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February 23-27

by: Alex Payton

February 23-27 101

Marketplace > Economic Sciences > 101 > February 23 27
Alex Payton
GPA 2.9

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About this Document

Notes on all three lectures
Class Notes
25 ?




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This 2 page Class Notes was uploaded by Alex Payton on Friday February 27, 2015. The Class Notes belongs to 101 at a university taught by Spangler in Fall. Since its upload, it has received 176 views.

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Date Created: 02/27/15
Microeconomics notes 22315 explicit costs paying rent on existing building implicit costs of capital opportunity cost of use of one39s own capital 2 types of decisions choice between alternatives eitheror positive economic profit A B C pizza burritos Vomit AgtB BgtC AgtC Marginal cost additional cost incurred by producing one more unit of goodservice Increasing Marginal Cost additional unit costs more than preVious unit Constant Marginal Cost additional costs same as last one Decreasing Marginal Cost additional costs less to produce Marginal benefit additional benefit derived from producing one more unit of good or service 1 slice of pizza gets him hungry 2 slices of pizza perfect amount full pizza sad 22515 Profitmaximizing principle of marginal analysis profit maximizing how much decision optimal quantity marginal benefit is greater than or equal to marginal cost sunk cost cost has already been incurred and isn39t recoverable 22715 utility enj oyment or satisfaction experienced by consumer Consumer Behavior Model objective of consumers is to maximize utility can39t quantify utility ex Pepsi vs Coke Utility changes With amount good is consumed Total utility increases as we consume more Marginal utility change in total utility a person receives from consuming one additional unit of good or service marginal utility of good xprice of good x marginal utility of good yprice of good y lt Equal marginal utility per dollar spent


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