This JiTT exercise uses a real-life example to pose a question to …
This JiTT exercise uses a real-life example to pose a question to students about the nature of "rationality" as typically used in economics. In this case, the focus is on fixed vs. marginal costs and the use of marginal analysis by economists to make "rational" economic decisions.
In this problem, students consider the benefits of reduced tray usage in …
In this problem, students consider the benefits of reduced tray usage in school cafeterias by comparing the cost savings of having to clean fewer trays against the opportunity cost of increased labor and energy costs to clean the cafeteria after meals.
Principles of Macroeconomics 2e covers the scope and sequence of most introductory …
Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters.Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition.
By the end of this section, you will be able to:Calculate and …
By the end of this section, you will be able to:Calculate and graph budget constraintsExplain opportunity sets and opportunity costsEvaluate the law of diminishing marginal utilityExplain how marginal analysis and utility influence choices
In this Unit, you will learn about:How Individuals Make Choices Based on …
In this Unit, you will learn about:How Individuals Make Choices Based on Their Budget ConstraintThe Production Possibilities Frontier and Social ChoicesConfronting Objections to the Economic Approach
This is a clip from Seinfeld in which Jerry does a cost …
This is a clip from Seinfeld in which Jerry does a cost -benefit analysis of installing illegal cable. He decides to commit the crime when he finds out there will be 75 televised Mets games on TV.
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