Answer to Question #144209 in Economics for Andrius

Question

1. Explain how the law of supply works and how it is connected to the incentive for profit. (NOTE: This

includes the effects of price on production and number of suppliers.)

2. Explain what a supply schedule and a supply curve are and how they are used.

3. What is elasticity of supply and how does time affect it?

sec. 5: Costs of Production, pp. 91-97

4. How is the concept of marginal returns used to determine labor needs?

5. Explain how variable, fixed, total, and marginal costs are related.

6. Explain how marginal revenue and marginal costs are used to set output.

7. Examine how operating costs factor into the decision to keep a company or factory open.

sec. 6: Changes in Supply, pp. 98-108

8. Explain the difference between price determinants and non-price determinants as factors that cause a

change, or shift, in supply?

Answer 1

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