of historical history?

Don't forget about the age old question of What is a penumbra eclipse?

D. Ricard (1817)

  • Idea of diminishing marginal returns
  • Increasing opportunity cost

        

Classical School: SMith, RIcardo, K. Marx

  • Labor theory of value

Diamond/water paradox: very little use, very high price

Water - very useful, very cheap

Neoclassical School

        Marginalist Revolution

                The last unit is what matters

        Demand Side:

                Diminishing marginal utility        

M. Friedman (1953)

        How to evaluate an Economic model?

        Realistic Conclusions?        - choice?

        Realistic Assumptions?        “As if”

3. Models and Structure of a model

Assumptions

  1. Behavioral
  2. Simplify

                                                ↓

Formal Analysis

  1. Words
  2. Equations
  1. Graphs

Conclusions

Policy advice

Goal - Explain the past, understand present and predict future theory is composed of models

4.         Positive Statement is testable (can be wrong)

  • Ex. “Increasing income inequality reduces G.D.P. per capita growth”

        Normative Statement is opinion  

  • ex. “It is unfair that the poorest 20% of U.S. households earned 3.8% of natural income” U.S. Census
  • “should”

Consumer Theory

  1. Utility                                                        Demand side
  2. Assumptions                                                individual to aggregates
  1. Completeness                                        where do demand curves
  2. Transitivity                                        come from?
  3. Non-satiation (more is better)                        Food stamps vs cash
  4. Convexity                                        CPI (consumer prize index)
  1. Indifference Curve

Utility is a measure of happiness or satisfaction or usefulness

Utility function - assigns a numerical value to a bundle of goods

Bundle A: 10 hotdogs        , 6 cokes

Bundle B: 6 hotdogs, 7 Beers

        util is an ordinal unit of measurement, establishes a ranking.

Cardinal

  • Temperature                                        ordinal interpretation; yesterday

High today 75oF                                was warmer than today

Higher yesterday 79oF

Utility of bundle A                 since

Utility of bundle B                 consumer prefers bundle B to bundle A

The utility number b y itself has no meaning, and the difference between them has no meaning

Cannot say individual is twice as happy with bundle D than bundle C

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