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## Micro-Economics, week 1 notes

by: Loretta Hellmann

20

1

6

# Micro-Economics, week 1 notes ECON 202-004

Loretta Hellmann
WKU
GPA 3.75

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these are notes from week 1 and the worksheet we did along with them
COURSE
Prin Economics-Micro
PROF.
Dr. Melvin Borland
TYPE
Class Notes
PAGES
6
WORDS
KARMA
Free

## Popular in Microeconomics

This 6 page Class Notes was uploaded by Loretta Hellmann on Sunday August 28, 2016. The Class Notes belongs to ECON 202-004 at Western Kentucky University taught by Dr. Melvin Borland in Fall 2016. Since its upload, it has received 20 views. For similar materials see Prin Economics-Micro in Microeconomics at Western Kentucky University.

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Date Created: 08/28/16
Week 1 Notes Monday, August 22, 2016 2:01 PM 8/22/2016 Opportunity Cost  If a country is producing "X" quantity of houses, is the opportunity cost of the resources used  Costs always exists. No matter what you do there is a cost  As you increase the output of any given product, the costs will continue to increase  Costs always increases The Law of Increasing Costs  When graphing the costs vs output, the slope will always continue to get higher or "steeper" because costs more expensive Concave to the origin point 8/24/2016 X= production possibility Production possibilities (table) Wednesday, August 24, 2016 11:19 AM

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