UNC-Chapel Hill ECON 101 - 5. September 2 (2 pages)

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5. September 2



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5. September 2

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Pages:
2
School:
University of North Carolina at Chapel Hill
Course:
Econ 101 - Introduction to Economics

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Washburn 5 September 2 2014 Econ 101 Turchi Supply o o Total Cost o In State 21 992 o OOS 44 428 o Duke 65 835 Minimum Wage Legal Illegal Price NS ND Quantity S o o o o o Drug War Policy o Reduce demand Price o Reduce Supply o Results o Police get frustrated recklessly disobey civil rights o Or If you can t beat them join them o Legalization tax and control o Gets rid of some organized crime Quantity o Increase revenue Assumptions o 2 goods available 60 o Pf 4 unit Slope 2 o Pc 2 unit Clothing o M 120 month Budget line o M Pf F Pc C Budget o 120 4 F 2 C o 120 4F 2C o 60 2F C M Pc Pf Pc F C Food o Moving from red to yellow is opportunity cost giving up clothing for more food o Price of clothing rises price of food falls o Slope flattens wider line extends from the origin Non satisfaction Substitutability Diminishing Marginal rate of substitution D Washburn



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