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Microeconomics I
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Module 1
Individual Choice and the Gains from Exchange
1
Understanding Trade-Offs in Individual Decisions
Identify the trade-offs present in a simple individual decision.
Identify the trade-offs present in a simple individual decision.
2
Calculating Opportunity Cost from Alternatives
Calculate the opportunity cost of a choice from given alternatives.
Calculate the opportunity cost of a choice from given alternatives.
3
Using Marginal Benefit and Marginal Cost to Make Decisions
Apply marginal benefit and marginal cost to decide whether an activity should be increased.
Apply marginal benefit and marginal cost to decide whether an activity should be increased.
4
Predicting Responses to Incentive Changes
Predict how an individual will respond to a change in incentives.
Predict how an individual will respond to a change in incentives.
5
Gains from Trade: A Numerical Example
Demonstrate the gains from voluntary exchange with a simple numerical example.
Demonstrate the gains from voluntary exchange with a simple numerical example.
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