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Curves, yes curves. That was one of my biggest take always from this class. It might seem silly that my biggest take away was that of curves. Learning more about supply and demand curves has really showed me how the economy can shift them. The shift in these curves taught me how there are soContinue reading “Chapter 22”

Is there a time with the indifferent curve, that a consumer won’t be equally happy? I find it hard to believe that the consumer will always be happy with “x” amount of one item and “x” amount of the other. I could be very wrong, but was wondering if there are any times when thisContinue reading “Chapter 21”

Chapter 20 focuses on income inequality and poverty. The chapter is then broken down into three main topics; The measurement of inequality, the political philosophy of redistributing income and Policies to reduce poverty. Economist use a table that contains quintiles. That is dividing the population into 5 quintiles, each with the same number of peopleContinue reading “Chapter 20”

Chapter 19 When reading about human capital, I started to think more in depth. With employers generally willing to pay more for someone who is highly educated, rather than someone not educated, I know understand better why certain employers will pay for someone to go further with their degree. My brother worked at an engineeringContinue reading “Chapter 19”

Question: What causes the labor-demand curve to shift? Good Answer: A shift in the labor-demand curve can be caused by the output price, technological change, and a few other factors. The output price is changed when the value of the marginal product changes. The marginal product value is calculated by multiplying the marginal product timesContinue reading “Chapter 18”

Pretend for a moment that this is Twitter and you only have 140 characters to respond in — write a tweet defining and/or describing oligopoly. Oligopoly is a market structure in which only a few sellers offer similar or identical products 2. Can you think of a market that was an oligopolistic market, but hasContinue reading “Chapter 17”

Muse a little about the role of advertising in industries classified as monopolistic competition or even oligopoly. Can advertising make markets either more or less competitive?  How? I believe that advertising makes markets more competitive. In todays world, companies are all about advertising. Think of how much companies are willing to pay to have aContinue reading “Chapter 16”

After reading this chapter, my views on what I thought might be a natural monopoly changed. For example, the US Postal Service, I thought of as a natural monopoly. It is actually a legal monopoly. It is legally protected by the government, therefor has the upper hand on the prices they charge. For example, theyContinue reading “Chapter 15”

They maximize revenues when p=mc, because when mc=mr they are making their greatest profit. They decide on a level of output for when mc=mr. P=MR in this market type because the price is set in the market and firms are price takers. Given that its revenue is proportional to the output, if they increased theirContinue reading “Chapter 14”

Marginal cost are known to fall and then rise, creating a U-shape on a graph. At the beginning of production, not all inputs are being utilized correctly. One more units are added to production, the inputs are then utilized more efficiently. You then reach a point where limited resources are being used up and andContinue reading “Chapter 13”