Solved: Finding a Power Series In Exercises 516, find a power series for the function

Econ 202 ~ Chapter 1 ~ 10 Principles of Marco-Economics HOW PEOPLE MAKE DECISIONS 1. People face trade-offs ~ because resources are scarce between alternative items, choices are necessary  Trade-offs between efficiency & equality when grouped into a society  Asks: “What” or “which” to do 2. The true cost of something is what you give up to get it ~ it’s measured in forgone opportunity costs.  Measuring the costs and benefits of giving up something else for an item 3. Rational people think at the margin ~ is decision-making at the edge or at a limit  Intuitively comparing marginal benefits to marginal costs  Asks: “How much of” is a decision at the margin  At the “edge” is measured in one (1) unit  When MB > MC ~ Take Action / When MB < MC ~ Don’t Take Action 4. People respond to incentives ~ induces a person to act (effect & change behavior)  People exploit opportunities to make themselves better off  Something that induces a person to act via a reward or punishment Efficiency ~ is when society gets its most out of its scarce resources. (Size of the pie) Equality ~ is when prosperity is distributed uniformly amongst society’s members. (How the pie is divided) Rationale People ~ are people who systematically and purposefully do the best they can to achieve their objectives. Market Economy ~ is the allocation of resources as many households and many firms in