### 经济代写|宏观经济学代写Macroeconomics代考|Ten Principles of Economics

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• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 经济代写|宏观经济学代写Macroeconomics代考|How People Make Decisions

There is no mystery to what an economy is. Whether we are talking about the economy of Los Angeles, the United States, or the whole world, an economy is just a group of people dealing with one another as they go about their lives. Because the behavior of an economy reflects the behavior of the individuals who make up the economy, our first four principles concern individual decision making.
1-1a Principle 1: People Face Trade-Offs
You may have heard the old saying, “There ain’t no such thing as a free lunch.” Grammar aside, there is much truth to this adage. To get something that we like, we usually have to give up something else that we also like. Making decisions requires trading off one goal against another.

Consider a student who must decide how to allocate her most valuable resource-her time. She can spend all of her time studying economics, spend all of it studying psychology, or divide it between the two fields. For every hour she studies one subject, she gives up an hour she could have used studying the other. And for every hour she spends studying, she gives up an hour she could have spent napping, bike riding, playing video games, or working at her part-time job for some extra spending money.

Consider parents deciding how to spend their family income. They can buy food, clothing, or a family vacation. Or they can save some of their income for retirement or their children’s college education. When they choose to spend an extra dollar on one of these goods, they have one less dollar to spend on some other good.

When people are grouped into societies, they face different kinds of trade-offs. One classic trade-off is between “guns and butter.” The more a society spends on national defense (guns) to protect itself from foreign aggressors, the less it can spend on consumer goods (butter) to raise its standard of living. Also important

in modern society is the trade-off between a clean environment and a high level of income. Laws that require firms to reduce pollution raise the cost of producing goods and services. Because of these higher costs, the firms end up earning smaller profits, paying lower wages, charging higher prices, or doing some combination of these three. Thus, while pollution regulations yield a cleaner environment and the improved health that comes with it, this benefit comes at the cost of reducing the well-being of the regulated firms’ owners, workers, and customers.

Another trade-off society faces is between efficiency and equality. Efficiency means that society is getting the maximum benefits from its scarce resources. Equality means that those benefits are distributed uniformly among society’s members. In other words, efficiency refers to the size of the economic pie, and equality refers to how the pie is divided into individual slices.

When government policies are designed, these two goals often conflict. Consider, for instance, policies aimed at equalizing the distribution of economic well-being. Some of these policies, such as the welfare system or unemployment insurance, try to help the members of society who are most in need. Others, such as the individual income tax, ask the financially successful to contribute more than others to support the government. Though these policies achieve greater equality, they reduce efficiency. When the government redistributes income from the rich to the poor, it reduces the reward for working hard; as a result, people work less and produce fewer goods and services. In other words, when the government tries to cut the economic pie into more equal slices, the pie shrinks.

Recognizing that people face trade-offs does not by itself tell us what decisions they will or should make. A student should not abandon the study of psychology just because doing so would increase the time available for the study of economics. Society should not stop protecting the environment just because environmental regulations would reduce our material standard of living. The government should not ignore the poor just because helping them would distort work incentives. Nonetheless, people are likely to make good decisions only if they understand the options available to them. Our study of economics, therefore, starts by acknowledging life’s trade-offs.

## 经济代写|宏观经济学代写Macroeconomics代考|What You Give Up to Get It

Because people face trade-offs, making decisions requires comparing the costs and benefits of alternative courses of action. In many cases, however, the cost of an action is not as obvious as it might first appear.

Consider the decision to go to college. The main benefits are intellectual enrichment and a lifetime of better job opportunities. But what are the costs? To answer this question, you might be tempted to add up the money you spend on tuition, books, room, and board. Yet this total does not truly represent what you give up to spend a year in college.

This calculation has two problems. First, it includes some things that are not really costs of going to college. Even if you quit school, you need a place to sleep and food to eat. Room and board are costs of going to college only to the extent that they exceed the cost of living and eating at home or in your own apartment. Second, this calculation ignores the largest cost of going to college-your time. When you spend a year listening to lectures, reading textbooks, and writing papers, you cannot spend that time working at a job and earning money. For most students, the earnings they give up to attend school are the largest cost of their education.

The opportunity cost of an item is what you give up to get that item. When making any decision, decision makers should take into account the opportunity costs of each possible action. In fact, they usually do. College athletes who can earn millions dropping out of school and playing professional sports are well aware that their opportunity cost of attending college is very high. Not surprisingly, they often decide that the benefit of a college education is not worth the cost.

## 经济代写|宏观经济学代写Macroeconomics代考|Rational People Think at the Margin

Economists normally assume that people are rational. Rational people systematically and purposefully do the best they can to achieve their objectives, given the available opportunities. As you study economics, you will encounter firms that decide how many workers to hire and how much product to make and sell to maximize profits. You will also encounter individuals who decide how much time to spend working and what goods and services to buy with the resulting income to achieve the highest possible level of satisfaction.

Rational people know that decisions in life are rarely black and white but often involve shades of gray. At dinnertime, you don’t ask yourself “Should I fast or eat like a pig?” More likely, the question you face is “Should I take that extra spoonful of mashed potatoes?” When exams roll around, your decision is not between blowing them off and studying 24 hours a day but whether to spend an extra hour reviewing your notes instead of playing video games. Economists use the term marginal change to describe a small incremental adjustment to an existing plan of action. Keep in mind that margin means “edge,” so marginal changes are adjustments around the edges of what you are doing. Rational people make decisions by comparing marginal benefits and marginal costs.

For example, suppose you are considering watching a movie tonight. You pay $\$ 40$a month for a movie streaming service that gives you unlimited access to its film library, and you typically watch 8 movies a month. What cost should you take into account when deciding whether to stream another movie? You might at first think the answer is$\$40 / 8$, or $\$ 5$, which is the average cost of a movie. More relevant for your decision, however, is the marginal cost – the extra cost that you would incur by streaming another film. Here, the marginal cost is zero because you pay the same$\$40$ for the service regardless of how many movies you stream. In other words, at the margin, streaming a movie is free. The only cost of watching a movie tonight is the time it takes away from other activities, such as working at a job or (better yet) reading this textbook.

Thinking at the margin also works for business decisions. Consider an airline deciding how much to charge passengers who fly standby. Suppose that flying a 200 -seat plane across the United States costs the airline $\$ 100,000$. The average cost of each seat is$\$500(\$ 100,000 / 200)$. One might be tempted to conclude that the airline should never sell a ticket for less than$\$500$. But imagine that a plane is about to take off with 10 empty seats and a standby passenger waiting at the gate is willing to pay $\$ 300$for a seat. Should the airline sell the ticket? Of course it should. If the plane has empty seats, the cost of adding one more passenger is tiny. The average cost of flying a passenger is$\$500$, but the marginal cost is merely the cost of the can of soda that the extra passenger will consume and the small bit of jet fuel needed to carry the extra passenger’s weight. As long as the standby passenger pays more than the marginal cost, selling the ticket is profitable. Thus, a rational airline can increase profits by thinking at the margin.

1-1a 原则 1：人们面临取舍

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