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| | On a personal level, it is usually impossible to do two things at once. Either you spend the next hour working on this course, or you spend it doing something else. You could graph a production possibility curve for how you spend 24 hours each day. It could be 8 hours sleeping, 1 hour exercising, 1 hour traveling to destinations, 3 hours cooking and eating, 6 hours studying, 1 hour relaxing, and 4 hours working at a job. If you take an hour away from one activity, then you can add it to another. Your production possibility curve would represent all the possibilities. | | On a personal level, it is usually impossible to do two things at once. Either you spend the next hour working on this course, or you spend it doing something else. You could graph a production possibility curve for how you spend 24 hours each day. It could be 8 hours sleeping, 1 hour exercising, 1 hour traveling to destinations, 3 hours cooking and eating, 6 hours studying, 1 hour relaxing, and 4 hours working at a job. If you take an hour away from one activity, then you can add it to another. Your production possibility curve would represent all the possibilities. |
| | + | |
| | + | == Review: Types of Competition == |
| | + | |
| | + | *Perfect Competition |
| | + | *Imperfect competition |
| | + | *Monopoly |
| | + | *Oligopoly and monopolistic competition |
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| | == Comparative Advantage == | | == Comparative Advantage == |
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| | Contrast with "competitive advantage." | | Contrast with "competitive advantage." |
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| |
| − | == Review: Types of Competition ==
| |
| − |
| |
| − | *Perfect Competition
| |
| − | *Imperfect competition
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| − | *Monopoly
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| − | *Oligopoly and monopolistic competition
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| | | | |
| | == economics of bus trip? == | | == economics of bus trip? == |
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| | ==Assignment== | | ==Assignment== |
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| − | Read, and reread as needed, the above lecture. Then answer the problems below, which use many concepts from the entire course. | + | Read, and reread as needed, the above lecture. Then answer 6 out of 7 questions below, which use many concepts from the entire course: |
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| | 1. A ________________ is one and only one buyer in a market. | | 1. A ________________ is one and only one buyer in a market. |
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| | [[Image:Econ13c.jpg|right|250px|thumb|Figure C]] | | [[Image:Econ13c.jpg|right|250px|thumb|Figure C]] |
| | + | |
| | + | Answer 3 out of 4 questions below: |
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| | 10. Look at Figure C (right). Assuming it represents the long run, describe what type of industry this is (e.g., monopoly, oligopoly, monopolistic competition, or perfect competition). Explain your answer. | | 10. Look at Figure C (right). Assuming it represents the long run, describe what type of industry this is (e.g., monopoly, oligopoly, monopolistic competition, or perfect competition). Explain your answer. |