BIOL 2051 Chapter : Chap 3
Document Summary
Today"s menu: tuesday 11 june 2013: business. Yes, if the next option would be even more profitable. Could be tricky bc you think the benefit is already a profit. Consideration in making your decision because the money is already spent: how much/many choices. *therefore eat until benefit>cost, which would be to eat until full. Cost: sh, bc the entry fee is a sunken cost: positive vs. normative economics. Positive a statement about economics that may not be true, but it is a testable case. Normative value based statements (moral, aesthetic, etc decisions); not testable. Understand the relationship between the two things: note on graphing: appendix to chapter 2, opportunity cost application: international trade. Answers: on the macro level, yes everyone is better off. The area under the curve is what is achievable; but it is also. A point outside of the curve"s area is unattainable because there are not enough resources.
