https://padlet.com/155003500/da2bkyruzuxt by Diana Ramirez, Nathalie Macedonio, Gloria Ubani, Anthony Barrera en-us 2017-10-03 15:20:52 UTC 2017-10-17 05:59:22 UTC hello@padlet.com 155003561 https://padlet.com/155003500/da2bkyruzuxt/wish/193485935 the more that is purchased of a  product the less utility 
(is want-satisfying power) it has as it continues to be purchased]]> 2017-10-03 15:24:50 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/193485935 155003500 https://padlet.com/155003500/da2bkyruzuxt/wish/193486809 total amount of satisfaction or pleasure a person derives from consuming some specific quantity]]> 2017-10-03 15:26:09 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/193486809 156004291 https://padlet.com/155003500/da2bkyruzuxt/wish/193487290 2017-10-03 15:26:49 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/193487290 https://padlet.com/155003500/da2bkyruzuxt/wish/196470187 as a person increases consumption of a product while keeping consumption of other products constant, there is a decline in the marginal utility that person derives from consuming each additional unit of that product.]]> 2017-10-12 15:03:31 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/196470187 155003500 https://padlet.com/155003500/da2bkyruzuxt/wish/196470303 payment that must be made to obtain and retain the services of a resource, it is the income the firm must provide to resource suppliers to attract resources away from alternative uses]]> 2017-10-12 15:03:46 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/196470303 https://padlet.com/155003500/da2bkyruzuxt/wish/196470577
Rational Behavior :decision-making process is based on making choices that result in the most optimal level of benefit or utility for the individual. Most conventional economic theories are created and used under the assumption all individuals taking part in an action/activity are behaving rationally.

Preferences :  a clear  -cut preferences for a certain of the goods and services that are available in the market

Budget constraint :represents all the combinations of goods and services that a consumer may purchase given current prices within his or her given income. Consumer theory uses the concepts of a budget constraint and a preference map to analyze consumer choices. 


]]> 2017-10-12 15:04:18 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/196470577 155003561 https://padlet.com/155003500/da2bkyruzuxt/wish/196470796 Fixed Costs- change in quantity does not affect the fixed cost, cost must be paid even if output is zero, as the fixed cost is spread over the increasing quantity-> the output decreasing
Variable Costs- change in quantity does affect the variable costs because of the amount of variable resources that increase to satisfy the quantity
Total Costs- the sum of TFC + TVC, graphed- the TC is separated from The TVC but follows the form because of the FC]]> 2017-10-12 15:04:44 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/196470796 155003500 https://padlet.com/155003500/da2bkyruzuxt/wish/196473383 the monetary payments it makes to those from whom it must purchase resources that it does not own]]> 2017-10-12 15:09:30 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/196473383 155003500 https://padlet.com/155003500/da2bkyruzuxt/wish/196474849 the opportunity costs of using the resources that it already owns to make the firm's own product rather than selling those resources to outsiders for cash]]> 2017-10-12 15:11:55 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/196474849 https://padlet.com/155003500/da2bkyruzuxt/wish/196475336 The Utility Maximization rule states: consumers decide to allocate their money incomes so that the last dollar spent on each product purchased yields the same amount of extra marginal utility.]]> 2017-10-12 15:12:40 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/196475336 https://padlet.com/155003500/da2bkyruzuxt/wish/196475828 The state of balance achieved by an end user of products that refers to the amount of goods and services they can purchase given their present level of income and the current level of prices. Consumer equilibrium allows a consumer to obtain the most satisfaction possible from their income]]> 2017-10-12 15:13:24 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/196475828 155003500 https://padlet.com/155003500/da2bkyruzuxt/wish/196476254 Economic Profit = Revenue -  Explicit Costs - Implicit Costs]]> 2017-10-12 15:13:59 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/196476254 155003500 https://padlet.com/155003500/da2bkyruzuxt/wish/196476981 period too brief for a firm to alter its plant capacity, yet long enough to permit a change in the degree to which the plant's capacity is used ]]> 2017-10-12 15:15:11 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/196476981 https://padlet.com/155003500/da2bkyruzuxt/wish/196477990 MU of product A / price of A = MU of product B / Price of B = MU of product C / price of C = etc.]]> 2017-10-12 15:16:46 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/196477990 https://padlet.com/155003500/da2bkyruzuxt/wish/196479573 The demand curve obtained by joining points a and b. The demand curve is downward sloping showing inverse relationship between price and quantity demanded as good X is a normal good. In this section we are going to derive the consumer's demand curve from the price consumption curve in the case of inferior good]]> 2017-10-12 15:19:02 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/196479573 155003500 https://padlet.com/155003500/da2bkyruzuxt/wish/196479876 period long enough for a plant to adjust the quantities of all the resources that it employs, including the plant capacity]]> 2017-10-12 15:19:29 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/196479876 https://padlet.com/155003500/da2bkyruzuxt/wish/196480626 The paradox of value (also known as the diamond–water paradox) is the apparent contradiction that, although water is on the whole more useful, in terms of survival, than diamonds, diamonds command a higher price in the market.]]> 2017-10-12 15:20:46 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/196480626 https://padlet.com/155003500/da2bkyruzuxt/wish/196481216 Time Value of Money, Inflation, and Opportunity Cost. The time value of money is a basic principal to compare two known scenarios: a payment today or the value of a payment in the future. But TVM also connects with inflation and opportunity cost.]]> 2017-10-12 15:21:45 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/196481216 155003561 https://padlet.com/155003500/da2bkyruzuxt/wish/196481624 -AFC= TFC/ Q
-AFC decreases as quantity increases bc of the FC]]> 2017-10-12 15:22:24 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/196481624 https://padlet.com/155003500/da2bkyruzuxt/wish/196482162  behavioral economic theory that describes the way people choose between probabilistic alternatives that involve risk, where the probabilities of outcomes are known. ... The paper "Prospect Theory: An Analysis of Decision under Risk" (1979) has been called a "seminal paper in behavioral economics".]]> 2017-10-12 15:23:10 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/196482162 155003500 https://padlet.com/155003500/da2bkyruzuxt/wish/196482287 the total quantity of a particular good]]> 2017-10-12 15:23:22 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/196482287 155003500 https://padlet.com/155003500/da2bkyruzuxt/wish/196483015 the extra output or added product associated with adding a unit of a variable resource, in this labor, to the production process.

Marginal Product= (change in total product)/(change in labor input)]]> 2017-10-12 15:24:19 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/196483015 https://padlet.com/155003500/da2bkyruzuxt/wish/196483091 Behavioral economics, along with the related sub-field behavioral finance, studies the effects of psychological, social, cognitive, and emotional factors on the economic decisions of individuals and institutions and the consequences for market prices, returns, and resource allocation, although not always that narrowly]]> 2017-10-12 15:24:25 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/196483091 https://padlet.com/155003500/da2bkyruzuxt/wish/196483533 The definition of status quo is the current political or social conditions. An example of status quo is that the U.S. government is in debt. An example of status quo is the common sense of a period of time. An example of status quo is the economic conditions of a particular class at a particular period of history.]]> 2017-10-12 15:25:06 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/196483533 155003561 https://padlet.com/155003500/da2bkyruzuxt/wish/196483783 -AVC= TVC/ Q
- at first starts to decreases to a minimum then increase bc of increasing then diminishing returns
-bc TVC reflects the law of diminishing returns so does the AVC since it derives from it]]> 2017-10-12 15:25:32 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/196483783 https://padlet.com/155003500/da2bkyruzuxt/wish/196483946 In economics and decision theory, loss aversion refers to people's tendency to prefer avoiding losses to acquiring equivalent gains: it's better to not lose $5 than to find $5. Some studies have suggested that losses are twice as powerful, psychologically, as gains]]> 2017-10-12 15:25:52 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/196483946 155003500 https://padlet.com/155003500/da2bkyruzuxt/wish/197420396 output per unit of labor input
AP= total product/units of labor]]> 2017-10-16 15:45:14 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/197420396 156004291 https://padlet.com/155003500/da2bkyruzuxt/wish/197421137 . A concept first named by Richard Theiler , mental accounting (or psychological accounting.Mental accounting refers to the tendency for people to separate their money into separate accounts based on a variety of subjective criteria, like the source of the money and intent for each account.]]> 2017-10-16 15:46:08 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/197421137 147003694 https://padlet.com/155003500/da2bkyruzuxt/wish/197421525 Average total cost for any output level is founded by dividing total cost (TC) by that output (Q) or by adding AFC and AVC at the output. 
ATC = TC/Q = TFC/Q + TVC/Q = AFC + AVC]]> 2017-10-16 15:46:46 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/197421525 155003561 https://padlet.com/155003500/da2bkyruzuxt/wish/197422745 - extra cost of adding 1 more unit to production
- MC= change of TC/ change in Q]]> 2017-10-16 15:48:27 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/197422745 156004291 https://padlet.com/155003500/da2bkyruzuxt/wish/197422780 The endowment effect (also known as divestiture aversion and related to the mere ownership effect in social psychology) is the hypothesis that people ascribe more value to things merely because they own them.]]> 2017-10-16 15:48:30 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/197422780 155003500 https://padlet.com/155003500/da2bkyruzuxt/wish/197423870 - law assumes that technology is fixed and thus the techniques of production do not change 
- states that as successive units of a variable resource are added to a fixed resource ]]> 2017-10-16 15:50:16 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/197423870 156004291 https://padlet.com/155003500/da2bkyruzuxt/wish/197425400 Economies of scale are the cost advantages that enterprises obtain due to size, output, or scale of operation, with cost per unit of output generally decreasing with increasing scale as fixed costs are spread out over more units of output.

]]> 2017-10-16 15:52:44 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/197425400 147003694 https://padlet.com/155003500/da2bkyruzuxt/wish/197426355 The difficulty of efficiency controlling and coordinating a firm's operations as it becomes a large-scale producer. ]]> 2017-10-16 15:54:16 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/197426355 156004291 https://padlet.com/155003500/da2bkyruzuxt/wish/197426620 Production process with neither economies nor dis economies of scale: the output of the process increases or decreases simultaneously and in step with increase or decrease in the inputs. A plant with a constant returns to scale is equally efficient in producing small batches as it is in producing large batches.]]> 2017-10-16 15:54:44 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/197426620 155003561 https://padlet.com/155003500/da2bkyruzuxt/wish/197426628 - at the lowest level of output a firm can lower long-run average costs]]> 2017-10-16 15:54:46 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/197426628 156004291 https://padlet.com/155003500/da2bkyruzuxt/wish/197427328 A natural monopoly is a type of monopoly that exists as a result of the high fixed costs or startup costs of operating a business in a specific industry. Additionally, natural monopolies can arise in industries that require unique raw materials, technology or other similar factors to operate.]]> 2017-10-16 15:55:55 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/197427328 155003500 https://padlet.com/155003500/da2bkyruzuxt/wish/197430260 2017-10-16 16:00:21 UTC https://padlet.com/155003500/da2bkyruzuxt/wish/197430260