Economics Homework Five Answers - Student Three - Revision history

Taj: categorizing

2010-01-31T02:11:01Z

categorizing

Aschlafly: perfect!

2009-10-17T00:23:39Z

perfect!

TrishaM at 01:35, October 16, 2009

2009-10-16T01:35:30Z

TrishaM at 22:17, October 15, 2009

2009-10-15T22:17:59Z

TrishaM at 17:30, October 14, 2009

2009-10-14T17:30:31Z

TrishaM: Created page with 'TrishaM 1. Efficiency is the most possible productivity gained from an operation, good, or service with the least amount of time, energy, or money used in transaction costs. 2...'

2009-10-14T17:29:33Z

Created page with 'TrishaM 1. Efficiency is the most possible productivity gained from an operation, good, or service with the least amount of time, energy, or money used in transaction costs. 2...'

New page

TrishaM

1. Efficiency is the most possible productivity gained from an operation, good, or service with the least amount of time, energy, or money used in transaction costs.

2. A & B must be substitutes while B & C are complements.

3. The marginal cost for me to make one more unit would be $20

4. Steak would be a "normal" good and the hamburger would be an "inferior" good.

5. The basic assumption of the Coase theorem is that the transaction costs equal zero. This assumption is important because if the transaction costs were not zero, then the transaction itself would be not be as efficient as possible.

6. If an owner's marginal revenue exceeds his marginal cost, then he will continue trying to sell as many goods as possible to make more money.

7. The Coase theorem explains that with the use of government regulations, which increase transaction costs, the efficiency of the free market is decreased.

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	:Perfect work, tied for the best in the class so far! Congratulations! 70/70.--[[User:Aschlafly\|Andy Schlafly]] 20:23, 16 October 2009 (EDT)		:Perfect work, tied for the best in the class so far! Congratulations! 70/70.--[[User:Aschlafly\|Andy Schlafly]] 20:23, 16 October 2009 (EDT)
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−	1. Efficiency is the most possible productivity gained from an operation, good, or service with the least amount of time, energy, or money used in transaction costs. An example sentence: It is much more efficient to do the dishes quickly when your mom asks you to, than ~~complaining~~ and ~~whining~~. That will simply waste even more time than just doing the dishes and getting it over with.	+	1. Efficiency is the most possible productivity gained from an operation, good, or service with the least amount of time, energy, or money used in transaction costs. An example sentence: It is much more efficient to do the dishes quickly when your mom asks you to than to complain and whine about it. That will simply waste even more time than just doing the dishes and getting it over with.

	2. A & B must be substitutes while X & Y are complements.		2. A & B must be substitutes while X & Y are complements.

← Older revision		Revision as of 22:17, October 15, 2009
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−	1. Efficiency is the most possible productivity gained from an operation, good, or service with the least amount of time, energy, or money used in transaction costs.	+	1. Efficiency is the most possible productivity gained from an operation, good, or service with the least amount of time, energy, or money used in transaction costs. An example sentence: It is much more efficient to do the dishes quickly when your mom asks you to, than complaining and whining. That will simply waste even more time than just doing the dishes and getting it over with.

	2. A & B must be substitutes while X & Y are complements.		2. A & B must be substitutes while X & Y are complements.

@@ Line 3: / Line 3: @@
 . Efficiency is the most possible productivity gained from an operation, good, or service with the least amount of time, energy, or money used in transaction costs. An example sentence: It is much more efficient to do the dishes quickly when your mom asks you to than to complain and whine about it. That will simply waste even more time than just doing the dishes and getting it over with.
 . A & B must be substitutes while X & Y are complements.
 . The marginal cost for me to make one more unit would be $20
 . Steak would be a "normal" good and the hamburger would be an "inferior" good.
 . The basic assumption of the Coase theorem is that the transaction costs equal zero. This assumption is important because if the transaction costs were not zero, then the transaction itself would be not be as efficient as possible.
 . If an owner's marginal revenue exceeds his marginal cost, then he will continue trying to sell as many goods as possible to make more money.
 . The Coase theorem explains that with the use of government regulations, which increase transaction costs, the efficiency of the free market is decreased.