EC Fundamentals of Economics Lab Section 211. Yu Wu Office: 4223-A Nelson Hall Office hours: Friday, 11:00 am- noon
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1 EC Fundamentals of Economics Lab Section 211 Yu Wu ywu22@ncsu.edu Office: 4223-A Nelson Hall Office hours: Friday, 11:00 am- noon
2 About lab section A review of key concepts Grades Practice questions Knowledge
3 Grading Your final lab grade counts 25% of your final grade for EC available points : Problem Sets 10 points Quizzes 15 points Class website: the site for course EC quizzes and 6 problem sets Your lowest scores will be dropped at the end of the semester A period of one week from the assigned date The quizzes will be timed If you pass the deadline, you will receive a zero for this problem set or quiz.
4 Attendance You are allotted two unexcused absences and will lose 0.5 point on your final lab grade for every subsequent absence. If you have remaining unexcused absences at the end of the semester, they will be added onto your final lab grade but not to exceed 6 points. See Syllabus for more detailed policy.
5 Lab 1 Introduction to Economics & Marginal Analysis August 18, 2017
6 What is Economics? Key words? "Economics is the social science that examines how people choose to use limited or scare resources in attempting to satisfy their unlimited wants."
7 Scarcity Key Concepts The imbalance between our desires and the means of satisfying those desires. Question 1. Economists say that a thing is scarce when: a. only a finite amount exists. b. there is at least one use for the thing. c. the amount available is less than what people would like to have. d. the amount of the item is both finite and decreasing.
8 Opportunity Cost Key Concepts Opportunity cost is the highest valued alternative that must be given up to engage in an activity. Opportunity cost imply that all decisions involve trade-offs. Question 2. If you choose to play tennis on Monday morning and the next best alternative for use of your morning is studying, then a. studying that morning is the benefit of playing tennis. b. the opportunity cost of playing tennis is zero. c. you do not have enough information to determine the opportunity cost of playing tennis in the morning. d. the opportunity cost of playing tennis is the morning of sacrificed study time.
9 Key Concepts Marginal Benefit (MB) the value placed on an extra (one more) unit of an item Marginal Cost (MC) the value of the sacrifice made to obtain an additional unit of an item
10 Marginal cost & Marginal benefits Question 3 Even though you can purchase CD s on itunes for cheaper, you prefer to buy CD s because then you have the album artwork, lyrics, etc. Assume that the price of a CD is $14. Fill out the chart. # of CD s Total Benefit Marginal Benefit # of CD s Total Cost Marginal Cost
11 Marginal cost & Marginal benefits Question 3 Even though you can purchase CD s on itunes for cheaper, you prefer to buy CD s because then you have the album artwork, lyrics, etc. Assume that the price of a CD is $14. Fill out the chart. # of CD s Total Benefit Marginal Benefit # of CD s Total Cost Marginal Cost
12 Marginal cost & Marginal benefits Question 3 Even though you can purchase CD s on itunes for cheaper, you prefer to buy CD s because then you have the album artwork, lyrics, etc. Assume that the price of a CD is $14. Fill out the chart. # of CD s Total Benefit Marginal Benefit # of CD s Total Cost Marginal Cost
13 Marginal analysis # of CD s Marginal Benefit Marginal Cost Net Gain Buy or not
14 Marginal analysis # of CD s Marginal Benefit Marginal Cost Net Gain Buy or not
15 Marginal analysis # of CD s Marginal Benefit Marginal Cost Net Gain Buy or not Y Y Y N
16 Rational Behavior For each additional unit: If MB>MC Go for it (Consume this extra unit) If MB<MC Avoid it (Don t consume this extra unit) Rational Behavior occurs when individuals seek net gains by undertaking actions for which marginal benefit (MB) exceeds marginal cost(mc).
17 Question 4. Suppose that jeans cost $35, assuming you are rational, how many pairs of jeans would you buy? (Fill out marginal cost and net gain columns) Pairs of Jeans Marginal Benefit Marginal Cost Net Gain
18 Question 4. Suppose that jeans cost $35, assuming you are rational, how many pairs of jeans would you buy? (Fill out marginal cost and net gain columns) Pairs of Jeans Marginal Benefit Marginal Cost Net Gain
19 Question 5. The price of a ticket to a concert is $50 and your marginal benefit of seeing the concert is $100, would you see the concert? Suppose that the price of tickets increases to $105, would you see the concert?
20 Question 5. The price of a ticket to a concert is $50 and your marginal benefit of seeing the concert is $100, would you see the concert? MC (50) < MB (100). The rational decision would be to buy a ticket Suppose that the price of tickets increases to $105, would you see the concert? MB (100) < MC (105). The rational decision would be not to buy a ticket.
21 Question 6. Suppose you own three pairs of sneakers and the price of sneakers are $75. Your marginal benefit is $50. Would you buy another pair?
22 Question 6. Suppose you own three pairs of sneakers and the price of sneakers are $75. Your marginal benefit is $50. Would you buy another pair? MC (75) > MB (50). No, you would not buy another pair.
23 Question 7. True or False and justify: If your marginal benefit of a given good increases as you consume more of the good, then you will always continue to consume more of this good.
24 Question 7. True or False and justify: If your marginal benefit of a given good increases as you consume more of the good, then you will always continue to consume more of this good.
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