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ECON 251: Microeconomics - Study Guide


ECON 251: Microeconomics - Study Guide ECON 251

Marketplace > Purdue University > Economcs > ECON 251 > ECON 251 Microeconomics Study Guide
Kelly Blanchard

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About this Document

Kelly Blanchard
Study Guide
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Popular in Microeconomics

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This 12 page Study Guide was uploaded by an elite notetaker on Monday October 13, 2014. The Study Guide belongs to ECON 251 at Purdue University taught by Kelly Blanchard in Fall. Since its upload, it has received 417 views. For similar materials see Microeconomics in Economcs at Purdue University.

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Date Created: 10/13/14
Marginal benefit is the benefit received by consuming one more unit of a good Marginal benefit is subjective which means it depends on people39s individual preferences We use the marginal benefit curve to describe the marginal benefit of a good This is unrelated to the PPF and cannot be derived from it We measure the MB from a product by the most that people are willing to pay for an additional unit of it People are willing to pay less for a good than what it is worth but not more than what it is worth The most people are willing to pay for a good is its MB The principle of decreasing marginal benefit describes how people are willing to pay less for a product when they receive more of it Decreasing MB occurs because people want variety Liz and oe decide to specialize and make the things that each of them have to lowest opportunity cost to produce Ioe now produces 30 salads and Liz now produces 30 smoothies Li I both gain 5 smoothies and salads an hour Liz and Ioe trade smoothies and salads at a rate of 2 salads per smoothie Ioe gets smoothies for 2 salads each which is less than the 5 smoothies it cost him before Liz gets a salad for every half smoothie which is less than the 1 smoothie it cost her before 1 1 1 4 V g f 0 IS 20 15 wwbd 0 3 y I r Send es M M33 Q 9 lr392JyaIyJa prodocesdpoinAa1hisPPFinponaond 0 u1pg ggq9pobuAonherFPfanpa1bJ0039I0PP 39 quot ddp mquotmi ycouolprodr9on1odsleudmuz39asoJooos quot 39 quot hquotma P L cmww mo9 n podumg salad U1 oppomr lea l ts 9ycos3ofproduurgonnocd39r1ioisotstanJ0939aoUz P ad V yN icsocar om woo vorrogannpr0duC1 O9 Wquot duanohm u Hoe specdszes in moldng sdodi 50P39 d 30 L Hf rd5ampI Q 1 odadnomcahmdpow8onhisPFFfUztpuoollm quot39 quot39 39 1 Chapter 3 A market is any arrangement that allows buyers and sellers to get information and to do business with each other


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