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Macro Economics Lecture notes Week 1

by: Cassie Lee

Macro Economics Lecture notes Week 1 Econ 401

Marketplace > University of New Hampshire > Economics > Econ 401 > Macro Economics Lecture notes Week 1
Cassie Lee

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Chapter 2 September 1, 2016 PPF, Absolute advantage vs comparative advantage
Marco Vincenzi
Class Notes
PPF, Absolute advantagecomparative advantage, ComparativeAdvantage, absolute advantage, attainable, unattainable, Gains
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This 2 page Class Notes was uploaded by Cassie Lee on Wednesday October 5, 2016. The Class Notes belongs to Econ 401 at University of New Hampshire taught by Marco Vincenzi in Fall 2016. Since its upload, it has received 3 views. For similar materials see Macroeconomics in Economics at University of New Hampshire.

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Date Created: 10/05/16
Lecture 2 September 1, 2016 PRODUCTION POSSIBILITY FRONTIER: A curve showing the maximum attainable combination of two goods that may be produced, given the available resources and current technology.  Production= Produced Possibility= Attainable Frontier=Maximum Ex. Graphing a linear combination of two goods  Graphing a linear combination of two goods: (Solved Problem 2.1 p.44) Tesla Operates 8 hours per day. In an hour, it can make 15 sedans OR 10 SUV Choice Sedans SUVs # of Sedans # of SUVs A 8 0 15x8=140 10x0=0 B 7 1 15x7=105 10x1=10 C 6 2 15x6=90 10x2=20 D 5 3 15x5=75 10x3=30 E 4 4 15x4=60 10x4=40 F 3 5 15x3=45 10x5=50 G 2 6 15x2=30 10x6=60 H 1 7 15x1=15 10x7=70 I 0 8 15x0=0 10x8=80 1. Attainable: combinations on or inside the PPF A, B, C…I, B’ 2. Unattainable: combinations beyond the PPF B” 1. Technically Efficient: combinations on the PPF  A, B, C…I 2. Inefficient: combinations inside the PPF B’ Lecture 2 September 1, 2016 Is it always a linear combination? (Problem 1.10 p.67)   Increasing Marginal Opportunity Cost  Linear­ Constant Opp. Cost  Increasing  Diminishing Returns HOW DO ECONOMIES GROW?  1. More resources become available:   Labor: all types of work  Capital: computers, machines, tools, etc.  Natural resources: land, water, raw materials, etc.  2. Technological change in one industry:   Entrepreneur: someone who operates a business  Property Rights provide incentives for innovation  ABSOLUTE ADVANTAGE VS. COMPARATIVE ADVANTAGE  (figure 2.4)   Absolute advantage: the ability of an individual to produce more of a good, using the same amount of resources  Comparative advantage: the ability of an individual to produce a  good at a lower opportunity cost


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