Running Head: APPLICATIONS OF THE SCIENTIFIC METHOD
Applications of the Scientific Method
Developing a new product is one of the factors that several companies find complex to
undertake. The complexity occasions from the challenges such as poor receptio
Chapter 6 Markets, maximizers and efficiency
I. Logic of maximizing behavior for Consumers
and firms as maximizers and the marginal
II. Consumer surplus, producer surplus, net
benefit and market efficiency
III. Market failure
Consumers and f
Chapter 7 Production cost
I. Production function
II. Short-run costs
III. Production and costs in the long run
What does a production function show?
- Shows the relationship between input and
- Input means resource. Labor is inp
1. _ If the price of a complement decreases, all else equal,
quantity demanded will decrease.
quantity supplied will decrease.
demand will increase.
demand will decrease.
supply will increase.
2. _ The market demand curve for a given good s