Econ 202, week 2 notes
Econ 202, week 2 notes ECON 202-004
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This 2 page Class Notes was uploaded by Loretta Hellmann on Sunday September 4, 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 9 views. For similar materials see Prin Economics-Micro in Microeconomics at Western Kentucky University.
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Date Created: 09/04/16
Week 2 Notes Monday, August 29, 2011:54 PM 8/29/2016 • Differences in production possibilities between 2 different countries could be a difference in population, technology or capitol • Slopes of tangent lines is just the measurement of the cost of producing something • When the slope is "flatter" the cost is less ○ Country "A" has a comparative advantage in the production of x ○ The cost of producing additional x is less than Country "B" ○ Country "B" has a comparative advantage in the production of y • If the countries were to trade their excess product of y or x, it would be beneficial for both countries Demand and Supply • Quantity Purchased by consumer (is influenced by:) 1. Price • If price increases, the quantity purchased will go down. Negative relationship 2. Income of the consumer • Normal (-) • Inferior (+) 3. Price of Another Good • Substitutes (+) • Complement (-) 4. Tastes 5. Expectations of Future Price (+)
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