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GEN 315 Week one chapter one ppt lecture
1.
Chapter 1 Thinking Like
an Economist © 2019 McGraw-Hill Education. All rights reserved. Authorized only for instructor use in the classroom. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
2.
© 2019 McGraw-Hill
Education. 2 Learning Objectives 1. Explain and apply the Scarcity Principle, which says that having more of any good thing necessarily requires having less of something else. 2. Explain and apply the Cost-Benefit Principle, which says that an action should be taken if, but only if, its benefit is at least as great as its cost. 3. Discuss three important pitfalls that occur when applying the Cost-Benefit Principle inconsistently. 4. Explain and apply the Incentive Principle, which says that if you want to predict people’s behavior, a good place to start is by examining their incentives.
3.
© 2019 McGraw-Hill
Education. 3 The Scarcity Principle
4.
© 2019 McGraw-Hill
Education. 4 The Scarcity Principle: Examples Scarcity is involved in Global warming Political elections Career choices Buying bottled water
5.
© 2019 McGraw-Hill
Education. 5 The Cost-Benefit Principle Take an action if and only if the extra benefits are at least as great as the extra costs Costs and benefits are not just money
6.
© 2019 McGraw-Hill
Education. 6 Applying the Cost-Benefit Principle Assume people are rational • A rational person has well defined goals and tries to fulfill those goals as best they can Would you walk to town to save $10 on an item? • Benefits are clear ($10) • But what are the “costs of walking to town”? Hypothetical auction • Would you walk to town if the savings were $1000? • How about savings of $500? $100? $50? • If you would walk to town for savings of $9, but not for savings of $8.99, then your costs of walking must be $9!
7.
© 2019 McGraw-Hill
Education. 7 Cost – Benefit Principle Examples
8.
© 2019 McGraw-Hill
Education. 8 Economic Surplus1 The economic surplus of an action is equal to its benefit minus its costs
9.
© 2019 McGraw-Hill
Education. 9 Economic Surplus2 The economic surplus of an action is equal to its benefit minus its costs Economic surplus = Total Benefits − Total Costs If we get $10 of savings from walking to town, and our costs of walking to town are $9, then the economic surplus from walking to town is $10 − $9 = $1.
10.
© 2019 McGraw-Hill
Education. 10 Opportunity Cost Opportunity cost is the value of what must be foregone in order to undertake an activity • Consider explicit and implicit costs Examples: • Give up an hour of babysitting to go to the movies • Give up watching TV to walk to town Caution: NOT the combined value of all possible activities • Opportunity cost considers only your best alternative
11.
© 2019 McGraw-Hill
Education. 11 Economic Models Simplifying assumptions • Which aspects of the decision are absolutely essential? • Which aspects are irrelevant? Abstract representation of key relationships • The Cost-Benefit Principle is a model • If costs of an action increase, the action is less likely • If benefits of an action increase, the action is more likely
12.
© 2019 McGraw-Hill
Education. 12 Three Decision Pitfalls Economic analysis predicts likely behavior Three general cases of mistakes 1. Measuring costs and benefits as proportions instead of absolute amounts 2. Ignoring implicit costs 3. Failure to think at the margin
13.
© 2019 McGraw-Hill
Education. 13 Pitfall1 Measuring costs and benefits as proportions instead of absolute amount • Would you walk to town to save $10 on a $25 item? • Would you walk to town to save $10 on a $2,500 item?
14.
© 2019 McGraw-Hill
Education. 14 Pitfall2 Ignoring implicit costs • Consider your alternatives • If you win a free concert ticket, it isn’t really “free” • What else would you have done with your evening? • Does going to the concert make you give up some other great activity?
15.
© 2019 McGraw-Hill
Education. 15 Pitfall3 Failure to think at the margin • Sunk costs cannot be recovered • Examples: • Eating at an all-you- can-eat restaurant • Attend a second year of law school
16.
© 2019 McGraw-Hill
Education. 16 Marginal Analysis Ideas Marginal cost is the increase in total cost from one additional unit of an activity • Average cost is total cost divided by the number of units Marginal benefit is the increase in total benefit from one additional unit of an activity • Average benefit is total benefit divided by the number of units
17.
© 2019 McGraw-Hill
Education. 17 Marginal Analysis: SpaceX Rocket If the marginal benefit is $6 billion per launch, how many launches should SpaceX make? # of Launches Total Cost ($B) Average Cost ($B/launch) Marginal Cost ($B) 0 $0 $0 $3 1 $3 $3 $4 2 $7 $3.5 $5 3 $12 $4 $8 4 $20 $5 $12 5 $32 $6.4
18.
© 2019 McGraw-Hill
Education. 18 Normative and Positive Economics Normative economic principle says how people should behave People shouldn’t pollute so much SpaceX should launch as many rockets as possible Positive economic principle predicts how people will behave People will pollute less if you tax pollution SpaceX will choose to launch rockets that it thinks it will turn a profit on
19.
© 2019 McGraw-Hill
Education. 19 Incentive Principle Incentives are central to people's choices
20.
© 2019 McGraw-Hill
Education. 20 Microeconomics and Macroeconomics Microeconomics studies choice and its implications for price and quantity in individual markets Sugar Carpets House cleaning services Microeconomics considers topics such as Costs of production Demand for a product Exchange rates Macroeconomics studies the performance of national economies and the policies that governments use to try to improve that performance Inflation Unemployment Growth Macroeconomics considers Monetary policy Deficits Tax
21.
© 2019 McGraw-Hill
Education. 21 Economics Is Choosing Focus in this course is on a short list of powerful ideas • Explain many economic issues • Predict decisions made in a variety of circumstances Core Principles are the foundation for solving economic problems
22.
© 2019 McGraw-Hill
Education. 22 Economics Is Everywhere There are many things that economics can help to explain Economic Naturalist topics • Why is expensive software bundled with PCs? • Why can't you buy a car without heaters • Drive-up ATMs with Braille
23.
© 2019 McGraw-Hill
Education. Chapter 1 Appendix Working with Equations, Graphs, and Tables
24.
© 2019 McGraw-Hill
Education. 24 Definitions Equation Variable • Dependent variable • Independent variable Parameter (constant) • Slope • Intercept
25.
© 2019 McGraw-Hill
Education. 25 From Words to an Equation Identify the variables Calculate the parameters • Slope • Intercept Write the equation Example: Phone bill is $5 per month plus 10 cents per minute B = 5 + 0.10 T
26.
© 2019 McGraw-Hill
Education. 26 From Equation to Graph B = 5 + 0.10 T • Draw and label axes • Horizontal is independent variable • Vertical is dependent variable • To graph, • Plot the intercept • Plot one other point • Connect the points
27.
© 2019 McGraw-Hill
Education. 27 From Graph to Equation • Identify variables • Independent • Dependent • Identify parameters • Intercept • Slope • Write the equation B = 4 + 0.2 T
28.
© 2019 McGraw-Hill
Education. 28 Changes in the Intercept • An increase in the intercept shifts the curve up • Slope is unchanged • Caused by an increase in the monthly fee • A decrease in the intercept shifts the curve down • Slope is unchanged
29.
© 2019 McGraw-Hill
Education. 29 Changes in the Slope • An increase in the slope makes the curve steeper • Intercept is unchanged • Caused by an increase in the per minute fee • A decrease in the slope makes the curve flatter • Intercept is unchanged
30.
© 2019 McGraw-Hill
Education. 30 From Table to Graph Long-distance bill ($/month) Total long-distance calls (minutes/month) $10.50 10 $11.00 20 $11.50 30 $12.00 40 •Identify variables •Independent •Dependent •Label axes •Plot points •Connect points
31.
© 2019 McGraw-Hill
Education. 31 From Table to Equation Long-distance bill ($/month) Total long-distance calls (minutes/month) $10.50 10 $11.00 20 $11.50 30 $12.00 40 Identify independent and dependent variables Calculate slope Slope = (11.5 − 10.5) / (30 − 10) = 1/20 = 0.05 Solve for intercept, f, using any point B = f + 0.05 T 12 = f + 0.05 (40) = f + 2 f = 12 − 2 = 10 B = 10 + 0.05 T
32.
© 2019 McGraw-Hill
Education. 32 Simultaneous Equations1 Two equations, two unknowns Solving the equations gives the values of the variables where the two lines intersect • Lines intersect when the values of the independent and dependent variables are the same in the equations for both lines Example • Two billing plans for phone service • How many minutes make the two plans cost the same?
33.
© 2019 McGraw-Hill
Education. 33 Simultaneous Equations2 Plan 1 B = 10 + 0.04T Plan 2 B = 20 + 0.02T Plan 1 has higher per minute price while Plan 2 has a higher monthly fee Find B and T for point A
34.
© 2019 McGraw-Hill
Education. 34 Simultaneous Equations3 Plan 1 B = 10 + 0.04 T Plan 2 B = 20 + 0.02 T Subtract Plan 2 equation from Plan 1 and solve for T B 10 0.04 T –B –20 – 0.02 T 0 –10 0.02 T T = 500 Find B when T = 500 B = 10 + 0.04 T B = 10 + 0.04 (500) B = $30 OR B = 20 + 0.02 T B = 20 + 0.02 (500) B = $30
Editor's Notes
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