Wednesday, October 21, 2009
Friday, October 9, 2009
Costs of production
1) How does marginal product of labor change as more workers are hired?
Each worker brings a production out put untill it gets too crowed
2) What is the impact of diminishing marginal returns on labor?
3) Give an Example of a fixed cost and a variable cost at a Bakery.
A fixed cost is like pop. a varibal cost like brear can be changed by the scaricty
4) How does a firm calculate marginal cost?
how much each worker puts out and how much they get paid
5) A Firm has two factories, one is 10,000 sq. ft and the other is 20,000 sq. ft. As the number of workers increases, which factory do you think will experience diminishing marginal returns first? Why? the 10,000 sq ft would run out of space first then the 2nd
6) Explain whether each of these expenses of a clothing or textile mill is a fixed. cost or a variable cost and why. a) Repairs to leaking roof-Variable cost/ texiall
b) cotton-Expence of a clothing fixed
c) food for the mill's cafeteria-fixed cost/ textile
d) night security guard- varibal cost/textial
e) electricity- Fixed/textial
7) You own a small chair factory. Your production information is in the table below:
a) What is the total cost when the output is 2?
5+27=$32
b) What is the marginal cost of the third unit?
55+5=60
c) How much would you produce if the market price is $24?
Each worker brings a production out put untill it gets too crowed
2) What is the impact of diminishing marginal returns on labor?
3) Give an Example of a fixed cost and a variable cost at a Bakery.
A fixed cost is like pop. a varibal cost like brear can be changed by the scaricty
4) How does a firm calculate marginal cost?
how much each worker puts out and how much they get paid
5) A Firm has two factories, one is 10,000 sq. ft and the other is 20,000 sq. ft. As the number of workers increases, which factory do you think will experience diminishing marginal returns first? Why? the 10,000 sq ft would run out of space first then the 2nd
6) Explain whether each of these expenses of a clothing or textile mill is a fixed. cost or a variable cost and why. a) Repairs to leaking roof-Variable cost/ texiall
b) cotton-Expence of a clothing fixed
c) food for the mill's cafeteria-fixed cost/ textile
d) night security guard- varibal cost/textial
e) electricity- Fixed/textial
7) You own a small chair factory. Your production information is in the table below:
a) What is the total cost when the output is 2?
5+27=$32
b) What is the marginal cost of the third unit?
55+5=60
c) How much would you produce if the market price is $24?
Monday, September 28, 2009
Friday, September 25, 2009
Wednesday, September 23, 2009
random
the golf team got crushed yesterday. 555 to 438. today im gonn try not to studder when i ask this girl out.. last friday i got shot down but just get back up. me and my friends went to the riverside street and shouted "Harvey" to riverside cars.
Quickly List the Last Five Purchases you made. What made you buy each one?
last time i bought some thing it was a new sourround sound. Bose. it costed $600 but i didnt want to settle for the RCA or Sony.
new shoes nike
new tv panisonic
new bike tries
a laptop, all with my paycheck i saved "i probally should have bought a car"
Develop a list of at least 10 items (goods or services) that are in great demand.What do these items have in common?
xbox, ps3, video games, cameras, tvs, computers, electronics
they all are electronics.
Cite an example from your life where the substitution effect was in place, then cite an example where is the income effect will be in place.
insted of coke i got an arizona
Quickly List the Last Five Purchases you made. What made you buy each one?
last time i bought some thing it was a new sourround sound. Bose. it costed $600 but i didnt want to settle for the RCA or Sony.
new shoes nike
new tv panisonic
new bike tries
a laptop, all with my paycheck i saved "i probally should have bought a car"
Develop a list of at least 10 items (goods or services) that are in great demand.What do these items have in common?
xbox, ps3, video games, cameras, tvs, computers, electronics
they all are electronics.
Cite an example from your life where the substitution effect was in place, then cite an example where is the income effect will be in place.
insted of coke i got an arizona
Tuesday, September 1, 2009
Q's
What is the difference between a good and a service?
good is something that can be used or bought, service is someone heling you.
Why is the idea of scarcity a starting point for economic thinking?
the more scarse something is the more valueable it is.
How is scarcity different from shortages?Describe the three factors of production.
shortage is when there was alot now there is a little. Labor, product, place to mae it
What role do entrepreneurs play in the economy?
They start the economy and give people a way to get a job and sell the good
good is something that can be used or bought, service is someone heling you.
Why is the idea of scarcity a starting point for economic thinking?
the more scarse something is the more valueable it is.
How is scarcity different from shortages?Describe the three factors of production.
shortage is when there was alot now there is a little. Labor, product, place to mae it
What role do entrepreneurs play in the economy?
They start the economy and give people a way to get a job and sell the good
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