
AP Microeconomics Syllabus - Hardin
... class EVERYDAY (unless told otherwise). If you do not have all of your materials, a detention will be issued. Do not leave materials in class, they will be disposed of (lost and found in front office) You will need some sort of binder as students will be taking notes throughout the year, as well a ...
... class EVERYDAY (unless told otherwise). If you do not have all of your materials, a detention will be issued. Do not leave materials in class, they will be disposed of (lost and found in front office) You will need some sort of binder as students will be taking notes throughout the year, as well a ...
Problem Set 2 (Ch 4,5,6) 1. (4.12 in book). Let the supply curve be P
... so Q=8. In that case, using either demand or supply, P=8 too. The producer surplus is .5(8-0)(8)=32 and the consumer surplus is .5 (24-8)(8) = 64. Total surplus is 96. Next, figure out what happens if a tax of 3 is imposed on buyers. The demand curve will shift in, towards zero– with the tax, they’r ...
... so Q=8. In that case, using either demand or supply, P=8 too. The producer surplus is .5(8-0)(8)=32 and the consumer surplus is .5 (24-8)(8) = 64. Total surplus is 96. Next, figure out what happens if a tax of 3 is imposed on buyers. The demand curve will shift in, towards zero– with the tax, they’r ...
Marginal Cost
... revenue and no cost (note that our cost function does not include fixed costs, which is a tad unrealistic). Hence, the more interesting break-even point is to produce q = 50. What happens if we increase q from this value? If we decrease it? ...
... revenue and no cost (note that our cost function does not include fixed costs, which is a tad unrealistic). Hence, the more interesting break-even point is to produce q = 50. What happens if we increase q from this value? If we decrease it? ...
Solutions to Question 1 from midterm
... most common mistake was graphing them along the line y5x. Also, I wanted to see some amount of minimal labelling. By minimal, I mean at least the axes had to be labelled. Otherwise, people who graphed y5x could have claimed that they had the graph right, but had just put x on the vertical axis. b. ...
... most common mistake was graphing them along the line y5x. Also, I wanted to see some amount of minimal labelling. By minimal, I mean at least the axes had to be labelled. Otherwise, people who graphed y5x could have claimed that they had the graph right, but had just put x on the vertical axis. b. ...
MM2 6.0 part 3
... For the 3rd worker on, however, marginal product decreases. This reflects decreasing marginal returns and the law of diminishing marginal returns. The marginal product of the 3rd worker is 25 tacos, compared to 30 tacos for the 2nd worker. The marginal product of the 4th worker then declines to 20 t ...
... For the 3rd worker on, however, marginal product decreases. This reflects decreasing marginal returns and the law of diminishing marginal returns. The marginal product of the 3rd worker is 25 tacos, compared to 30 tacos for the 2nd worker. The marginal product of the 4th worker then declines to 20 t ...
Lecture 10
... Nancy is taking a course from Professor Goodheart, who will count only her best midterm grade, and from Professor Stern, who will ...
... Nancy is taking a course from Professor Goodheart, who will count only her best midterm grade, and from Professor Stern, who will ...
bYTEBoss ch04
... The amount each person contributes, ti, depends on individual desires for the public good. The sum of the contributions equals the total cost of the public good. ...
... The amount each person contributes, ti, depends on individual desires for the public good. The sum of the contributions equals the total cost of the public good. ...
5.2 & 5.3 Supply PowerPoints edited - kduncankis
... The Production Function • A concept that describes the relationship between changes in output to different amounts of single input while other inputs are held constant • Production Schedule, Production Function – See figure 5.5 p. 124 ...
... The Production Function • A concept that describes the relationship between changes in output to different amounts of single input while other inputs are held constant • Production Schedule, Production Function – See figure 5.5 p. 124 ...