Homework #3: Question 1. Problem and Application 4 on page 285. Please work on a‚ b‚ c‚ d‚ and e only. That is‚ ignore f. When you reconstruct the table in your work‚ please lower the space for Marginal Product and Marginal Cost by a half step. In other words‚ the first entries of Marginal Product and Marginal Cost should be aligned with the second entries of other columns. (50 points) Table of Costs: Worker Output Marginal Product Total Cost Average Total Cost Marginal Cost 0 0 --
Premium Economics Marginal cost Microeconomics
CHAPTER 4 INDIVIDUAL AND MARKET DEMAND EXERCISES 1. An individual sets aside a certain amount of his income per month to spend on his two hobbies‚ collecting wine and collecting books. Given the information below‚ illustrate both the price-consumption curve associated with changes in the price of wine and the demand curve for wine. |Price |Price |Quantity |Quantity |Budget | |Wine |Book |Wine |Book
Premium Consumer theory Supply and demand
2. What is the effect on the equilibrium price and equilibrium quantity of orange juice if the price of apple juice decreases and the wage rate paid to orange grove workers increases? Apple juice and orange juice are substitutes for consumers‚ so the fall in the price of apple juice decreases the demand for orange juice. The demand curve for orange juice shifts leftward. The increase in the wage rate paid to orange grove workers raises the cost of producing orange juice. The supply of orange juice
Premium Supply and demand
Introduction to Economics Write an essay in which you describe/evaluate how the production possibility curve helps to illustrate fundamental economic concepts. In this essay‚ I am going to evaluate the second important fragment of economics- Production possibility curve or simply PPF. The importance of understanding the method and analysing elementary economic diagrams is significant for progressing into more depth and other essential parts of the learning of economics. The starting point
Premium Economics
everyday life that any pleasure loses its zest if indulged in too long. 2. Law of diminishing utility.—The fact that we get less and less satisfaction out of the continued gratification of any single want is so important that it is laid down as a fundamental proposition and is known as the law of diminishing utility. It may be stated as follows: The intensity of any utility‚ or of a man ’s desire for any good‚ tends to decline as he consumes successive units of it. This law doubtless has both a physiological
Premium Supply and demand
. THE ECONOMIC PROBLEM AND ECONOMIC SYSTEMS The economic activity of a society consists of activities related to the production and consumption of goods and services. Since earliest times‚ the primary function of organized society has been economic in nature. The other elements of civilized society -- architecture‚ literature‚ music‚ etc. -- emerge only after the material needs of the society have been amply provided for. Poor societies do not build great pyramids‚ erect magnificent cathedrals‚ or
Free Economics Economy Economic system
Why the choice of the textbook ECONOMICS‚ An Introduction by Villegas and Abola? * The book is contextualized to the Philippine economic setting---learning of economic principles is immediately related to the current situation and issues facing the economy. Students will therefore be learning not abstract or foreign concepts but concrete ones they can relate with and use to explain socio-economic phenomena they experience‚ and most likely motivate them to take constructive action on these phenomena
Free Economics
10 Economic Problems of the Philippines 1. Over-dependence on Global Economy The growth of the Philippines economy drastically slowed to just 3.6% in the first three quarters of 2011‚ which is significantly less than the 7%-8% growth targeted by administration’s Philippine Development Plan (PDP). Though the slowdown may have been due to the ongoing global crisis‚ it was markedly slower in comparison to other South-East Asian neighbors. Economic performance figures indicated a contraction
Premium Unemployment Philippines
Economic Problems of Italy Intruduction Italy‚ is a boot shaped country in south-south eastern Europe. Italy‚ also known as the Italian Republic‚ is one of the seven most industrialized countries in the world. This lineup includes: United States‚ Russia‚ Germany‚ England‚ Japan‚ China and Italy. Main Industries/Resources Italy is a highly productive and industrialized country. Some main industries are as follows: food‚ mining‚ and manufacturing. Starting with food is Italy’s most recognizable
Premium Macroeconomics Italy Economics
Economic problems in Angola Subject: Development economics Course work: Economic problems in Angola 2012 CONTENT 1 Angola 1 1.2 Basic information 1 1.2 History 3 1.3 Economic situation 3 2 Internal economic problems 4 2.1 Inflation 4 2. 2 GDP composition by sectors 5 2. 3 GDP Growth rate 8 3 International economic problems 10 3.1 Foreign trade problems 10 3. 2 Foreign investments to the country and depths problems 11 3. 2. 1 Foreign investments
Premium Petroleum Economics Investment