ECO 201 Lecture Notes - Lecture 1: Marginal Cost, Pareto Efficiency, Fallacy
Document Summary
Register clicker license through niihka or get a clicker. Register for classes aplia (see niihka/syllabus) do not pay yet. Hypothesis: (how/why) (yes/no) ask in yes no questions: art vs. science, economics is an artform trying really hard to be a science, testable implications, when given two models how do they differ, null vs. Alternative b. i. null = the mkt works well: the straw man fallacy, we look hard at finding interesting null hypothesis a. i. Rationality: people tend to do what they think is in their own self interest at any given time c. ii. Maintained hyp: not going to be tested based on assumptions c. iii. Behavioral econ: looking at what may or may not be always true d: assumptions, not specific to econ, we judge assumptions based on their usefulness b. i. Each individual has their own personal ppf graph, these graphs are mashed together to create the overall ppf.
