Preface Here are my online notes for my Calculus I course that I teach here at Lamar University. Despite the fact that these are my “class notes”, they should be accessible to anyone wanting to learn Calculus I or needing a refresher in some of the early topics in calculus. I’ve tried to make these notes as self contained as possible and so all the information needed to read through them is either from an Algebra or Trig class or contained in other sections of the notes. Here are a couple of warnings
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the Macmillan Dictionary (2009): “a company that has complete control of the product or service it provides because it is the only company that provides it”. And, as a matter of fact, a monopole firm will charge prices well above of the production costs and reap profits much further than a normal interest return on investment. In short, it is the opposite of a competitive market in terms of the number of sellers and degree of competition, as it opposes to perfect competition. While there are only
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of economics which I will go into more detail later on that are crucial to making a large purchase be it a home, car, or any other large ticket item that can have ramifications on other aspects of your lives. Next one needs to weigh the marginal costs and marginal benefits of their decision to see all aspects of the decision no matter how minute they may seem. There needs to be an understanding of the state of the current economy as well as the trends that point to where the economy may be going
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E 2. C - There is insufficient information to determine which choice she should make, but an optimal choice should include the opportunity cost of the $75,000 salary offer if the management position is the best alternative to her current position. 3. A - We must give up something in order to get more of another. Note that increasing opportunity costs tells us the shape of the curve, not why we have a negative slope. 4. A 5. C 6. B - Set 6 = 10 –2×Q, solve for Q = 2. Thus ε =(1/-2)×(6/2)
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have found in some articles that I have read. There is two sets of principles and the marginal benefit that also has to be considered. The first principle is that most people face many trade offs. They trade what they have for either something better or something that is worse than their present living situation. This is something that most renters have to live with. The second principle is considering the cost of something and what you have to give up for what you are getting. This is very true
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What is an opportunity cost? How does the idea relate to the definition of economics? Which of the following decisions would entail the greater opportunity cost: Allocating a square block in the heart of New York City for a surface parking lot or allocating a square block at the edge of a typical suburb for such a lot? Explain. LO1 Answer: An opportunity cost is what was sacrificed to do or acquire something else. The condition of scarcity creates opportunity cost. If there was no scarcity
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AFTER READING THIS CHAPTER, YOU SHOULD BE ABLE TO: 1 Differentiate between invention, innovation, and technological diffusion. 2 Explain how entrepreneurs and other innovators further technological advance. 3 Summarize how a firm determines its optimal amount of research and development (R&D). 4 Relate why firms can benefit from their innovation even though rivals have an incentive to imitate it. 5 Discuss the role of market structure in promoting technological advance. 6 Show how technological advance
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Maximizing Profits of a Competitive Market “A firm in a competitive market, like most other firms in the economy, tries to maximize profit, which equals total revenue minus total cost” (Mankiw, 2011). So for instance say a farm makes certain quantity of milk m, and sells each at the market price y, their revenue would be m x y. If the each milk sells for three dollars a gallon and they sell 500 of them their total revenue would be $1500. The farm is small compared to the market field, so it
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L1 主讲government和government spending 1. Government定义上有两种： Organic view：以group 为核心，是为了group work， group benefit存在的 Mechanistic view： 偏个人主义，特点有这些： The government is created by individuals to better achieve their individual goals. The individual rather than the group is at the center stage, and the government only exists for the good of the individuals. Individuals may have different needs, and policies that benefit one individual may not benefit another one. 个人主义是属于新观点，原来主要观点还是group核心观 2.
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joint venture, the New United Motor Manufacturing Inc., to assemble auios in the United States. For Toyota, the venture was a first attempt to locate production in America. General Motors viewed the venture as a means of learning how to produce low-cost, high quality, small vehicles. Facing an onslaught of anti-union Japanese firms, the United Auto Workers had to demonstrate that unions would not be an impediment to Japanese production in the United States. By 1986 the venture was termed a success
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