New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Microeconomics Lecture Notes Week 1-2

by: Alexis Newcomer

Microeconomics Lecture Notes Week 1-2 ECON 2010

Marketplace > Western Michigan University > Economcs > ECON 2010 > Microeconomics Lecture Notes Week 1 2
Alexis Newcomer
GPA 3.43
Principles of Microeconomics
Bill Kern

Almost Ready


These notes were just uploaded, and will be ready to view shortly.

Purchase these notes here, or revisit this page.

Either way, we'll remind you when they're ready :)

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

These notes review extensively what was said in lecture
Principles of Microeconomics
Bill Kern
Class Notes
25 ?




Popular in Principles of Microeconomics

Popular in Economcs

This 4 page Class Notes was uploaded by Alexis Newcomer on Monday January 25, 2016. The Class Notes belongs to ECON 2010 at Western Michigan University taught by Bill Kern in Winter 2016. Since its upload, it has received 20 views. For similar materials see Principles of Microeconomics in Economcs at Western Michigan University.


Reviews for Microeconomics Lecture Notes Week 1-2


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 01/25/16
Chapter 1 Lecture Week 1 114 Microeconomics vs Macroeconomics What s the difference 0 Macro a very broad spectrum of the economy 0 Micro individual components that make up the economy Scientific Method Economic Models 0 Used for basic understanding 0 Economic Variables o What economic models are composed of 0 Some measure of economic activity 0 Ex interest rate value etc Presenting Models 0 Verbally o Graphically o Math Procedures of the Scientific Method 1 Observing realworld behaviors and outcomes 2 Develop a hypothesis cause and effect 3 Test your hypothesis natural experiment vs laboratory 4 Accept reject modify the hypothesis 5 Continue to test the hypothesis against the facts data Features of Models 1 Abstraction generalization 2 Assumptions a Ceteris paribus i Microapproach simplifying the problem piece by piece b Maximizing behavior i Ex maximize profits utilities c Market structure i 2 types of used cars cream puffs vs lemons The lndividual s Economic Problem 0 Limited resources 0 Time vs unlimited wants Model 0 Suppose I 10week Price of coffee 2cup Price of donuts 1 each Comte Gt v um 7 8MWM A izzzzw 4 unai bcdomiazwz 7 PM quotw if Iquot Societv s Economic Problem Production Possibilities 1 Fixed quantity of resources land labor capital entrep 2 Full employment 3 Technology constant 4 We produce only 2 goods Pizza Beer Opportunity Cost A 8 0 5 pizzabeer B 4 67 pizzabeer C 4 7 1 pizzabeer D 2 9 2 pizzabeer E O 10 Law of increasing cost Optimal Allocation What is the optimal point on the Production Possibilities Curve Sources of Growth Increase in resource supplies Technological change Adoption of growth supporting institution and policies Ordanizind Economic Activitv Four Fundamental Questions What to Produce How to Produce For Who to Produce How to Promote Progress PWNT Two Wavs of Ordanizind Economic Activitv Command economy socialist planned Market economy 0 Difference Market Economy no one is in charge decisions made by individuals Command Economy government in charge


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Janice Dongeun University of Washington

"I used the money I made selling my notes & study guides to pay for spring break in Olympia, Washington...which was Sweet!"

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.