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Economics Homework Seven Answers - Student One (view source)
Revision as of 14:54, October 28, 2009
, 14:54, October 28, 2009no edit summary
5. Explain the difference between total cost, average cost, and marginal cost.
5. Explain the difference between total cost, average cost, and marginal cost.
Total cost is the amount that you must pay for a certain good. Average cost is the average price of a certain good. Marginal cost is the price of a good that is created by an extra worker.
Total cost is the amount that you must pay for the cost of production of a good. Average cost is the total cost divided by the quantity. Marginal cost is the change in total cost when the quantity that is produced is increased or decreased by one more unit.
7. Is there perfect competition between homeschooling and public schools? If not, explain the imperfections.
7. Is there perfect competition between homeschooling and public schools? If not, explain the imperfections.