Other Economics Answers

Economics Chp. 4

Make visual notes, acronyms, and symbols to make definitions visual

9) Elasticity of supply -

10) elastic supply -

Economics Chp. 4:

Make visual notes, acronyms, symbols to make definitions visual

7) supply schedule -

8) supply curve -

Econ. Chap. 4:

Make visual notes, acronyms, symbols to make definitions visual

5) profit -

6) costs of production -

Economics Chap. 4 :

Make visual notes, acronyms, symbols, to make definitions visual

3) law of supply -

4) profit motive -

Economics - Chap. 4

make visual notes, acronyms, symbols, of the definition

1) supply -

2) quantity supplied -

1.1 Discuss the relationship between the three short-run total cost curves. Use a

diagram to motivate your answer.

1.2 Explain the three categories of returns to scale relating to the long-run average

cost curve. 

2.1 Illustrate and examine how the individual supply of labor curve demonstrates the

way an individual divides his/her time between work and leisure.

2.2 Distinguish between income elasticity of demand and cross price elasticity of

demand. Include in your answer a provision of their formula.

3.1 Explain the three possible profit maximizing positions of perfectly competitive

firms in the short-run.

3.2 Describe the nature of the goods produced by a monopolistically competitive

firm.

4.1 Distinguish between the short-run aggregate supply curve and the long-run

aggregate supply curve.

Process control and acceptance sampling are two types of quality control that

organizations utilize. In light of the above explain which type would be more

suitable for a manufacturing canned beverage

Imagine you are working for a Durban based company that is evaluating whether it should move it's manufacturing to India or China. You have been asked to present pros and cons of this investment. Based on what you have learned, what political, legal, economic and technological, social and business factors would you need to assess for each country

WHAT I HAVE LEARNED

Directions: On Column A are the basic terms used in Economics. Define each term based on how you understand it from the previous texts. Place your definitions under Column B. 

Column A Column B

1. Aggregate 

2. Capital 

3. Demand 

4. Economics 

5. Labor

6.Land 

7. Macroeconomics 

8. Microeconomics 

9. Needs 

10. Opportunity Costs 

11. Scarcity 

12. Supply 

13. Trade-offs 

14. Wants​

4. The marginal cost of a corn farmer in Dorman Ahenkroh has been estimated by a team of agricultural economists from UENR as P=10.0+ 0.075Q. The team also estimated the marginal benefits of corn consumption in the community as P= 42.0-0.125Q; where P is price of corn (C/tonne) and Q is the quantity of corn produced (measured in tonnes).

a. Determine the equilibrium quantity and price of corn in this market. 

b. Assume the application of chemicals on the farm generates some external cost to the nearby fish pound, estimated at 0.05Q. What is the social optimal corn production level if this harm is internalized?

c. Graph the marginal benefit and marginal costs curves and estimate the deadweight loss due to the externality