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