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CITYTECH / Microeconomics / ECON 1101 / What is meant by closed economy?

What is meant by closed economy?

What is meant by closed economy?

Description

School: New York City College of Technology of the City University of New York
Department: Microeconomics
Course: Macroeconomics
Professor: Michael yigzaw
Term: Fall 2016
Tags: Macroeconomics and Econ
Cost: 25
Name: Econ 1101, Week 2
Description: These notes cover the second week
Uploaded: 11/15/2016
4 Pages 188 Views 0 Unlocks
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Assumptions

  1. Limited Resource (fixed)

Don't forget about the age old question of How is Total Surplus generated?

Human Resources

Physical Capital

Technological change that improves productivity of labor

Don't forget about the age old question of What is the importance of George Balanchine?

Closed Economy (Autarchy) Efficiency production

We also discuss several other topics like stat 101 uic

mB > mC: continue producing

mB = mC: stop removing resources

mB > mC: reduce producingWe also discuss several other topics like What are the symptoms of vaginal yeast infection?

(X*,Yx) implies an allocatively efficient production

Efficiency: a condition in which all participants that make that makes them better of, if anyone can be made little of

↑U(x) because were consuming more and more of xIf you want to learn more check out What ages are more vulnerable to the achilles tendon rupture?

↓U(x) because were consuming less and less of yIf you want to learn more check out Explain why Greek and Latin are the predominate languages of medical and scientific terms.

Marginal Analysis

Comparing marginal benefit of an additional unit of good at service consumed with the cost of that additional unit

↑x,↓MU(x) and ↓x, ↑MU(x)

y,↑MU(y) and ↑y,↓MU(x)

MC < MB: Increasing

MC = MB: Stopping

MC > MB: Reducing

The quantities of good and services that consumers are willing and able to purchase at various prices

Law of Demand: state that consumers purchase fewer goods at higher prices and more goods at low prices

Law of Supply: change inverse to direct in the above statement to direct demand to supplied

Assumption of a perfectly competitive market

  • One identical good
  • Many buyer and many sellers

One buyer -

One seller - monopoly

3 - perfect knowledge

4 - these are no externalities

Equilibrium: there exist no more incentive for any of the participants in the market to change this choice

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