Economics Homework Seven Answers - Student Fifteen

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IsaacZ

1. The 4 elements of perfect competion are many buyers and sellers, goods that are perfect substitutes for each other, perfect knowledge in the market, and perfect mobility of resources.

2. I would use competition to motivate myself by either competing with myself or by competing with a friend. I would try to set my goals higher than the competition trying to do my best to beat it and at the same time acheiving more than what i did without competition.

3. I would lke to see long run and short run explained more clearly.

4.

5. the total cost is the entire cost for the project. Average cost is the cost per unit. marginal cost is the cost of making one extra unit after the specified Quantity.

6. The loss in wealth is $3650.

7. There is not perfect competition because they are not perfect substitutes, because you are allowed much more freedom in homeschool.

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