(a) State the octet rule. (b) Does the octet rule apply to ionic as well as to covalent compounds? Explain using examples as appropriate.
nd June 2 , 2016 Micro-theory Chapter 1 – Preliminaries Economics – the study of rational human action under scarcity -People are rational. They make cost/benefit decisions and face trade-offs. -Prices help people make those decisions. Prices signal relative scarcity. -Scarcity exists if, at a zero price, quantity demanded exceeds quantity supplied. -Scarcity makes rationing necessary. -Markets are usually a good way to ration scarce goods and services. -A market is a collection of buyers (demanders) and sellers (suppliers). -Markets vary in structure between perfectly competitive and monopolistic. -Market definition matters. * product space * geographic space Microeconomics – Individual actors (consumers, firms) and specific markets. Macroeconomics – Aggregate economic activity. Chapter 2 – Supply and Demand Supply – The relationship between price and quantity supplied. Supply depends on… 1) Price: Qs = f(P) Qs = 40 + 2P Qs = -110 + 5P – 1.6C 2) Cost of production (labor, capital, materials, etc.) 3) Expectations (of future price) 4) Seasonality (weather, holidays, etc.) -A supply curve is a marginal cost curve. Ex. The supply of lobsters. Illustrate: change in quantity supplied vs. change in supply (increase in supply -right shift. Decrease in supply -left shift) (change in quantity supply-movement along the curve.) See figure 2.1 in textbook. Demand – The relationship between price and quantity demanded. Demand dep