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ECW1101 - Introductory microeconomics - MUM S1 2025

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Candice is planning her activities for a hot summer day. She would like to go to the local swimming pool and see the latest blockbuster movie, but because she can only get tickets to the movie for the same time that the pool is open she can only choose one activity. This illustrates the basic principle that

improvements in efficiency sometimes come at the expense of equality.

people face tradeoffs.

100%

rational people think at the margin.

people respond to incentives.

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Economists make assumptions to

provide issues for political discussion.

make a complex world easier to understand.

100%

create policy alternatives that are incomplete or subject to criticism.

make it easier to teach economic concepts and analysis.