When analysing markets, a range of assumptions are made about the rationality of economic agents involved in the transactions
The Wealth of Nations was written
1776
Rational
(in classical economic theory) economic agents are able to consider the outcome of their choices and recognise the net benefits of each one
Rational agents will select the choice which presents the highest benefits
Consumers act rationally by
Maximising their utility
Producers act rationally by
Selling goods/services in a way that maximises their profits
Workers act rationally by
Balancing welfare at work with consideration of both pay and benefits
Governments act rationally by
Placing the interests of the people they serve first in order to maximise their welfare
Groups assumed to act rationally
Consumers
Producers
Workers
Governments
Rationality in classical economic theory is a flawed assumption as people usually don't act rationally
Marginal utility
The additional utility (satisfaction) gained from the consumption of an additional product
If you add up marginal utility for each unit you get total utility
Thursday March 14, 2024 is the date of the Chapter 5 Lecture
Next week is Spring Break - no assignments due
The following week, 3/28 is the second exam, which is in person and the entire class (4-5:15) will be available to complete it
The topic of the Chapter 5 Lecture is The Working Cell
Cells control their chemical environment using energy, enzymes, and the plasma membrane
Energy
The capacity to cause change or the ability to do work
Kinetic energy
The energy of motion
Potential energy
Stored energy, energy that an object has because of its location or structure
Chemical energy
Energy stored in molecules based on the arrangement of atoms, can be released by a chemical reaction
Cellular respiration
The energy-releasing chemical breakdown of fuel molecules, the storage of that energy in a form the cell can use to perform work
ATP
Acts like an energy shuttle, stores energy obtained from food, releases it later as needed
ATP (adenosine triphosphate)
Consists of an organic molecule called adenosine plus a tail of three phosphate groups, is broken down to ADP and a phosphate group releasing energy
The ATP-ADP cycle
Cellular work spends ATP continuously, ATP is recycled from ADP and a phosphate group through cellular respiration, a working muscle cell spends and recycles up to 10 million ATP molecules per second
Phosphate transfer
ATP energizes other molecules by transferring phosphate groups, this energy helps cells perform mechanical work, transport work, and chemical work
Metabolism
The total of all chemical reactions in an organism
Enzymes
Proteins that speed up chemical reactions, all living cells contain thousands of different enzymes, each promoting a different chemical reaction
Enzymes
They reduce the amount of activation energy required to break bonds of reactant molecules
Substrate
A reactant molecule that an enzyme recognizes
Active site
The site on an enzyme that fits to the substrate, causing the enzyme to slightly change shape
Induced fit
The interaction where the entry of the substrate induces the enzyme to change shape slightly
Enzyme inhibitors
Can prevent metabolic reactions by binding to the active site or near the active site, resulting in changes to the enzyme's shape so that the active site no longer accepts the substrate
Feedback regulation
When products of a reaction may inhibit the enzyme required for its production, preventing the cell from wasting resources
Diffusion
The movement of molecules so that they spread out evenly into the available space
Passive transport
The diffusion of a substance across a membrane without the input of energy
Concentration gradient
A region in which the substance's density changes
Simple diffusion
Diffusion of substances that are small and nonpolar
Facilitated diffusion
The passage of a substance that can't diffuse on its own with the help of a protein
Osmosis
The diffusion of water across a selectively permeable membrane