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Activities
Learning
Resources – Chapters 6 and 7
i have uploaded the book to he
Activities
Learning
Resources – Chapters 6 and 7
i have uploaded the book to help.
you will also need to repsond to two different peers.
PLease separate discussion and exercise
Discussion 3
Pick a firm in the real world and explain whether you think they would be considered in the range of economies of scale, diseconomies of scale, or constant returns to scale. Do you think your firm’s market can support several firms that are sized differently? Or do you think their market must have identically (or nearly identically) sized firms? Why might this be?
Responses: Compare and contrast your peers’ identified markets with your own. How did their markets differ? How were they similar?
Exercise 2
Chapter 6
Explain why a decrease in a product’s price would lead to an increase in purchases.
Would you expect the total utility to rise or fall with additional consumption of a good? Why? Would you expect the marginal utility to rise or fall with the additional consumption of a good? Why?
Chapter 7
What are explicit and implicit costs? What is the difference between accounting and economic profit?
What shapes would you generally expect a total product curve and a marginal product curve to have?
Are there fixed costs in the long-run? Explain.
What shape of a long-run average cost curve illustrates economies of scale, constant returns to scale, and diseconomies of scale?
Mathematical Questions
The questions below are more focused on your ability to conduct calculations and/or create graphs. In these instances, a simple numerical answer or graph should be sufficient.
If a 10% decrease in the price of one product that you buy causes an 8% increase in the quantity demanded of that product, will another 10% decrease in the price cause another 8% increase (no more and no less) in quantity demanded?
A firm had sales revenue of $1 million last year. It spent $600,000 on labor, $150,000 on capital and $200,000 on materials. What was the firm’s accounting profit?
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