05 wed marginal analysis
•Download as PPTX, PDF•
1 like•456 views
This document outlines 10 of Greg Mankiw's key economic assumptions: 1. People face tradeoffs and have limited resources 2. The cost of something is measured by what one gives up to obtain it 3. Rational people make decisions at the margin by weighing costs against benefits
Report
Share
Report
Share
Recommended
106 demand supply_new_perspective
This document discusses how imbalance between demand and supply is often the root cause of many problems. It provides examples like traffic jams caused by too many vehicles for existing road capacity, divorce resulting from unrealistic expectations between partners, and overpopulation putting stress on resources. While solutions aim to increase supply, this alone cannot keep up with growing demand. Understanding the underlying demand-supply imbalance is key to addressing problems at their root, rather than superficially treating recurring symptoms. Taking corrective action on long-term demand factors like population control, resource management, and education on realistic expectations could help resolve issues in a sustainable manner.
Marginal analysis
Marginal analysis examines the costs and benefits of small incremental changes to determine the optimal level of a decision variable. It works by comparing the marginal benefit and marginal cost of an additional unit. If the marginal benefit exceeds the marginal cost, the decision variable should be increased as net benefits will rise. For example, a firm considers producing one more widget. If the extra widget's marginal revenue of $1,200 is less than its marginal cost of $1,500, the firm should not produce it, as net profits would fall. Marginal analysis provides a framework for maximizing benefits given scarce resources.
Unit 1
This document provides an overview of economic concepts and analysis for business. It defines key terms like microeconomics, macroeconomics, positive and normative economics, short run and long run analysis, and partial and general equilibrium. It also discusses production possibility frontiers and the basic assumptions of economics. Managerial economics is introduced as the application of economic principles to managerial decision making within an organization. The roles of scarcity, opportunity cost, margins, and discounting in economic analysis are outlined. Finally, the document compares how capitalist, socialist, and mixed economies approach solving economic problems.
Establishing Objectives and Budgeting for the Promotional Program
The document discusses establishing objectives and budgeting for promotional programs. It provides characteristics that effective objectives should have such as being attainable, realistic, measurable, and specific. It also distinguishes between marketing objectives, which are generally stated in a marketing plan and achieved through the overall marketing plan, and communications objectives, which are more narrow and derived from marketing objectives. The document also discusses factors that affect sales beyond just promotion, and frameworks for understanding how advertising can move consumers through different cognitive and emotional stages toward action. It provides models for analyzing the relationship between advertising spending and sales returns.
Management of Receivables
1. The document discusses various techniques for managing receivables, including determining appropriate credit standards, analyzing creditworthiness, setting credit terms and collection policies.
2. Key aspects of receivables management include balancing the costs and benefits of maintaining receivables, assessing factors like a customer's capital, character, collateral, capacity and economic conditions.
3. Techniques for analyzing receivables policies involve marginal analysis to accept changes where marginal returns exceed costs, and heuristic or discriminant analysis using factors from a company's experience to establish credit limits.
Trends 2012
This document summarizes the services provided by Trendwolves, a research and marketing agency focused on European youth culture. Trendwolves conducts trend research through both general reports and sector-specific reports, gathering input from a network of trendsetters across Europe. They also perform creative quantitative and qualitative research using surveys, interviews, social media analysis and field research. Trendwolves shares insights through lectures and workshops, and helps clients implement trends through campaigns and business strategies tailored to youth audiences.
Advance DNA sequencing
1st, 2nd & 3rd generation DNA sequencing. This ppt have some video slides (black color). So please download then play.
Recommended
106 demand supply_new_perspective
This document discusses how imbalance between demand and supply is often the root cause of many problems. It provides examples like traffic jams caused by too many vehicles for existing road capacity, divorce resulting from unrealistic expectations between partners, and overpopulation putting stress on resources. While solutions aim to increase supply, this alone cannot keep up with growing demand. Understanding the underlying demand-supply imbalance is key to addressing problems at their root, rather than superficially treating recurring symptoms. Taking corrective action on long-term demand factors like population control, resource management, and education on realistic expectations could help resolve issues in a sustainable manner.
Marginal analysis
Marginal analysis examines the costs and benefits of small incremental changes to determine the optimal level of a decision variable. It works by comparing the marginal benefit and marginal cost of an additional unit. If the marginal benefit exceeds the marginal cost, the decision variable should be increased as net benefits will rise. For example, a firm considers producing one more widget. If the extra widget's marginal revenue of $1,200 is less than its marginal cost of $1,500, the firm should not produce it, as net profits would fall. Marginal analysis provides a framework for maximizing benefits given scarce resources.
Unit 1
This document provides an overview of economic concepts and analysis for business. It defines key terms like microeconomics, macroeconomics, positive and normative economics, short run and long run analysis, and partial and general equilibrium. It also discusses production possibility frontiers and the basic assumptions of economics. Managerial economics is introduced as the application of economic principles to managerial decision making within an organization. The roles of scarcity, opportunity cost, margins, and discounting in economic analysis are outlined. Finally, the document compares how capitalist, socialist, and mixed economies approach solving economic problems.
Establishing Objectives and Budgeting for the Promotional Program
The document discusses establishing objectives and budgeting for promotional programs. It provides characteristics that effective objectives should have such as being attainable, realistic, measurable, and specific. It also distinguishes between marketing objectives, which are generally stated in a marketing plan and achieved through the overall marketing plan, and communications objectives, which are more narrow and derived from marketing objectives. The document also discusses factors that affect sales beyond just promotion, and frameworks for understanding how advertising can move consumers through different cognitive and emotional stages toward action. It provides models for analyzing the relationship between advertising spending and sales returns.
Management of Receivables
1. The document discusses various techniques for managing receivables, including determining appropriate credit standards, analyzing creditworthiness, setting credit terms and collection policies.
2. Key aspects of receivables management include balancing the costs and benefits of maintaining receivables, assessing factors like a customer's capital, character, collateral, capacity and economic conditions.
3. Techniques for analyzing receivables policies involve marginal analysis to accept changes where marginal returns exceed costs, and heuristic or discriminant analysis using factors from a company's experience to establish credit limits.
Trends 2012
This document summarizes the services provided by Trendwolves, a research and marketing agency focused on European youth culture. Trendwolves conducts trend research through both general reports and sector-specific reports, gathering input from a network of trendsetters across Europe. They also perform creative quantitative and qualitative research using surveys, interviews, social media analysis and field research. Trendwolves shares insights through lectures and workshops, and helps clients implement trends through campaigns and business strategies tailored to youth audiences.
Advance DNA sequencing
1st, 2nd & 3rd generation DNA sequencing. This ppt have some video slides (black color). So please download then play.
Glossary
This document defines terms related to astronomy and space science. It provides definitions for terms like altitude, azimuth, aurora, chromosphere, convection zone, corona, coronal hole, flare, photosphere, prominence, solar constant, solar cycle, solar eclipse, solar maximum, solar minimum, and solar wind. It also defines terms like sun, sunspot, sunspot cycle, absolute brightness, angular resolution, angular size, apparent brightness, arc minute, arc second, astronomer, astronomical unit, baseline, blueshift, celestial sphere, collecting area, constellation, core, cosmic abundances, declination, degree of arc, differentiation, diffraction grating, ellipse, field of view, geocentric, infrared telescope
Stomp presentation v1.5.1
The document provides an overview of Streamlined Task Orientated Management of Projects (STOMP), a high-level project methodology designed to provide visibility of project processes. It discusses common project phases including planning, design, build, test, and delivery. STOMP sits above detailed methodologies to allow all resources to understand the process. Key aspects covered include the project plan, change control process, and tracking progress against the schedule. The goal is to enable teams to communicate project status easily to management.
Bringing Consistency to Digital Resource Evaluation
Overview of process used by the Clifton Park-Halfmoon Public Library to create a survey tool for consistent digital resource evaluation. Presented as a flash talk during the SMART Membership Meeting at the 2015 NYLA Conference.
Mon printing press
The document discusses the impact of the printing press invention by Johannes Gutenberg in the 1400s-1600s. It notes that before the printing press, all books were handwritten which was a long and difficult process. The printing press allowed books and new ideas to spread widely across Europe, helping to end ignorance. This was a factor in the Renaissance period, a time of "rebirth" in European culture and society. The document suggests Gutenberg is one of the most important people to ever live due to his role in popularizing printing.
Bringing eDiscovery In-House for Dummies
This document provides an overview of EMC, a company that provides tools and solutions for information management. EMC helps customers design, build, and manage intelligent information infrastructures to exploit the value of information for business advantage. EMC works with organizations of all sizes across various industries. It offers solutions, services, software, and systems to help customers meet critical business challenges relating to archiving, backup, compliance, and more. EMC has a strong record of innovation and leadership in the data storage market, and has over 33,000 employees worldwide.
Cost curves
This document provides data on the costs of producing hot dogs per hour for a business. It includes the fixed costs (FC), variable costs (VC), total costs (TC), average fixed costs (AFC), average variable costs (AVC), average total costs (ATC), and marginal costs (MC) for outputs ranging from 0 to 10 hot dogs per hour. It instructs the reader to graph MC in red, ATC in blue, AVC in green, and AFC in black based on this data.
5 Tips for Great Social Media Research
The document provides 5 tips for effective social media research:
1. Have a clear research objective rather than vague questions.
2. Understand which large, well-known brands can be effectively researched through social listening while smaller brands may be difficult.
3. Remember research basics like large sample sizes for statistical significance.
4. Be prepared to lose some standard research capabilities in social media like demographics.
5. Collaboration across different research methods like surveys, mobile, and social listening can provide a more complete picture.
Git glossary
This document contains a glossary of common Git terms like fast-forward, origin, clone, master, trunk, head, checkout, fetch, pull, add, commit, index, push, merge, rebase, cherry-pick, and SHA. It also provides a link to the Git documentation website for more detailed explanations of each term.
How to Create a Proprietary Measure Using Social Media Data
The document describes the process of creating a proprietary measure for comparing brands using social media data. Key steps include:
1) Choosing relevant variables to measure based on sufficient public data and theoretical relevance to all brands.
2) Developing a statistical model to assign weights to each variable based on regression or other analysis.
3) Calculating raw scores for each brand by applying the model to social media data.
4) Validating results by assessing if rankings match expectations, then repeating the process as needed to refine the model.
The goal is to produce a single, comparable number for each brand that provides unique insights and value to clients.
Introduction to Economics
This document outlines 10 principles of economics:
1) People face tradeoffs when making decisions that require choosing one goal over another.
2) The cost of something is measured by what one gives up to obtain it, known as opportunity cost.
3) Rational people make decisions by comparing marginal costs and benefits of small incremental changes.
4) Markets are usually a good way to organize economic activity as they allow for specialization and gains from trade, but governments can intervene to address market failures or inequities.
5) A country's standard of living depends on its level of productivity and production.
Chapter 1.pptx
The opportunity cost of attending the Super Bowl game is $300. While the ticket was given for free, the next best alternative is attending the Beyoncé concert, which you would be willing to pay up to $300 for. Therefore, the opportunity cost is $300, which is the value of the best alternative forgone by attending the Super Bowl.
Lecture 1
This document summarizes 10 principles of economics from a lecture presentation. It discusses how individuals and societies face tradeoffs in decision making due to scarce resources. Markets are generally efficient at coordinating trade but sometimes fail, allowing for potential government intervention. A country's production determines living standards, and inflation and unemployment are related in the short-run by the Phillips curve.
Pertemuan 1.ppt
Adam Smith made the observation that households and firms interacting in markets act as if guided by an “invisible hand.”
Because households and firms look at prices when deciding what to buy and sell, they unknowingly take into account the social costs of their actions.
As a result, prices guide decision makers to reach outcomes that tend to maximize the welfare of society as a whole.
Adam Smith made the observation that households and firms interacting in markets act as if guided by an “invisible hand.”
Because households and firms look at prices when deciding what to buy and sell, they unknowingly take into account the social costs of their actions.
As a result, prices guide decision makers to reach outcomes that tend to maximize the welfare of society as a whole.
Adam Smith made the observation that households and firms interacting in markets act as if guided by an “invisible hand.”
Because households and firms look at prices when deciding what to buy and sell, they unknowingly take into account the social costs of their actions.
As a result, prices guide decision makers to reach outcomes that tend to maximize the welfare of society as a whole.
Adam Smith made the observation that households and firms interacting in markets act as if guided by an “invisible hand.”
Because households and firms look at prices when deciding what to buy and sell, they unknowingly take into account the social costs of their actions.
As a result, prices guide decision makers to reach outcomes that tend to maximize the welfare of society as a whole.
Mankiw
This document provides an overview of 10 principles of economics according to N. Gregory Mankiw's textbook. It discusses that individuals face tradeoffs when making decisions and consider costs and benefits at the margin. Trade between individuals can make all parties better off, and markets are generally efficient at coordinating trade, though governments may intervene to address market failures. A country's production level determines its standard of living, and in the short-run there is a tradeoff between inflation and unemployment.
Chap 01
This document provides an overview of 10 principles of economics according to N. Gregory Mankiw's textbook. It discusses that individuals face tradeoffs when making decisions and consider costs and benefits at the margin. Trade between individuals can make all parties better off, and markets are generally efficient at coordinating economic activity, though governments may intervene to address market failures. A country's production level determines its standard of living, and in the short-run there is a tradeoff between inflation and unemployment.
econ 2301 chapter 1 ppt
1. This chapter introduces the basic principles of economics, including principles of individual choice, how choices interact, and economy-wide interactions. It establishes that economics analyzes choices must be made because resources are scarce.
2. Key concepts introduced are opportunity costs, marginal analysis for decision making, incentives, gains from trade through specialization, markets moving toward equilibrium, and situations where government intervention may be needed to improve efficiency.
3. The chapter lays out a framework of microeconomic and macroeconomic analysis based on these foundational principles.
Eco_Chap_1
1. Economics is the study of how society manages its scarce resources. People face tradeoffs and respond to incentives when making decisions. Markets are generally good for coordinating trade but government can improve outcomes.
2. Individual decisions require comparing costs and benefits at the margin. Productivity determines living standards between countries.
3. In the short run, inflation and unemployment are tradeoffs illustrated by the Phillips Curve. Money printing causes inflation while markets allow for gains from specialization and trade.
Ten principles (1)
This document outlines 10 principles of economics according to an economics textbook. It discusses how individuals and societies face tradeoffs in managing scarce resources, and how rational decision making involves weighing costs and benefits at the margin. Markets are generally effective at organizing economic activity, but governments sometimes need to intervene to address market failures or inequities. A nation's standard of living ultimately depends on its productivity, and excess money creation by the government can lead to inflation, which trades off against unemployment in the short run according to the Phillips curve.
Ten principles
This document introduces the ten principles of economics according to Gregory Mankiw's economics textbook. It explains that economics studies how societies manage scarce resources and that individuals and societies face tradeoffs in their decision making. It discusses how rational people consider costs and benefits at the margin when making choices and how incentives influence behavior. Trade, markets, and government intervention are reviewed as mechanisms for organizing economic activity. Productivity, money supply, and inflation are linked to standards of living and unemployment rates.
1
This document introduces the ten principles of economics according to Gregory Mankiw's economics textbook. It explains that economics studies how societies manage scarce resources and that individuals and societies face tradeoffs in making decisions. It discusses how rational people consider costs and benefits at the margin when deciding how to allocate resources. Markets are generally efficient but governments sometimes need to intervene to correct market failures or inequities. A nation's standard of living depends on its productivity, and inflation is often caused by increases in the money supply.
20091128 mankiw economics chapter1
1. The document outlines 10 principles of economics, organized into three categories: how people make decisions, how people interact, and how the economy as a whole works.
2. It provides explanations and examples for each principle, discussing concepts like trade-offs, incentives, markets, productivity, and inflation.
3. The principles are presented as fundamental ideas that provide a framework for understanding economic behavior at both the individual and aggregate level.
More Related Content
Viewers also liked
Glossary
This document defines terms related to astronomy and space science. It provides definitions for terms like altitude, azimuth, aurora, chromosphere, convection zone, corona, coronal hole, flare, photosphere, prominence, solar constant, solar cycle, solar eclipse, solar maximum, solar minimum, and solar wind. It also defines terms like sun, sunspot, sunspot cycle, absolute brightness, angular resolution, angular size, apparent brightness, arc minute, arc second, astronomer, astronomical unit, baseline, blueshift, celestial sphere, collecting area, constellation, core, cosmic abundances, declination, degree of arc, differentiation, diffraction grating, ellipse, field of view, geocentric, infrared telescope
Stomp presentation v1.5.1
The document provides an overview of Streamlined Task Orientated Management of Projects (STOMP), a high-level project methodology designed to provide visibility of project processes. It discusses common project phases including planning, design, build, test, and delivery. STOMP sits above detailed methodologies to allow all resources to understand the process. Key aspects covered include the project plan, change control process, and tracking progress against the schedule. The goal is to enable teams to communicate project status easily to management.
Bringing Consistency to Digital Resource Evaluation
Overview of process used by the Clifton Park-Halfmoon Public Library to create a survey tool for consistent digital resource evaluation. Presented as a flash talk during the SMART Membership Meeting at the 2015 NYLA Conference.
Mon printing press
The document discusses the impact of the printing press invention by Johannes Gutenberg in the 1400s-1600s. It notes that before the printing press, all books were handwritten which was a long and difficult process. The printing press allowed books and new ideas to spread widely across Europe, helping to end ignorance. This was a factor in the Renaissance period, a time of "rebirth" in European culture and society. The document suggests Gutenberg is one of the most important people to ever live due to his role in popularizing printing.
Bringing eDiscovery In-House for Dummies
This document provides an overview of EMC, a company that provides tools and solutions for information management. EMC helps customers design, build, and manage intelligent information infrastructures to exploit the value of information for business advantage. EMC works with organizations of all sizes across various industries. It offers solutions, services, software, and systems to help customers meet critical business challenges relating to archiving, backup, compliance, and more. EMC has a strong record of innovation and leadership in the data storage market, and has over 33,000 employees worldwide.
Cost curves
This document provides data on the costs of producing hot dogs per hour for a business. It includes the fixed costs (FC), variable costs (VC), total costs (TC), average fixed costs (AFC), average variable costs (AVC), average total costs (ATC), and marginal costs (MC) for outputs ranging from 0 to 10 hot dogs per hour. It instructs the reader to graph MC in red, ATC in blue, AVC in green, and AFC in black based on this data.
5 Tips for Great Social Media Research
The document provides 5 tips for effective social media research:
1. Have a clear research objective rather than vague questions.
2. Understand which large, well-known brands can be effectively researched through social listening while smaller brands may be difficult.
3. Remember research basics like large sample sizes for statistical significance.
4. Be prepared to lose some standard research capabilities in social media like demographics.
5. Collaboration across different research methods like surveys, mobile, and social listening can provide a more complete picture.
Git glossary
This document contains a glossary of common Git terms like fast-forward, origin, clone, master, trunk, head, checkout, fetch, pull, add, commit, index, push, merge, rebase, cherry-pick, and SHA. It also provides a link to the Git documentation website for more detailed explanations of each term.
How to Create a Proprietary Measure Using Social Media Data
The document describes the process of creating a proprietary measure for comparing brands using social media data. Key steps include:
1) Choosing relevant variables to measure based on sufficient public data and theoretical relevance to all brands.
2) Developing a statistical model to assign weights to each variable based on regression or other analysis.
3) Calculating raw scores for each brand by applying the model to social media data.
4) Validating results by assessing if rankings match expectations, then repeating the process as needed to refine the model.
The goal is to produce a single, comparable number for each brand that provides unique insights and value to clients.
Viewers also liked (10)
Bringing Consistency to Digital Resource Evaluation
Bringing Consistency to Digital Resource Evaluation
How to Create a Proprietary Measure Using Social Media Data
How to Create a Proprietary Measure Using Social Media Data
Similar to 05 wed marginal analysis
Introduction to Economics
This document outlines 10 principles of economics:
1) People face tradeoffs when making decisions that require choosing one goal over another.
2) The cost of something is measured by what one gives up to obtain it, known as opportunity cost.
3) Rational people make decisions by comparing marginal costs and benefits of small incremental changes.
4) Markets are usually a good way to organize economic activity as they allow for specialization and gains from trade, but governments can intervene to address market failures or inequities.
5) A country's standard of living depends on its level of productivity and production.
Chapter 1.pptx
The opportunity cost of attending the Super Bowl game is $300. While the ticket was given for free, the next best alternative is attending the Beyoncé concert, which you would be willing to pay up to $300 for. Therefore, the opportunity cost is $300, which is the value of the best alternative forgone by attending the Super Bowl.
Lecture 1
This document summarizes 10 principles of economics from a lecture presentation. It discusses how individuals and societies face tradeoffs in decision making due to scarce resources. Markets are generally efficient at coordinating trade but sometimes fail, allowing for potential government intervention. A country's production determines living standards, and inflation and unemployment are related in the short-run by the Phillips curve.
Pertemuan 1.ppt
Adam Smith made the observation that households and firms interacting in markets act as if guided by an “invisible hand.”
Because households and firms look at prices when deciding what to buy and sell, they unknowingly take into account the social costs of their actions.
As a result, prices guide decision makers to reach outcomes that tend to maximize the welfare of society as a whole.
Adam Smith made the observation that households and firms interacting in markets act as if guided by an “invisible hand.”
Because households and firms look at prices when deciding what to buy and sell, they unknowingly take into account the social costs of their actions.
As a result, prices guide decision makers to reach outcomes that tend to maximize the welfare of society as a whole.
Adam Smith made the observation that households and firms interacting in markets act as if guided by an “invisible hand.”
Because households and firms look at prices when deciding what to buy and sell, they unknowingly take into account the social costs of their actions.
As a result, prices guide decision makers to reach outcomes that tend to maximize the welfare of society as a whole.
Adam Smith made the observation that households and firms interacting in markets act as if guided by an “invisible hand.”
Because households and firms look at prices when deciding what to buy and sell, they unknowingly take into account the social costs of their actions.
As a result, prices guide decision makers to reach outcomes that tend to maximize the welfare of society as a whole.
Mankiw
This document provides an overview of 10 principles of economics according to N. Gregory Mankiw's textbook. It discusses that individuals face tradeoffs when making decisions and consider costs and benefits at the margin. Trade between individuals can make all parties better off, and markets are generally efficient at coordinating trade, though governments may intervene to address market failures. A country's production level determines its standard of living, and in the short-run there is a tradeoff between inflation and unemployment.
Chap 01
This document provides an overview of 10 principles of economics according to N. Gregory Mankiw's textbook. It discusses that individuals face tradeoffs when making decisions and consider costs and benefits at the margin. Trade between individuals can make all parties better off, and markets are generally efficient at coordinating economic activity, though governments may intervene to address market failures. A country's production level determines its standard of living, and in the short-run there is a tradeoff between inflation and unemployment.
econ 2301 chapter 1 ppt
1. This chapter introduces the basic principles of economics, including principles of individual choice, how choices interact, and economy-wide interactions. It establishes that economics analyzes choices must be made because resources are scarce.
2. Key concepts introduced are opportunity costs, marginal analysis for decision making, incentives, gains from trade through specialization, markets moving toward equilibrium, and situations where government intervention may be needed to improve efficiency.
3. The chapter lays out a framework of microeconomic and macroeconomic analysis based on these foundational principles.
Eco_Chap_1
1. Economics is the study of how society manages its scarce resources. People face tradeoffs and respond to incentives when making decisions. Markets are generally good for coordinating trade but government can improve outcomes.
2. Individual decisions require comparing costs and benefits at the margin. Productivity determines living standards between countries.
3. In the short run, inflation and unemployment are tradeoffs illustrated by the Phillips Curve. Money printing causes inflation while markets allow for gains from specialization and trade.
Ten principles (1)
This document outlines 10 principles of economics according to an economics textbook. It discusses how individuals and societies face tradeoffs in managing scarce resources, and how rational decision making involves weighing costs and benefits at the margin. Markets are generally effective at organizing economic activity, but governments sometimes need to intervene to address market failures or inequities. A nation's standard of living ultimately depends on its productivity, and excess money creation by the government can lead to inflation, which trades off against unemployment in the short run according to the Phillips curve.
Ten principles
This document introduces the ten principles of economics according to Gregory Mankiw's economics textbook. It explains that economics studies how societies manage scarce resources and that individuals and societies face tradeoffs in their decision making. It discusses how rational people consider costs and benefits at the margin when making choices and how incentives influence behavior. Trade, markets, and government intervention are reviewed as mechanisms for organizing economic activity. Productivity, money supply, and inflation are linked to standards of living and unemployment rates.
1
This document introduces the ten principles of economics according to Gregory Mankiw's economics textbook. It explains that economics studies how societies manage scarce resources and that individuals and societies face tradeoffs in making decisions. It discusses how rational people consider costs and benefits at the margin when deciding how to allocate resources. Markets are generally efficient but governments sometimes need to intervene to correct market failures or inequities. A nation's standard of living depends on its productivity, and inflation is often caused by increases in the money supply.
20091128 mankiw economics chapter1
1. The document outlines 10 principles of economics, organized into three categories: how people make decisions, how people interact, and how the economy as a whole works.
2. It provides explanations and examples for each principle, discussing concepts like trade-offs, incentives, markets, productivity, and inflation.
3. The principles are presented as fundamental ideas that provide a framework for understanding economic behavior at both the individual and aggregate level.
Ch1 sec1
The document provides an overview of key economic concepts including:
1) Economics is the study of how society manages its scarce resources based on needs and wants. People face tradeoffs when making decisions.
2) Rational individuals make decisions by weighing marginal costs against marginal benefits. They respond to incentives in their choices.
3) Markets are generally efficient at allocating resources, though governments sometimes intervene to address market failures or inequities. Productivity determines living standards while inflation stems from too much money growth. Societies experience short-run tradeoffs between inflation and unemployment.
Principles of economics (Chapter 1)
This chapter introduces some of the key principles of economics. It discusses that economics addresses questions about how societies manage scarce resources. It explores four main principles: how people make decisions, how people interact, how markets usually provide a good way to organize economic activity, and how governments can sometimes improve market outcomes. The chapter provides examples and discussion of opportunity costs, incentives, trade, and the role of prices in allocating resources. It also addresses how a country's standard of living depends on its ability to produce goods and services.
Economics
This document provides an overview of key concepts in economics. It discusses how economics is the study of choices given scarce resources and unlimited wants. It explains that individuals, businesses, and governments make choices to maximize well-being, profits, and societal welfare. It also outlines how all choices have costs, people respond to incentives, economic systems influence choices, voluntary trade creates wealth, and the consequences of choices lie in the future.
EFM
This document summarizes the ten principles of economics according to the textbook "Principles of Economics, Third Edition" by N. Gregory Mankiw. It discusses key economic concepts like scarcity, tradeoffs, costs, incentives, markets, and macroeconomic ideas like inflation and unemployment. The summary focuses on providing a high-level overview of the main topics and ideas covered in the reading.
09 eco l_s12
The document discusses the basic economic problem of scarcity and limited resources. It explains that while human wants are unlimited, resources are scarce and must be allocated efficiently. This can cause conflicts of interest as satisfying one group's wants may come at the opportunity cost of another group. The document then presents a case study of a local council facing a choice between building new housing or modernizing a hospital, which would each cost $10 million and only satisfy one group's wants. It asks the reader to argue for one choice and discuss why there is disagreement in the case. Finally, the document considers reasons for studying economics, such as efficient allocation of resources, rational decision making, and satisfying human wants given scarcity.
The Economic Way of Thinking (C&E)
An Introduction to Economics for High School analyzing basic concepts like Needs, Wants, Trade-Offs, and Opportunity Costs.
Lecture 2
Economics examines how individuals and societies make choices to allocate scarce resources. It aims to help societies produce goods efficiently and predict how policy changes will impact economic outcomes. Microeconomics analyzes individual decision-making of firms and households, while macroeconomics examines national aggregates like income, output and employment. Economics provides tools to assess the effects of government policy on behavior and distinguish good policy from bad.
Mankiew Chapter 1.ppt
This document outlines ten principles of economics from an economics textbook. It discusses the principles in three categories: how people make decisions, how people interact, and how the overall economy works. Some of the key principles covered are that people face tradeoffs, the cost of something is what you give up to get it, markets are generally a good way to organize economic activity, and a country's standard of living depends on its productivity.
Similar to 05 wed marginal analysis (20)
More from Travis Klein
Monopsony market structure
NASA is soliciting proposals from private companies to build a new rocket in 1960. Companies should submit a 5 part proposal including price. NASA will be the sole purchaser of rockets.
03 ch17 oligopoly
The three market structures are perfect competition, monopolistic competition, and oligopoly. They seem to depend on the number of firms in the industry and level of product differentiation. Oligopoly is characterized by having a few large firms, similar but not identical products, and interdependent decision making. The concentration ratio measures the percentage of total market output produced by the top four firms, with higher ratios indicating less competition. Several US industries have very high concentration ratios, including video game consoles at 100% and credit cards at 99%.
02 allocative efficiency
This document discusses different types of economic efficiency including allocative efficiency, productive efficiency, and dynamic efficiency. It examines these efficiencies in the context of perfect competition, monopoly, and monopolistic competition market structures. Productive efficiency refers to producing at lowest cost while dynamic efficiency involves reinvesting supernormal profits into lowering costs further. The document considers which market structure results in each type of efficiency.
01 monopolistic comp
This document contains snippets of text from various sources discussing economic concepts like market structures, competition, and costs. It includes brief explanations of perfect competition, monopolistic competition, oligopoly, and monopoly market types. Students are asked questions about different markets and perfect competition. Graphs are shown for perfect competition, monopolistic competition, and marginal revenue under monopolistic competition with deadweight loss.
01 3 reform
This document discusses the Reformation period in Christianity between 500-1500 AD. It provides background that during this time all Christians were Catholic, led by the Pope and bishops. The priests sold indulgences claiming they could reduce time in purgatory. Martin Luther protested the Catholic Church's corruption in 1517, sparking the Protestant reformation. Luther and other reformers disagreed with practices like selling indulgences and wanted people to be able to read the Bible in their own language. The document examines key figures and events of the Reformation like Martin Luther, his 95 Theses, and the new Protestant churches that formed.
Pharm mon to perfect
This document discusses demand for lifesaving pharmaceuticals and the pricing of drugs under a monopoly. It asks how the demand curve would look if a firm had a patent on a cure for cancer and what deadweight loss would be. It also asks if such a firm should be allowed to charge any price and how quantity supplied would change if the firm price discriminated. The document then provides a graph showing the transition from a monopoly market to a competitive market when a drug patent expires and generics enter. It asks about other similar markets and provides links about copyright and public domain works.
Price discriminating monopolist
This document discusses the concept of price discrimination. It begins by defining price discrimination as selling the same good at different prices to different buyers based on their willingness to pay. It provides examples such as student/senior discounts and differences in airline ticket prices. The document explains that under perfect price discrimination, a monopolist can capture all consumer surplus as profit and eliminate deadweight loss. However, in reality firms can only imperfectly discriminate by dividing customers into groups based on observable traits related to willingness to pay. It concludes by asking questions about whether price discrimination should always be illegal and discussing the "Soup Nazi" character from Seinfeld.
Monopoly types
This document discusses monopolies and public policy related to monopolies. It begins by explaining the key characteristics of a monopoly market, including that a monopoly has total pricing power as the sole seller of a good or service. It then discusses the different types of monopolies such as geographic, government-granted, technological, and natural monopolies. The document goes on to explain how a profit-maximizing monopoly determines its optimal quantity and price using demand and marginal cost curves. It notes that a monopoly produces a lower quantity and charges a higher price than would be produced under perfect competition, resulting in deadweight loss. Finally, it discusses various public policy options for dealing with monopolies, such as antitrust laws to increase competition, regulation
Thurs banking
This document contains instructions for a homework assignment about the Medici family during the Renaissance. Students are asked to answer 7 questions: 1) identifying if a source is primary or secondary, 2) discussing how the Medici family business helped Europeans, 3) considering why the Medici patronized artists, 4) listing 3 Medici contributions people enjoy today, 5) analyzing the Medici view on education, 6) evaluating the impact of powerful families, and 7) creating a timeline of 5 Medici family events. The document repeats the assignment questions multiple times.
Block renaissanceart
This document provides an overview of Renaissance art and key concepts about the Renaissance period from the 1300s to 1550. It discusses causes of the Renaissance like the rediscovery of Greek/Roman ideas and art. Renaissance art is characterized by elements like perspective, realism, contrast between light and dark, and depicting humanism in Greek/Roman styles. The document lists and shows images of famous Renaissance artists like Michelangelo, Donatello, Da Vinci, and Raphael and some of their iconic works. Students are assigned a task analyzing Renaissance paintings or creating original art in the Renaissance style.
Shut down point and profit
The document contains examples and explanations of microeconomic concepts related to firm behavior including:
1. How a competitive firm determines its profit-maximizing quantity where marginal revenue equals marginal cost.
2. How the marginal cost curve determines the firm's supply decision - if price is above marginal cost, the firm will increase output.
3. The difference between a firm's short-run decision to shutdown if price is below average variable cost, versus its long-run decision to exit the market if price is below average total cost.
Black plague wed thur
The document discusses the deadliness of diseases over time. It mentions that the Black Plague killed 30-50% of Europe's population in the 1300s. Students are asked to compare graphs showing which diseases are not as deadly today and which two diseases remain deadly. The document also discusses a modern plague outbreak in Madagascar in 2013 and brainstorms ways the US and Madagascar governments could help prevent future outbreaks. Students are assigned to create a 4-page health pamphlet for people in the 1300s about the symptoms, prevention, and societal impacts of the Bubonic Plague.
04 black plague wed thur
The document discusses several deadly pandemics throughout history, including the Black Death plague which originated in China and spread along the Silk Road to Europe in the 14th century, killing an estimated 30-50% of the European population. Students are assigned to write a letter from a Silk Road trader during this time period describing how life has changed in Rome due to the plague, symptoms of the disease, and how to prevent its spread. Other assignments involve analyzing the impact of a modern disease outbreak and creating an educational pamphlet about the bubonic plague.
03 intolerance today
The document provides instructions for students to complete assignments on discrimination and religious intolerance. Students are asked to describe a time they witnessed discrimination and how they responded, and how they will respond in the future. They are also assigned a group poster project analyzing cases of extreme religious intolerance by indicating the location, groups involved, and events, and conveying a message about the effects of such behavior.
02 intolerance inquisition
The document discusses the religious protections guaranteed by the First Amendment and how countries may change if they adopted different state religions. It provides background on countries with official state religions, the concept of a theocracy where government is run by religious rules, and details about the Spanish Inquisition where the Catholic church ruled Spain and persecuted those who did not conform to Catholic doctrine.
01 end of crusades
Constantinople was important during the Crusades as it was the capital of the Byzantine Empire and controlled the trade routes between Europe and Asia. Spain was under Muslim control during the Crusades. The document provides notes about Crusades events like the Siege of Jerusalem in 1099 and Battle of Nicopolis in 1396, and asks questions about Crusader advantages and Ibn Fadlan's travels.
Perfect comp m t
This document discusses competition in markets through a series of examples and questions. It begins with an experiment involving different levels of competition and asks students to consider how it affects pricing power. It then discusses the benefits and drawbacks of competition for consumers and producers. Various market structures are introduced, including perfect competition as exemplified by markets like gasoline, salt, and paper clips. Firms in perfect competition are price takers, and the document explores how they can increase revenue and profit given these constraints.
Sports assignment
The Tohono O'odham tribe wants to build a soccer stadium next to their casino. This would create both positive and negative externalities for the local community and governments. Negative externalities could include increased traffic and noise, while positive externalities could include more jobs and tax revenue. Finding ways to minimize the harm to neighbors, such as addressing traffic issues, would help gain city support for financing the stadium project. Understanding the elasticity of demand for tickets, concessions, and merchandise through price changes would help the tribe maximize revenue.
Cost curves computer lab
This document provides instructions for creating graphs using an online graphing tool to illustrate various microeconomics concepts related to supply and demand, costs of production, and market equilibrium. Students are asked to create graphs showing: a unit elastic supply/demand curve with price controls; a market with negative externalities; the effect of a per unit tax; short-run cost curves and break-even analysis; and supply/demand shifts in response to current events. The final questions provide an additional economics game and a request for new classroom tools.
04 economies of scale
This document discusses short-run and long-run costs of production. It contains the following key points:
1. In the short-run, some inputs like factories are fixed, while in the long-run all inputs are variable as firms can build or sell factories.
2. A firm's long-run average total cost curve shows the lowest average cost for each quantity based on the most efficient factory size. It is determined by connecting the minimum points of different factory sizes' short-run average total cost curves.
3. Economies of scale cause average total cost to fall as production increases due to factors like specialization. Diseconomies of scale cause costs to rise due to coordination problems in
More from Travis Klein (20)
Recently uploaded
Types of Herbal Cosmetics its standardization.
Physiology and chemistry of skin and pigmentation, hairs, scalp, lips and nail, Cleansing cream, Lotions, Face powders, Face packs, Lipsticks, Bath products, soaps and baby product,
Preparation and standardization of the following : Tonic, Bleaches, Dentifrices and Mouth washes & Tooth Pastes, Cosmetics for Nails.
বাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdf
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
The simplified electron and muon model, Oscillating Spacetime: The Foundation...
Discover the Simplified Electron and Muon Model: A New Wave-Based Approach to Understanding Particles delves into a groundbreaking theory that presents electrons and muons as rotating soliton waves within oscillating spacetime. Geared towards students, researchers, and science buffs, this book breaks down complex ideas into simple explanations. It covers topics such as electron waves, temporal dynamics, and the implications of this model on particle physics. With clear illustrations and easy-to-follow explanations, readers will gain a new outlook on the universe's fundamental nature.
The Diamonds of 2023-2024 in the IGRA collection
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
How to Fix the Import Error in the Odoo 17
An import error occurs when a program fails to import a module or library, disrupting its execution. In languages like Python, this issue arises when the specified module cannot be found or accessed, hindering the program's functionality. Resolving import errors is crucial for maintaining smooth software operation and uninterrupted development processes.
How to Manage Your Lost Opportunities in Odoo 17 CRM
Odoo 17 CRM allows us to track why we lose sales opportunities with "Lost Reasons." This helps analyze our sales process and identify areas for improvement. Here's how to configure lost reasons in Odoo 17 CRM
South African Journal of Science: Writing with integrity workshop (2024)
South African Journal of Science: Writing with integrity workshop (2024)Academy of Science of South Africa
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.RPMS TEMPLATE FOR SCHOOL YEAR 2023-2024 FOR TEACHER 1 TO TEACHER 3
RPMS Template 2023-2024 by: Irene S. Rueco
BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...
BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...Nguyen Thanh Tu Collection
https://app.box.com/s/y977uz6bpd3af4qsebv7r9b7s21935vdPCOS corelations and management through Ayurveda.
This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
Chapter 4 - Islamic Financial Institutions in Malaysia.pptx
Chapter 4 - Islamic Financial Institutions in Malaysia.pptxMohd Adib Abd Muin, Senior Lecturer at Universiti Utara Malaysia
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
Digital Artifact 1 - 10VCD Environments Unit
Digital Artifact 1 - 10VCD Environments Unit - NGV Pavilion Concept Design
Assessment and Planning in Educational technology.pptx
In an education system, it is understood that assessment is only for the students, but on the other hand, the Assessment of teachers is also an important aspect of the education system that ensures teachers are providing high-quality instruction to students. The assessment process can be used to provide feedback and support for professional development, to inform decisions about teacher retention or promotion, or to evaluate teacher effectiveness for accountability purposes.
Introduction to AI for Nonprofits with Tapp Network
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
Recently uploaded (20)
বাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdf
বাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdf
The simplified electron and muon model, Oscillating Spacetime: The Foundation...
The simplified electron and muon model, Oscillating Spacetime: The Foundation...
How to Manage Your Lost Opportunities in Odoo 17 CRM
How to Manage Your Lost Opportunities in Odoo 17 CRM
Digital Artefact 1 - Tiny Home Environmental Design
Digital Artefact 1 - Tiny Home Environmental Design
Film vocab for eal 3 students: Australia the movie
Film vocab for eal 3 students: Australia the movie
South African Journal of Science: Writing with integrity workshop (2024)
South African Journal of Science: Writing with integrity workshop (2024)
RPMS TEMPLATE FOR SCHOOL YEAR 2023-2024 FOR TEACHER 1 TO TEACHER 3
RPMS TEMPLATE FOR SCHOOL YEAR 2023-2024 FOR TEACHER 1 TO TEACHER 3
BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...
BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...
Chapter 4 - Islamic Financial Institutions in Malaysia.pptx
Chapter 4 - Islamic Financial Institutions in Malaysia.pptx
Assessment and Planning in Educational technology.pptx
Assessment and Planning in Educational technology.pptx
Introduction to AI for Nonprofits with Tapp Network
Introduction to AI for Nonprofits with Tapp Network
05 wed marginal analysis
- 1. Verbal Bellringer • What are 2 ways we learned yesterday that economists view the world differently?
- 4. Greg Mankiw’s Economic Assumptions 1. People Face Tradeoffs. 2. The Cost of Something is What You Give Up to Get It. 3. Rational People Think at the Margin. 4. People Respond to Incentives. 5. Trade Can Make Everyone Better Off. 6. Markets Are Usually a Good Way to Organize Economic Activity. 7. Governments Can Sometimes Improve Market Outcomes. 8. A Country's Standard of Living Depends on Its Ability to Produce Goods and Services. 9. Prices Rise When the Government Prints Too Much Money. 10. Society Faces a Short-Run Tradeoff Between Inflation and Unemployment.
- 5. #1 People Face Tradeoffs • Choices • Can’t do everything • Limits on life? • Examples?
- 6. #2. The Cost of Something is What You Give Up to Get It. • Opportunity Cost • Next best option • Next best trade off • Other examples?
- 7. 3. Rational People Think at the Margin • Cost benefit analysis • Video clip • Benefits? • Costs? • Other examples? http://www.yadayadayadaecon.com/clip/7/
- 8. Think of examples where we could use marginal analysis • Direct mailing ads • Doctor visits • Drinking a cup of coffee • Exercise • 25 min lunch • Longer school year • 4 college classes vs. 5 classes • Studying 1 hour vs. 2 hours • Other marginal examples