Economics Homework Seven Answers - Student Five - Revision history

AddisonDM at 01:22, March 9, 2011

2011-03-09T01:22:39Z

Taj: categorizing

2010-02-03T14:08:25Z

categorizing

Aschlafly: superb

2009-10-31T03:57:13Z

superb

Seth9000: Created page with 'Seth P. 1.The four elements of perfect competition are lots of competitors, lots of things to compete over (perfect substitutes), knowing what all is going on, and everyone has...'

2009-10-29T01:52:32Z

Created page with 'Seth P. 1.The four elements of perfect competition are lots of competitors, lots of things to compete over (perfect substitutes), knowing what all is going on, and everyone has...'

New page

Seth P.

1.The four elements of perfect competition are lots of competitors, lots of things to compete over (perfect substitutes), knowing what all is going on, and everyone has to have the same opportunities.

2.I might use competition to motivate me to achieve more by making myself concentrate which usually allows you to do better.

3.Income elasticity and inelasticity.

4.I think the converse of Gresham's Law is true with respect to speech and conversation because if you focus on good things, like the Bible, it won't leave room in your life for bad things. The same goes for bad things, if you focus on bad things then there won't be room for good things. I personally think it is better to focus on good things.

5.Total cost is the total amount of all your costs put together. Average cost is the costs your spend per unit. Marginal cost is the cost of extra units compared to the units before them.

6.The loss in wealth for not having the dance is 150 x $15 = $2,250. The loss of consumer surplus is 50 x $5 = $250, 10 x $10 = $100, and 5 x $15 = $75 for a total of $425.

7.There is not perfect competition between homeschooling and public schools, because the competition doesn't have perfect substitutes and both sides don't have the same opportunities.

8.Competition can be defined as the free market, because the stores in the free market compete against each other for the customers and the customers compete against each other for the lowest prices. The free market takes all that and finds an equilibrium point and says this is what the price will be. Usually everybody agrees that is a good price. That is competition.

9.I think there would be less jobs because a lot of people want jobs but there aren't that many openings and it costs the owner a lot of money to hire them.

10.The firm's profit is zero. Loss is zero unless you are including fixed rates like the price of the factory when they bought it. Then they would lose out on the money they already spent.

11.

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 Seth P.
-.The four elements of perfect competition are lots of competitors, lots of things to compete over (perfect substitutes), knowing what all is going on, and everyone has to have the same opportunities.
+.The four elements of perfect [[competition]] are lots of competitors, lots of things to compete over (perfect substitutes), knowing what all is going on, and everyone has to have the same opportunities.
 :Superb way to put in your own words.  May use as a model!

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	:89/90. Best in the class so far! Congratulations.		:89/90. Best in the class so far! Congratulations.
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 .The four elements of perfect competition are lots of competitors, lots of things to compete over (perfect substitutes), knowing what all is going on, and everyone has to have the same opportunities.
 .I might use competition to motivate me to achieve more by making myself concentrate which usually allows you to do better.
 .Income elasticity and inelasticity.
 .I think the converse of Gresham's Law is true with respect to speech and conversation because if you focus on good things, like the Bible, it won't leave room in your life for bad things. The same goes for bad things, if you focus on bad things then there won't be room for good things. I personally think it is better to focus on good things.
 .Total cost is the total amount of all your costs put together.  Average cost is the costs your spend per unit.  Marginal cost is the cost of extra units compared to the units before them.
 .The loss in wealth for not having the dance is 150 x $15 = $2,250. The loss of consumer surplus is 50 x $5 = $250, 10 x $10 = $100, and 5 x $15 = $75 for a total of $425.
 .There is not perfect competition between homeschooling and public schools, because the competition doesn't have perfect substitutes and both sides don't have the same opportunities.
 .Competition can be defined as the free market, because the stores in the free market compete against each other for the customers and the customers compete against each other for the lowest prices. The free market takes all that and finds an equilibrium point and says this is what the price will be.  Usually everybody agrees that is a good price. That is competition.
 .I think there would be less jobs because a lot of people want jobs but there aren't that many openings and it costs the owner a lot of money to hire them.
 .The firm's profit is zero. Loss is zero unless you are including fixed rates like the price of the factory when they bought it.  Then they would lose out on the money they already spent.
 .