ol.lst-kix_6ilm3pm7rkk8-3{list-style-type:none}ol.lst-kix_6ilm3pm7rkk8-2{list-style-type:none}ol.lst-kix_6ilm3pm7rkk8-5{list-style-type:none}ol.lst-kix_6ilm3pm7rkk8-4{list-style-type:none}ol.lst-kix_6ilm3pm7rkk8-1{list-style-type:none}ol.lst-kix_6ilm3pm7rkk8-0{list-style-type:none}.lst-kix_6ilm3pm7rkk8-2 > li{counter-increment:lst-ctn-kix_6ilm3pm7rkk8-2}.lst-kix_hfy49oo9i00a-0 > li:before{content:"● "}.lst-kix_6ilm3pm7rkk8-7 > li:before{content:"" counter(lst-ctn-kix_6ilm3pm7rkk8-7,lower-latin) ". "}.lst-kix_6ilm3pm7rkk8-8 > li:before{content:"" counter(lst-ctn-kix_6ilm3pm7rkk8-8,lower-roman) ". "}.lst-kix_hfy49oo9i00a-1 > li:before{content:"○ "}.lst-kix_hfy49oo9i00a-3 > li:before{content:"● "}.lst-kix_hfy49oo9i00a-2 > li:before{content:"■ "}.lst-kix_2foi9i93t6nu-0 > li{counter-increment:lst-ctn-kix_2foi9i93t6nu-0}.lst-kix_6ilm3pm7rkk8-3 > li{counter-increment:lst-ctn-kix_6ilm3pm7rkk8-3}ol.lst-kix_6ilm3pm7rkk8-5.start{counter-reset:lst-ctn-kix_6ilm3pm7rkk8-5 0}ol.lst-kix_2foi9i93t6nu-4.start{counter-reset:lst-ctn-kix_2foi9i93t6nu-4 0}.lst-kix_6ilm3pm7rkk8-0 > li{counter-increment:lst-ctn-kix_6ilm3pm7rkk8-0}ol.lst-kix_6ilm3pm7rkk8-2.start{counter-reset:lst-ctn-kix_6ilm3pm7rkk8-2 0}ol.lst-kix_6ilm3pm7rkk8-8.start{counter-reset:lst-ctn-kix_6ilm3pm7rkk8-8 0}ol.lst-kix_2foi9i93t6nu-7.start{counter-reset:lst-ctn-kix_2foi9i93t6nu-7 0}ol.lst-kix_2foi9i93t6nu-8.start{counter-reset:lst-ctn-kix_2foi9i93t6nu-8 0}.lst-kix_2foi9i93t6nu-2 > li{counter-increment:lst-ctn-kix_2foi9i93t6nu-2}ol.lst-kix_2foi9i93t6nu-1.start{counter-reset:lst-ctn-kix_2foi9i93t6nu-1 0}.lst-kix_6ilm3pm7rkk8-5 > li{counter-increment:lst-ctn-kix_6ilm3pm7rkk8-5}.lst-kix_2foi9i93t6nu-3 > li{counter-increment:lst-ctn-kix_2foi9i93t6nu-3}ol.lst-kix_6ilm3pm7rkk8-4.start{counter-reset:lst-ctn-kix_6ilm3pm7rkk8-4 0}.lst-kix_6ilm3pm7rkk8-3 > li:before{content:"" counter(lst-ctn-kix_6ilm3pm7rkk8-3,decimal) ". "}.lst-kix_6ilm3pm7rkk8-2 > li:before{content:"" counter(lst-ctn-kix_6ilm3pm7rkk8-2,lower-roman) ". "}.lst-kix_6ilm3pm7rkk8-4 > li:before{content:"" counter(lst-ctn-kix_6ilm3pm7rkk8-4,lower-latin) ". "}.lst-kix_eanr32761876-0 > li:before{content:"● "}ul.lst-kix_79xr9797qbw8-6{list-style-type:none}ul.lst-kix_79xr9797qbw8-5{list-style-type:none}ul.lst-kix_79xr9797qbw8-4{list-style-type:none}.lst-kix_6ilm3pm7rkk8-6 > li:before{content:"" counter(lst-ctn-kix_6ilm3pm7rkk8-6,decimal) ". "}ul.lst-kix_79xr9797qbw8-3{list-style-type:none}.lst-kix_eanr32761876-2 > li:before{content:"■ "}ul.lst-kix_79xr9797qbw8-2{list-style-type:none}.lst-kix_6ilm3pm7rkk8-5 > li:before{content:"" counter(lst-ctn-kix_6ilm3pm7rkk8-5,lower-roman) ". "}ul.lst-kix_79xr9797qbw8-1{list-style-type:none}ul.lst-kix_79xr9797qbw8-0{list-style-type:none}.lst-kix_79xr9797qbw8-5 > li:before{content:"■ "}.lst-kix_eanr32761876-1 > li:before{content:"○ "}.lst-kix_79xr9797qbw8-4 > li:before{content:"○ "}ol.lst-kix_6ilm3pm7rkk8-3.start{counter-reset:lst-ctn-kix_6ilm3pm7rkk8-3 0}ul.lst-kix_79xr9797qbw8-8{list-style-type:none}.lst-kix_79xr9797qbw8-3 > li:before{content:"● "}ul.lst-kix_79xr9797qbw8-7{list-style-type:none}.lst-kix_6ilm3pm7rkk8-0 > li:before{content:"" counter(lst-ctn-kix_6ilm3pm7rkk8-0,decimal) ". "}.lst-kix_79xr9797qbw8-0 > li:before{content:"● "}.lst-kix_79xr9797qbw8-2 > li:before{content:"■ "}.lst-kix_6ilm3pm7rkk8-1 > li:before{content:"" counter(lst-ctn-kix_6ilm3pm7rkk8-1,lower-latin) ". "}ol.lst-kix_6ilm3pm7rkk8-7{list-style-type:none}ol.lst-kix_2foi9i93t6nu-2.start{counter-reset:lst-ctn-kix_2foi9i93t6nu-2 0}ol.lst-kix_6ilm3pm7rkk8-6{list-style-type:none}.lst-kix_79xr9797qbw8-1 > li:before{content:"○ "}ol.lst-kix_6ilm3pm7rkk8-8{list-style-type:none}ol.lst-kix_2foi9i93t6nu-3.start{counter-reset:lst-ctn-kix_2foi9i93t6nu-3 0}.lst-kix_2foi9i93t6nu-5 > li{counter-increment:lst-ctn-kix_2foi9i93t6nu-5}ol.lst-kix_6ilm3pm7rkk8-6.start{counter-reset:lst-ctn-kix_6ilm3pm7rkk8-6 0}ul.lst-kix_eanr32761876-8{list-style-type:none}ul.lst-kix_eanr32761876-7{list-style-type:none}ul.lst-kix_eanr32761876-6{list-style-type:none}ul.lst-kix_eanr32761876-5{list-style-type:none}ul.lst-kix_eanr32761876-4{list-style-type:none}ul.lst-kix_eanr32761876-3{list-style-type:none}ul.lst-kix_eanr32761876-2{list-style-type:none}ul.lst-kix_eanr32761876-1{list-style-type:none}ul.lst-kix_eanr32761876-0{list-style-type:none}.lst-kix_eanr32761876-8 > li:before{content:"■ "}.lst-kix_6ilm3pm7rkk8-8 > li{counter-increment:lst-ctn-kix_6ilm3pm7rkk8-8}.lst-kix_eanr32761876-6 > li:before{content:"● "}.lst-kix_2foi9i93t6nu-6 > li:before{content:"" counter(lst-ctn-kix_2foi9i93t6nu-6,decimal) ". "}.lst-kix_2foi9i93t6nu-5 > li:before{content:"" counter(lst-ctn-kix_2foi9i93t6nu-5,lower-roman) ". "}ol.lst-kix_2foi9i93t6nu-6.start{counter-reset:lst-ctn-kix_2foi9i93t6nu-6 0}.lst-kix_2foi9i93t6nu-7 > li:before{content:"" counter(lst-ctn-kix_2foi9i93t6nu-7,lower-latin) ". "}.lst-kix_79xr9797qbw8-6 > li:before{content:"● "}.lst-kix_2foi9i93t6nu-4 > li:before{content:"" counter(lst-ctn-kix_2foi9i93t6nu-4,lower-latin) ". "}.lst-kix_2foi9i93t6nu-8 > li:before{content:"" counter(lst-ctn-kix_2foi9i93t6nu-8,lower-roman) ". "}.lst-kix_eanr32761876-3 > li:before{content:"● "}.lst-kix_eanr32761876-7 > li:before{content:"○ "}.lst-kix_2foi9i93t6nu-6 > li{counter-increment:lst-ctn-kix_2foi9i93t6nu-6}.lst-kix_79xr9797qbw8-7 > li:before{content:"○ "}ol.lst-kix_2foi9i93t6nu-1{list-style-type:none}ol.lst-kix_2foi9i93t6nu-0{list-style-type:none}.lst-kix_79xr9797qbw8-8 > li:before{content:"■ "}.lst-kix_eanr32761876-4 > li:before{content:"○ "}ol.lst-kix_2foi9i93t6nu-5{list-style-type:none}ol.lst-kix_2foi9i93t6nu-4{list-style-type:none}.lst-kix_eanr32761876-5 > li:before{content:"■ "}ol.lst-kix_2foi9i93t6nu-3{list-style-type:none}ol.lst-kix_2foi9i93t6nu-2{list-style-type:none}ol.lst-kix_2foi9i93t6nu-8{list-style-type:none}.lst-kix_6ilm3pm7rkk8-6 > li{counter-increment:lst-ctn-kix_6ilm3pm7rkk8-6}ol.lst-kix_2foi9i93t6nu-7{list-style-type:none}ol.lst-kix_2foi9i93t6nu-6{list-style-type:none}.lst-kix_oj9fy1qa5w5y-1 > li:before{content:"○ "}.lst-kix_oj9fy1qa5w5y-3 > li:before{content:"● "}.lst-kix_2foi9i93t6nu-0 > li:before{content:"" counter(lst-ctn-kix_2foi9i93t6nu-0,decimal) ". "}.lst-kix_2foi9i93t6nu-1 > li:before{content:"" counter(lst-ctn-kix_2foi9i93t6nu-1,lower-latin) ". "}.lst-kix_oj9fy1qa5w5y-0 > li:before{content:"● "}.lst-kix_oj9fy1qa5w5y-4 > li:before{content:"○ "}.lst-kix_2foi9i93t6nu-2 > li:before{content:"" counter(lst-ctn-kix_2foi9i93t6nu-2,lower-roman) ". "}.lst-kix_2foi9i93t6nu-3 > li:before{content:"" counter(lst-ctn-kix_2foi9i93t6nu-3,decimal) ". "}ol.lst-kix_2foi9i93t6nu-0.start{counter-reset:lst-ctn-kix_2foi9i93t6nu-0 0}.lst-kix_oj9fy1qa5w5y-2 > li:before{content:"■ "}.lst-kix_oj9fy1qa5w5y-8 > li:before{content:"■ "}.lst-kix_oj9fy1qa5w5y-5 > li:before{content:"■ "}.lst-kix_oj9fy1qa5w5y-7 > li:before{content:"○ "}.lst-kix_2foi9i93t6nu-8 > li{counter-increment:lst-ctn-kix_2foi9i93t6nu-8}.lst-kix_oj9fy1qa5w5y-6 > li:before{content:"● "}ul.lst-kix_oj9fy1qa5w5y-0{list-style-type:none}ul.lst-kix_hfy49oo9i00a-8{list-style-type:none}ul.lst-kix_oj9fy1qa5w5y-2{list-style-type:none}ul.lst-kix_oj9fy1qa5w5y-1{list-style-type:none}ol.lst-kix_6ilm3pm7rkk8-1.start{counter-reset:lst-ctn-kix_6ilm3pm7rkk8-1 0}ul.lst-kix_hfy49oo9i00a-6{list-style-type:none}ul.lst-kix_oj9fy1qa5w5y-4{list-style-type:none}ul.lst-kix_hfy49oo9i00a-7{list-style-type:none}ul.lst-kix_oj9fy1qa5w5y-3{list-style-type:none}ul.lst-kix_hfy49oo9i00a-4{list-style-type:none}ul.lst-kix_oj9fy1qa5w5y-6{list-style-type:none}ul.lst-kix_hfy49oo9i00a-5{list-style-type:none}ul.lst-kix_oj9fy1qa5w5y-5{list-style-type:none}ul.lst-kix_hfy49oo9i00a-2{list-style-type:none}ul.lst-kix_oj9fy1qa5w5y-8{list-style-type:none}ul.lst-kix_hfy49oo9i00a-3{list-style-type:none}ul.lst-kix_oj9fy1qa5w5y-7{list-style-type:none}ul.lst-kix_hfy49oo9i00a-0{list-style-type:none}ul.lst-kix_hfy49oo9i00a-1{list-style-type:none}.lst-kix_hfy49oo9i00a-5 > li:before{content:"■ "}.lst-kix_hfy49oo9i00a-7 > li:before{content:"○ "}.lst-kix_hfy49oo9i00a-4 > li:before{content:"○ "}.lst-kix_hfy49oo9i00a-8 > li:before{content:"■ "}.lst-kix_2foi9i93t6nu-7 > li{counter-increment:lst-ctn-kix_2foi9i93t6nu-7}ol.lst-kix_6ilm3pm7rkk8-7.start{counter-reset:lst-ctn-kix_6ilm3pm7rkk8-7 0}.lst-kix_2foi9i93t6nu-1 > li{counter-increment:lst-ctn-kix_2foi9i93t6nu-1}.lst-kix_hfy49oo9i00a-6 > li:before{content:"● "}.lst-kix_2foi9i93t6nu-4 > li{counter-increment:lst-ctn-kix_2foi9i93t6nu-4}ol.lst-kix_2foi9i93t6nu-5.start{counter-reset:lst-ctn-kix_2foi9i93t6nu-5 0}.lst-kix_6ilm3pm7rkk8-7 > li{counter-increment:lst-ctn-kix_6ilm3pm7rkk8-7}ol.lst-kix_6ilm3pm7rkk8-0.start{counter-reset:lst-ctn-kix_6ilm3pm7rkk8-0 0}.lst-kix_6ilm3pm7rkk8-1 > li{counter-increment:lst-ctn-kix_6ilm3pm7rkk8-1}.lst-kix_6ilm3pm7rkk8-4 > li{counter-increment:lst-ctn-kix_6ilm3pm7rkk8-4}
Assumptions
- 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