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| | ==Assignment== | | ==Assignment== |
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| − | Read and, if necessary, reread the above lecture. Then answer __ out of the following __ questions: | + | Read and, if necessary, reread the above lecture. Our midterm exam is in two weeks and this assignment is lighter than usual so that you can begin preparing for the exam this week. But do answer 5 out of the following 6 questions: |
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| | 1. One of the best motivators in business and in life is ___________. | | 1. One of the best motivators in business and in life is ___________. |
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| | 5. Describe how you can use competition, perhaps even competing with yourself, to motivate you to achieve more. | | 5. Describe how you can use competition, perhaps even competing with yourself, to motivate you to achieve more. |
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| | + | 6. We are going to have our midterm in two weeks. Think of a question that you would like to see answered or clarified at the next class. |
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| | old questions: | | old questions: |
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| | ===Honors=== | | ===Honors=== |
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| − | Answer any __ out of the following __ questions:
| + | Begin studying for the midterm exam and also answer any 3 out of the following 4 questions: |
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| − | 8. What is the firm's profit or loss when Q=0 in the honors discussion above? (Answer simply in terms of another cost measure.) Is the firm profitable?
| + | 7. What is the firm's profit or loss when Q=0 in the honors discussion above? (Answer simply in terms of another cost measure.) Is the firm profitable? |
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| − | 9. (Challenging, with extra credit) Prove mathematically that MC>MR for all Q>0 in the honors discussion above. (Hint: define MC in terms of the change in AVC, and then regroup the terms and draw conclusions about them to show MC>MR).
| + | 8. (Challenging, with extra credit) Prove mathematically that MC>MR for all Q>0 in the honors discussion above. (Hint: define MC in terms of the change in AVC, and then regroup the terms and draw conclusions about them to show MC>MR). |
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| − | 10. Define the term "competition" in a new way by using another powerful term developed in this course.
| + | 9. Define the term "competition" in a new way by using another powerful term developed in this course. |
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| | + | 10. Question about perfectly competitive labor market. |
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| − | old questions:
| + | == References == |
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| − | 8. “One of the greatest benefits of competition is accountability.” How?
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| − | 11. The account of the multiplication of the loaves by Jesus is unique in the way it is included in all four Gospels, and is even mentioned twice in Mark. Read the account, as in Matthew 14:13-21. Does that account change your view about scarcity, and whether scarcity really exists? Even if it does exists, is its significance exaggerated by a lack of [[faith]]?
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| − | new questions:
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| − | build on MC mathematics in lecture
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| − | prove law of demand
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| − | question about perfectly competitive labor market
| + | <references/> |
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| | == References == | | == References == |