MGTA01H3 Lecture 1: A02_Study Questions_Topic 1
14
MGTA01H3 Full Course Notes
Verified Note
14 documents
Document Summary
Mgea02 introduction to microeconomics: a mathematical approach. Topic 1 (sept 5 - 11) production possibilities & opportunity costs. The role of scarcity of economic resources and of choice. The production possibilities model as a way of thinking about scarcity, choice and opportunity cost. Recommended reading: read chapter 1 first principles (pp. 5-21) as an introduction to some of the key insights of economics and part of chapter 2 economic models: tradeoffs and. Many of you will also benefit from reading appendix 2a graphs in. We will be using graphs intensively throughout the term. Do all the check your understanding questions within the parts of the text in the assigned readings. Answers for these are at the back of the textbook. 1-3 an economy can produce two goods, x and y. Possibilities frontier for this economy is given by: Y = 144 - 10x - x2, 0 x 8, y 0. Questions 1, 2 and 3 concern this economy.
