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Unformatted text preview: -Increase in technology development. Calculate the equilibrium for these Supply and Demand equations: S: P=.02Q D: P=4-.02Q Explain the difference between a fixed and variable cost. If a firm has a cost equation of y=20+2X and increases production by 5 units, what will the marginal cost be? What are the fixed, variable, and marginal costs when driving a car. Jamie Pollard fired Wayne Morgan and Dan McCarney this past year. What are some of the explicit and implicit costs of these decisions? Match the following a. Post Hoc Fallacy 1. Large number of cars causes high crime rate b. Ceteris Paribus 2. What is good for one isnt good for all c. Correlation doesnt imply causality3. Hold all other factors constant d. Fallacy of Composition 4. Something happening before doesnt imply causality...
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