SUSTAIN 1S03 Lecture Notes - Lecture 4: Marginal Utility, Wildlife Corridor, Carolinian Forest
8 Oct 2017
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Document Summary
In 1968, mcmaster built a parking lot m. Reducing parking lot impacts on ancaster creek: walk along a natural urban-interface in 2014, the creek"s riparian zone was extended from 10 to 30 metres. Parking lot abd riparian bu er are a living labratory for experiential learning. Bioswales are planned ecosystems that lter storm water: will decrease impact on ancaster creek. Trade-o based on decision to move economy in one direction over another. Specialization can allow an economy to focus in one area to maximize bene t from. If demand increases supply doesn"t, price goes up Is there a control element to supply and demand. Concept that an individual"s goal is to maximize utility. Utility (in economics) increases with level of consumption: marginal utility= increase of utility per unit of consumption. High elastic: small change in price leads to signi cant change in supply or demand. Highly inelastic: signi cant change in price only creates a marginal change in supply.
