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Economics Homework Twelve Answers - Student Ten (view source)
Revision as of 20:23, December 9, 2009
, 20:23, December 9, 2009no edit summary
'''2. Define, in your own words, what a "production possibilities curve" is.'''
'''2. Define, in your own words, what a "production possibilities curve" is.'''
The production possibility's curve is a graph showing two goods and the opportunity cos for making more of one and less of another.
'''3. Review: how is the elasticity of demand for labor related to the price elasticity of demand for the product of that labor?'''
'''3. Review: how is the elasticity of demand for labor related to the price elasticity of demand for the product of that labor?'''
if the item is elastic so will be the demand for labor.
'''4. Do you think that government policy should give high priority to the Lorenz curve? Explain the issue that a Lorenz curve addresses, and whether you think that should be a high priority of government economic policy.'''
'''4. Do you think that government policy should give high priority to the Lorenz curve? Explain the issue that a Lorenz curve addresses, and whether you think that should be a high priority of government economic policy.'''