ECO365 Week 2 Objectives

ECO365 Week 2 Objectives - Chapter 9 • • • • •...

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Unformatted text preview: Chapter 9 • • • • • • • Differentiate economic profit from accounting profit. Distinguish between long-run and short-run production. State the law of diminishing marginal productivity. Calculate fixed costs, variable costs, marginal costs, total costs, average fixed costs, average variable costs, and total costs, given the appropriate information. Distinguish the various kinds of cost curves and describe the relationships among them. Explain why the marginal and average cost curves are U-shaped. Explain why the marginal-cost curve always goes through the minimum point of an average cost curve. Chapter 10 • • • • Explain how economies and diseconomies of scale influence the shape of longrun cost curves. State the envelope relationship between short-run cost curves and long-run cost curves. Explain the role of the entrepreneur in translating cost of production to supply. Discuss some of the problems of using cost analysis in the real world. Chapter 16 • • • • • • • Use the theory of rational choice to explain why an increase in the marginal tax rate is likely to reduce the quantity of labor supplied. List four factors that influence the elasticity of labor supply. Explain how the demand for labor is a derived demand. List four factors that influence the elasticity of market labor demand. Define monopsony and bilateral monopoly. Discuss real-world characteristics of labor markets in terms of market, political, and social forces. List three types of discrimination. Chapter 17 • • • • • • • • State what a Lorenz curve is. Explain how the poverty definition is both an absolute and a relative measure. Discuss U.S. income inequality in a global context. Summarize the statistical findings on income and wealth distribution. State two alternative ways to describe income distribution. Explain three problems in determining whether an equal income distribution is fair. List three side effects of redistributing income. Summarize the US tax and expenditure programs to redistribute income. ...
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