Do Now What does it cost you to go watch a 49ers game?

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Presentation transcript:

Do Now What does it cost you to go watch a 49ers game?

Trade-offs + Opportunity Cost Trade-off: a choice of 2 options Opportunity cost: The value of the next best choice -What is the opp. cost of playing an after-school sport? - You are a drink company, and you chose to produce tea, what might be the opp. cost of that decision?

Production Possibilities Frontier Curve showing all production choices given # resources, tech l: Unused resources (Unemployed) U: not currently possible (not enough resources) A, B: efficient production

What is the opportunity cost of moving from point A to point B? Why would a country ever produce at point l? How can this country be able to produce at U?

PPF shifts based on: - Technology and productivity # of resources (Land, Labor, Capital)

Shift in one good Pretend an economy makes just coffee and tea. - Huge breakthrough in tea production. *shows that tea is improved but coffee is same.

Increasing Opportunity Costs Increasing sloped shape from Law of Increasing Opp. Costs different efficiency of resources… Ex: some people good at making clothes. Others good at making computers…. * As more resources shift to producing 1 good, production get’s less efficient (higher opp. Cost)

Allocative Efficiency (Socially Optimal) Produce/consume where MB=MC *If Q too low: MB>MC = Buy more! *If Q too high: MC>MB = Buy less!

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