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Week 2 notes

by: SophieSol

Week 2 notes ECON 1011

GPA 3.92
Principles of Economics I
Yezer, A

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About this Document

Here are my Econ notes from Week two
Principles of Economics I
Yezer, A
Class Notes
25 ?




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This 3 page Class Notes was uploaded by SophieSol on Sunday September 13, 2015. The Class Notes belongs to ECON 1011 at George Washington University taught by Yezer, A in Fall 2015. Since its upload, it has received 20 views. For similar materials see Principles of Economics I in Economcs at George Washington University.


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Date Created: 09/13/15
lnclass problem We have 180 bushels of corn per acre We have 30 bushels of wheat per acre We have 100 acres of land in total L land Corn production function C 180Lc I C180 LC Wheat production function W 30Lw I W3O LW What is the constraint on producing crops LW LC L PPF for wheat C180 W3O L C 180L 6W W 30L 16 C What is the opportunity cost of a bushel of wheat 6 bushels of corn 1 NonLinear PPF XON has Petroleum that can re ne into gasoline G or fuel oil F i If the change in 6 change in F is G small then the opportunity cost of F is small like it is in the red dot In the case of the blue dot the change in g over the change in F is big so the opportunity cost is You will get the most from having half and half If you double the petroleum the PPF will shift out parallel and advances in technology shifts it up and to the right If the slope is at opportunity cost is low If it is steep opportunity cost is high 2 Maximizing Revenue isorevenue line PG Price of Gas Pp price of feul R revenue R PGG price of gas x the amount of gas PFF price of fuel x amount of fuel Solve for G G RPG PFPG Let s say PF PG l slope 1 Isorevenue lines move out parallel Slope of PPF PFPG l delta G PG PFdelta F the value of G lost is the value of F created The marginal cost of lost G the marginal bene t of F The isorevenue line that hits the dot is technically efficient and allocatively efficient Technical ef ciency you can39t produce more of one good without giving up some of the other Allocative ef ciency revenue is maximized because opportunity cost price ratio of outputs Allocative ef ciency requires technical ef ciency If you have a linear PPF maximized revenue will almost always be a corner solution


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