ECON100 PAL by Jann Le

2023-03-06 23:40:06 UTC

I didn't take Econ in Highschool and regardless, it's been 4 years since I graduated from HS so I doubt that it would've helped much. I did a UG Diploma in Graphic Design and that didn't involve a lot of textbook studying. It is safe to say I am ABSOLUTELY TERRIFIED :) Nice to meet y'all tho

People are Rational (?)

2023-03-06 23:54:08 UTC

Economists function with the assumption that people and firms act rationally with all the information available to them to ensure the best outcome possible. They also consider the costs and benefits presented to them and make choices where the benefits outweigh the costs.

Rational people

2023-03-06 23:54:39 UTC

They make decisions based on their available knowledge,
They make predictable decisions, They weigh the benefits and costs of each action, and they choose an action only if the benefits outweigh the costs.

What is economic incentive?

2023-03-06 23:56:27 UTC

Factors that motivate individuals and organisations to make particular choices or to take particular actions within the market

What is your understanding about marginal analysis?

2023-03-06 23:57:01 UTC

Comparisons between marginal benefits and marginal costs

Margin and Marginal analysis

wtn989_1 — 2023-03-06 23:57:30 UTC

Marginal means additional unit. Marginal analysis means the process people comparing marginal benefits and marginal costs before proceeding with an action.

Why is scarcity happening?

2023-03-06 23:58:37 UTC

Their is an unlimited demand for limited resources, resulting in scarcity of resources

Scarcity

2023-03-06 23:58:48 UTC

We are met with scarcity given that we have unlimited needs and wants but only limited resources.
Scarcity isn't the same as rarity. Scarcity is defined by demand.

Rare but not scarce

2023-03-06 23:59:54 UTC

Me baking delicious brownies is a rare occasion but not scarce, because no one actually DEMANDS to have my brownies, sadly.

Name something that can be rare but not scarce in an economic sense?

2023-03-07 00:00:19 UTC

Exotic Animals

Economic Problems

2023-03-07 00:03:28 UTC

1. What goods and services will be produced?
2. How will the goods and services be produced?
3. Who will receive the goods and services produced?

Because of scarcity, we have to make choices about which desires to satisfy and which to leave unfulfilled and which to leave unfulfilled.

2023-03-07 00:03:30 UTC

This is called Trade-offs/opportunity cost

Ways to solve the economic problem:

2023-03-07 00:04:27 UTC

1. Centrally Planned Economy
2. Market Economy

Normative and Positive Analysis

2023-03-07 00:07:52 UTC

Positive Analysis:
Deals with what is. Facts.

Normative Analysis:
Deals with what ought to be. Involved value judgements, can't be tested.

Economic Incentive

2023-03-07 00:09:04 UTC

Incentive given to people to make choices. It is the net benefit of a choice or action.

People are rational

2023-03-08 03:50:48 UTC

assume that people make meaningful and predictable choices, still contains biases but generally most people weigh up the benefit and the cost before an economic decision.

economic incentive

2023-03-08 03:52:34 UTC

people respond to financial incentives as it benefits them

marginal analysis

2023-03-08 03:53:49 UTC

the cost or benefit per additional unit.

scarcity

2023-03-08 03:54:47 UTC

scarcity is the distribution of the worlds limited resources, when the wants exceed the resources available.

2023-03-08 04:24:37 UTC

I like the minion gif, good choice! padlet is very helpful

JannLe — 2023-03-15 04:59:43 UTC

Part 1 Comparative Advantage
1. C

2. B

3. E

Part 2 Specialisation and Trade
1. D
2. A
3. B
4. D

Part 3 Demand
1. A
2. B
3. E

Part 4 Supply
1. E
2. B
3. B and E

Part 5 Equilibrium
1. C
2. C

JannLe — 2023-04-12 12:11:42 UTC

JannLe — 2023-05-27 11:10:19 UTC

If you have time, please help me with your feedback :))) You know, your feedback is invaluable for my future development.
Here is the link: https://forms.gle/UZQerWAoQ4EriK4n8

Problem 1

JannLe — 2023-06-07 01:24:18 UTC

The opportunity cost of another year back at school for your friend is as follows:

Forgone after-tax salary $45,000

Tuition costs 4,800

Expenses associated with school 2,400

Total opportunity costs $52,200

Problem 2 part a

JannLe — 2023-06-07 01:26:28 UTC

The marginal product of labor is the additional output a firm produces as a result of hiring one more worker. This is calculated by dividing the change in the quantity of apples produced by the change in the quantity of labor used to produce the apples. The average product of labor is the total output produced by a firm divided by the quantity of workers used to produce that output. The results of these calculations are displayed in the table below.

Note: I cannot help you with part ii and iii

Problem 2 part b

JannLe — 2023-06-07 01:27:56 UTC

Note: Please ignore part b.ii since I was mistakenly provided you the answer on your worksheet

Problem 3 part a, b

JannLe — 2023-06-07 01:30:16 UTC

Problem 3 part c

JannLe — 2023-06-07 01:31:57 UTC

Using the GDP Deflator formula
=> Real GDP in year 3 = $4,000
Real GDP in year 4 = $4,400

Analysing the assessment task

JannLe — 2024-02-17 23:30:37 UTC

JannLe — 2024-02-19 22:30:30 UTC

Thanks Minh! This is my first experience with PAL so you have nothing to measure up to haha. Today was great!

My name is Adelaide. I love outdoor adventure activities like caving, hiking, and camping, and I am studying Politics, Philosophy, and Economics (PPE)!

JannLe — 2024-02-19 22:30:53 UTC

I’m Thomas :) I’m from Sydney, and We Say “Talofa Lava” or “Malo Le Soifua” in my first language, which is Samoan!

JannLe — 2024-02-19 22:31:12 UTC

My name is Ng Wan Ting, you can call me Wan Ting. I am from Malaysia. My first language is Chinese. If you want to greet someone in Malaysia you can say “Apa Khabar” it means how are you.

Study for examination

JannLe — 2024-02-28 04:39:56 UTC

including EXAMINATION INSTRUCTION WORDS

Essay writing

JannLe — 2024-02-28 04:41:59 UTC

2024-03-04 01:34:15 UTC

Niceee tu meet uu

Hellooo

2024-03-04 01:35:05 UTC

People are rational

2024-03-04 02:03:20 UTC

People will often make predictable choices based on bias and other factors

How do you define the meaning of rational people.

2024-03-04 02:04:18 UTC

That in most cases it is fair to assume that people will make a sensible choice based on the information they have. Therefore it is fair to use this assumption when making predictions about economic scenarios.

What is economic incentive?

2024-03-04 02:08:36 UTC

Economic incentives influences choice and behaviour e.g loyalty programs, rewards cards

Economic incentive

2024-03-04 02:09:10 UTC

the benefit someone will receive by making certain decisions/taking certain actions

Margin

2024-03-04 02:09:16 UTC

When the cost per unit equals the benefit per unit this is the margin. The margin is the optimal point of production of a good or service.

Marginal analysis

2024-03-04 02:11:54 UTC

Comparing costs and benefits of the options quantitatively

Margin

2024-03-04 02:13:09 UTC

Where the marginal benefit = the marginal cost

rational people

2024-03-04 02:14:20 UTC

rational people want good and services with low price and good quality.

Scarcity

2024-03-04 02:16:39 UTC

Because people have unlimited needs and wants that can't all be met.

This term is called a trade off.

2024-03-04 02:17:15 UTC

Why is scarcity happening?

2024-03-04 02:19:36 UTC

Because unlimited wants outweighs limited resources

Trade Off

2024-03-04 02:19:40 UTC

Three questions

2024-03-04 02:19:53 UTC

What goods and services will be produced?

How will they be produced?

who will receive the goods and services produced?

Trade-off

2024-03-04 02:20:08 UTC

scarcity

2024-03-04 02:21:48 UTC

Scarcity means unlimited wants with limited resources. People with low income have wants they cannot fulfill as well as high income people who have wants they cant fulfill

JannLe — 2024-05-24 07:00:02 UTC

Interactive presentation software - Mentimeter