Economics Homework Twelve Answers - Student Ten

From Conservapedia
This is an old revision of this page, as edited by AnnaM (talk | contribs) at 20:23, December 9, 2009. It may differ significantly from current revision.
Jump to navigation Jump to search

1. A monopoly is one seller without any competitors. What is a "monopsony"? many sellers with one buyer.

2. Define, in your own words, what a "production possibilities curve" is. The production possibility's curve is a graph showing two goods and the opportunity cos for making more of one and less of another.

3. Review: how is the elasticity of demand for labor related to the price elasticity of demand for the product of that labor? if the item is elastic so will be the demand for labor.

4. Do you think that government policy should give high priority to the Lorenz curve? Explain the issue that a Lorenz curve addresses, and whether you think that should be a high priority of government economic policy.

5. Look again at Figure A. What is the opportunity cost of shifting production from B to C?

6. Review: explain again what AFC, AVC and ATC are, and how they relate to each other. When should a firm shut down in the short run? average fixed costs all the costs left with no output, average variable costs are costs that can be changed depending on output, and avrage total costs are all the costs added together.

7. What is needed to reach point D in Figure A? (In other words, what causes a production possibilities curve to shift outward?)

Retrieved from "https://www.conservapedia.com/index.php?title=Economics_Homework_Twelve_Answers_-_Student_Ten&oldid=728415"