Add your brainstorming topic here... by A Des

2024-10-02 01:51:49 UTC

Opportunity cost is the loss of making one decision over the other.

2024-10-02 01:52:32 UTC

One takeaway from Victoria’s lecture is the use of curves like marginal rate of transformations and marginal rate of substitution in order to maximize feasibility and happiness (optimal choice)

Jeannell

2024-10-02 01:52:35 UTC

One thing ive taken away from this module is that calculus is literally everywhere. I find it interesting how marginal product is just instantaneous rate of change.

Takeaway

alfredlei10 — 2024-10-02 01:52:41 UTC

My takeaway is that economics is a conceptually difficult class. I learned that theoretical variables can be quantified, which in itself is ambiguous.

What have I learned on unit 4 lecture

2024-10-02 01:53:02 UTC

I learned that mst and msi were interesting. Happiness in a Measurable unit of sorts.

The economical correlation between happiness and etc.

Vivian

vivianxu363 — 2024-10-02 01:53:05 UTC

A sunk cost refers to money that has already been spent and cannot be recovered.

janiceyu06 — 2024-10-02 01:53:09 UTC

I learned that I'm really going to have to review this module.

Christine B

2024-10-02 01:53:11 UTC

There are always some sort of loss if an individual chooses an alternative option.

Ex: Preferring frosting over cake: you lose more cake.

But some situations are different regarding if the individual actually prefers and feels happy w/ their decision

Frederic Strommen

2024-10-02 01:53:17 UTC

Victoria explained to us the difference between receiving one-time rewards versus continuous rewards, and how it affects our "happiness levels"

2024-10-02 01:53:25 UTC

Something I learned is the opportunity cost which is economic cost= benefit-out of pocket- opportunity

2024-10-02 01:53:58 UTC

Opportunity cost is the best alternative that you did not chose/ gave up.

2024-10-02 01:54:11 UTC

One thing I learned was that happiness is measurable and related to economics

2024-10-02 01:54:11 UTC

I learned marignal product and with that you could find the instantaneous rate of change of the graph and the marginal product is the basically slope (output over input)

2024-10-02 01:54:31 UTC

How a increase in something could not always be a good outcome

Carna

2024-10-02 01:55:13 UTC

One thing I learned about is opportunity cost and how we can place a personal cost on something even though it doesn't cost that value.