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Day 1 Notes

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by: Paige Holub

Day 1 Notes ECON 2022

Paige Holub

GPA 3.731

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About this Document

Preview for what you can expect from a very interesting Micro-economics class. If you have questions about empirical activities in class, contact me as!
Principles of Microeconomics
Brian Duncan
Class Notes
Economics, Microeconomics, scientific method, economist
25 ?




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This 2 page Class Notes was uploaded by Paige Holub on Saturday January 30, 2016. The Class Notes belongs to ECON 2022 at University of Colorado Denver taught by Brian Duncan in Winter 2016. Since its upload, it has received 69 views. For similar materials see Principles of Microeconomics in Economcs at University of Colorado Denver.


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Date Created: 01/30/16
Paige DeWitt­Holub Intro to Microeconomics: Lecture Days 1 1/20 Lecture #1: I. The Syllabus II. Math Requirements III. Intro to Microeconomics IV. Economics and the Scientific Method II. Math Requirements: ­writing down models in the ‘language’ of math •calculus usually involved in economics •slope of straight line (slope = △y[change in y]/△x[change in x] or rise/run y=10­1/2x , y=b (y­intercept)­m (slope)x △y/△x = ­1/2 y= ­1/2△x •Area: Rectangle = bh = 4x3 = 12slope △y/△x Traingle = 1/2bh = ½(6)(3)=9 ­you will never be asked to find the area of something more than a straight line, as that is  calculus III.  Economics/Economists: How do people make situations decisions based on the frameworks  we’re in? ­rationality ­game theory (biologists, economics) ­is benevolent behavior(s) amongst animals good? *economics is the scientific study of decision­making Macro vs. Micro­economics: Micro is the assemblage (aggregate) of many micro­level  decisions, a firm, a country ­a decision is being made, thus many thousands of little decisions ­economics is a way of thinking (Macro is the study of typically national decisions, such as the stock market or diplomacy) The Scientific Method: Coming up with theories, a method for arising at conclusions­>           ex. precedent and analogy for something like people who fall off buildings? ­testimonial, guessing for conclusive data *start  Observations (experiential/empirical research, maybe to test if assumptions are not true)  <­ Reality (too complex) ­> Models ­> Predictions (based on assumptions almost by definition  always wrong) ­different models can be better… (once a better model is created, the old one will be replaced) ­do the predictions meet the observations??


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