Scarcity-more of one resource then you must give up another resource. W/O scarcity no Economics
Land-H2O Coal Land Labor - # of ppl working birth rate, immigration, working age Capital physical
Infrastructure and human is skills Entrepreneurial Ability- I
Linear Demand Equation: Artsoft, Inc.
Qd = 2950 39P
A) P= $29
Qd = 2950 39(29) = 1819 units.
B) units = 1900
1900 = 2950 39P;
C) zero units
P = $75.64
D) gave the product away, Qd?
Qd = 2950
E) exact coefficient at a price of $34.
When P = 34 ,
Lincoln Tunnel (1)
Qd = 1460 40T
Qd = 1460 40T = 1,200.
Te = $6.5
Qd = 1,200
Qd = 4380 120 T
Qd = 3,600
if the demand greater than the supply then we will expect a shortage.
Qd= 3,600 is greater than Qs = 1,200
The size = 3,600 -1,200 = 2,4
(1) TC = 1,415,000 + 234Q + .025Q2
(2) MC = 234 + .05Q
Since Option 1 involves a flat annual payment of $445,000, this amount has to be added to Equation
(1). So we have:
MC = 234 + .05Q = MR = P = 670
We solve for Q = 8,720. T
A: Substitute the given prices into equations (1), (2) and (3) and solve for QA, QB, and Qc. The pricequantity combinations in the table are consistent with the calculated demand equations.
1: Pa = 519.48 21.64 Qa
2: PB = 218.541 3.525
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JURY SELECTION AND THE
MEDICAL MALPRACTICE CASE
By Jan Mills Spaeth, Ph.D.,
Advanced Jury R
Answer the following:
1. What is the price that the firm charges? (P=10)
2. What is the break-even output? (Q=5, 13)
3. What is the profit maximizing output? (Q=10)
4. What is maximum profit? (max)=TR-TC=100-70=30
5. What is the fixed cost? (TFC
1. The Market Economy's Incredible Growth Record
1.1. an activity is said to generate a beneficial or detrimental externality if that activity causes
incidental benefits or damages to others not directly involved in the activity and no
1. The Meaning Of Equilibrium GDP
1.1. Equilibrium - a situation in which neither consumers nor firms have any incentive to change
their behavior; they are content to continue with things as they are
1.2. the economy cannot be in equilibrium when total sp
1. Aggregate Demand, Domestic Product, And National Income
1.1. aggregate demand - the total amount that all consumers, business firms, government agencies
and foreigners spend on final goods and services
1.2. aggregate demand is a schedule, not a fixed n
1. Perfect Competition Defined
1.1. perfect competition - occurs in an industry when that industry is made up of many small firms
producing homogeneous products, when there is no impediment to the entry or exit of firms,
and when full information is avail
regarding aggregate supply and aggregate demand, economists visualize a dual task for those
who make macroeconomic policy
first, policy should create an environment in which the economy can expand its productive
capacity rapidly, because that is the ulti
1. Monopolistic Competition
1.1. monopolistic competition - a market in which products are heterogeneous, but which is
otherwise the same as a market that is perfectly competitive
1.2. Characteristics Of Monopolistic Competition
1.2.1. a market is said to
Macroeconomics concentrates on the behavior of the entire economies
Macroeconomists study the overall price level, unemployment rate and other things that are
called economic aggregates
1.1. Aggregation and Macroeconomics
1. The Three Pillars Of Productivity Growth
1.1.1. for a given technology and a given labor force, labor productivity will higher when the
capital stock is larger
1.1.2.employees who work with more capital can obviously produce more goods and
1. Monopoly Defined
1.1. pure monopoly - an industry in which there is only one supplier of a product for which there are
no close substitutes and in which it is very difficult or impossible for another firm to coexist
1.2. the government has often interv
1. The Aggregate Supply Curve
1.1. aggregate supply curve - shows, for each possible price level, the quantity of goods and services
that all the nation's businesses are willing to produce during a specified period of time, holding
all other determinants
run on a bank - when many depositors withdraw cash from their accounts all at once
1. The Nature of Money
1.1. barter - a system of exchange in which people directly trade one good for another, without
using money as an intermediate step
1.2. Barter vs.
1. Costs to an economist:
A. consist only of explicit costs.
B. may or may not involve monetary outlays.
C. never reflect monetary outlays.
D. always reflect monetary outlays.
1. Implicit costs are:
A. "payments" for self-employed resources
B. Comprised e
GOVERNMENTS ROLE AND GOVERNMENTS FAILURE
When a purely competitive industry is in long-run equilibrium, which statement is true?
A. Average total cost is less than marginal cost
B. Price and average total cost are equal
There is a huge beneficial factor to taking this course. It will help in our future to know and to
understanding of making the proper decisions in todays economy and in future with hoping flourishing
economies to come. Economics by definition of microecon
We often time fail on being grateful for the things we do have. But there is a big
controversy in inequality between countries, in my opinion I believe this is the biggest issue in
todays society. Instead of focusing on what wealth w