Economics Homework Seven Answers - Student Seven

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1. There are four elements of perfect competition. The elements are many buyers and sellers, goods that are perfect substitutes for each other, perfect knowledge in the market, and perfect mobility of resources.


2. Competition is a great motivator to increase efficiency, innovation, and allow you to do what you thought was impossible. I use competition in my cooking. When I make a meal or dish, I like to compare my food against the preperations of other cooks.

Superb. (note: "preparations", not "preperations")

4. Yes, the converse of Gresham's Law with respect to speech and conversation is true. It is true that good speech drives out bad or evil speech. The Bible says in Proverbs 15:1, "a soft answer turns away wrath, but harsh words stir up anger." When we use good speech and words we drive away the bad with our kindness.

Terrific, with an great quote. May use in the model answers.

5. Total cost is the cost of everything, the fixed and variable cost. Fixed cost are the things that cannot be altered easily. Marginal cost is the cost to produce the next unit.


6. The consumer surplus would be $850, but there really is no loss because the dance was never held.

Nope on both points. See model answers. (Minus 2).

7. No, there is not a perfect competition between public school and homeschool. First, a public school teacher teaches 20 plus kids with 1 teacher and maybe a helper. They are told what to teach, the Bible cannot be taught, and they have removed God from the classroom. The Homeschool teacher has only a few children and can provide one on one teaching with each child individually. They decide what is important to teach, they can teach the Bible, and they can incorporate God into all the lessons.

Excellent answer!
Well done: 58/60. Next week is the midterm exam.--Andy Schlafly 20:25, 31 October 2009 (EDT)