Economics Homework Twelve Answers - Student Five - Revision history

Abcqwe: Do we still need these articles?

2017-05-12T16:22:46Z

Do we still need these articles?

Taj: adding category

2010-03-01T15:49:33Z

adding category

Aschlafly: please also see

2009-12-13T14:40:59Z

please also see

Aschlafly: corrected grading

2009-12-13T04:11:53Z

corrected grading

Aschlafly: good work!

2009-12-13T04:04:01Z

good work!

CougarY10: Created page with 'AllieT. 1. A monopsony is only one buyer. 2. The Production Possibilities Curve represents the point at which the economy is most efficient in producing two goods. 3. If th...'

2009-12-11T00:44:48Z

Created page with 'AllieT. 1. A monopsony is only one buyer. 2. The Production Possibilities Curve represents the point at which the economy is most efficient in producing two goods. 3. If th...'

New page

AllieT.

1. A monopsony is only one buyer.

2. The Production Possibilities Curve represents the point at which the economy is most efficient in producing two goods.

3. If the price elasticity of demand for a product continues to climb, then the price of elasticity of labor will grow as well. The company producing the good will have to higher more workers to keep up with the growing demand. However, if the price elasticity of demand of a product declines, then a company will have to fire workers. They will have to do this to be able to keep their business running and making money.

4. The Lorenz curve compares the distribution of income in society against a hypothetical equal distribution of income. I don’t think that Lorenz curve should be a high priority for government economic policy. If the government were to get involved, they would see that large differences in income amongst families and they would try to “redistribute the wealth”. This action does not help our economy, but rather hinders it. We have to have a competitive market to drive down the costs of goods and the cost of wages. Like goods, competing for jobs helps us strive for higher goals and a higher education. Competition is the overall best way for us to operate our economy upon.

6. Average Fixed Cost is the total fixed cost divided by quantity of units produced
Average Variable cost is the total variable cost divided by quantity of units produced
Average Total Cost is equal to Average Fixed Cost plus Average Variable Cost

7. An increase in output forces a production possibilities curve to shift outward.

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	1. A monopsony is only one buyer.		1. A monopsony is only one buyer.

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	:56/60. Good work on a tough homework assignment.--[[User:Aschlafly\|Andy Schlafly]] 23:04, 12 December 2009 (EST)		:56/60. Good work on a tough homework assignment.--[[User:Aschlafly\|Andy Schlafly]] 23:04, 12 December 2009 (EST)
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		+	[[Category:Economics Homework Twelve Answers]]

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	:Superb, may use as the model answer!		:Superb, may use as the model answer!
		+
		+	:Please also see: http://ingrimayne.com/econ/AllocatingRationing/MeasuringIncomeDist.html (Note the shape of the actual income distribution is different from the erroneous step function I described in Lecture 12. Sorry!)

	6. Average Fixed Cost is the total fixed cost divided by quantity of units produced		6. Average Fixed Cost is the total fixed cost divided by quantity of units produced

@@ Line 21: / Line 21: @@
      Average Total Cost is equal to Average Fixed Cost plus Average Variable Cost
-:Excellent, but missed answering the final part of the question about when the firm shuts down in the short run (when P<AVC).
+:Excellent, but missed answering the final part of the question about when the firm shuts down in the short run (when P<AVC).  (Minus 1).
 .  An increase in output forces a production possibilities curve to shift outward.
@@ Line 27: / Line 27: @@
 :True, but what causes an increase in overall output?  Please see the model answers.  (Minus 1).
-:57/60.  Good work on a tough homework assignment.--[[User:Aschlafly|Andy Schlafly]] 23:04, 12 December 2009 (EST)
+:56/60.  Good work on a tough homework assignment.--[[User:Aschlafly|Andy Schlafly]] 23:04, 12 December 2009 (EST)

@@ Line 2: / Line 2: @@
 . A monopsony is only one buyer.
 . The Production Possibilities Curve represents the point at which the economy is most efficient in producing two goods.
 . If the price elasticity of demand for a product continues to climb, then the price of elasticity of labor will grow as well. The company producing the good will have to higher more workers to keep up with the growing demand. However, if the price elasticity of demand of a product declines, then a company will have to fire workers. They will have to do this to be able to keep their business running and making money.
 . The Lorenz curve compares the distribution of income in society against a hypothetical equal distribution of income. I don’t think that Lorenz curve should be a high priority for government economic policy. If the government were to get involved, they would see that large differences in income amongst families and they would try to “redistribute the wealth”. This action does not help our economy, but rather hinders it. We have to have a competitive market to drive down the costs of goods and the cost of wages. Like goods, competing for jobs helps us strive for higher goals and a higher education. Competition is the overall best way for us to operate our economy upon.
 . Average Fixed Cost is the total fixed cost divided by quantity of units produced
      Average Variable cost is the total variable cost divided by quantity of units produced
      Average Total Cost is equal to Average Fixed Cost plus Average Variable Cost
 .  An increase in output forces a production possibilities curve to shift outward.