The 21st edition pages next to the /. 22nd edition Economics & Microeconomics have the same pages. 1. Graphically illust
Posted: Sun Jul 03, 2022 12:57 pm
The 21st edition pages next to the /. 22nd edition Economics & Microeconomics have the same pages.
1. Graphically illustrate an elastic & an inelastic demand curve. What impact does price have on each demand curve.
2. On the table on p. 122/127, calculate the percentage change in Quantity & Price. With those percentages determine the elasticity of demand for Quantity 1 & 2 , 7 & 8. Also, compute the total revenue test and indicate what happens to TR with elastic demand & inelastic demand.
3. List and explain the four determinants of demand elasticity, p. 123/128.
4. Discuss the impact that elasticity has on the decriminalization of illegal drugs, p. 125/130.
5. Graphically describe the three time periods, p. 127/132, included in explaining elasticity of supply. What is the impact on Price and Quantity in each of those time periods.
6. Answer Review Questions #2 and #4 p. 133/150.
7. On p. 180/187, define the terms in all eight columns. Explain how each is calculated. Also, graphically illustrate AFC, AVC, ATC, and MC. describe how each curve behaves & why.
8. Differentiate between explicit & implicit costs. Provide an example of each cost.
9. Differentiate between the three types of profit. Provide an example of each type of profit.
10. Answer Review Questions #3 and #6, p. 194/200.
11. List & explain three economies of scale, p. 187/194. and explain the main factor causing diseconomies of scale.
12. Graphically illustrate the three possible long run ATC p. 188/194. What industries would be described by each of the ATC, base of p. 189/195. Explain the reason why such curves would exist for each industry.
1. Graphically illustrate an elastic & an inelastic demand curve. What impact does price have on each demand curve.
2. On the table on p. 122/127, calculate the percentage change in Quantity & Price. With those percentages determine the elasticity of demand for Quantity 1 & 2 , 7 & 8. Also, compute the total revenue test and indicate what happens to TR with elastic demand & inelastic demand.
3. List and explain the four determinants of demand elasticity, p. 123/128.
4. Discuss the impact that elasticity has on the decriminalization of illegal drugs, p. 125/130.
5. Graphically describe the three time periods, p. 127/132, included in explaining elasticity of supply. What is the impact on Price and Quantity in each of those time periods.
6. Answer Review Questions #2 and #4 p. 133/150.
7. On p. 180/187, define the terms in all eight columns. Explain how each is calculated. Also, graphically illustrate AFC, AVC, ATC, and MC. describe how each curve behaves & why.
8. Differentiate between explicit & implicit costs. Provide an example of each cost.
9. Differentiate between the three types of profit. Provide an example of each type of profit.
10. Answer Review Questions #3 and #6, p. 194/200.
11. List & explain three economies of scale, p. 187/194. and explain the main factor causing diseconomies of scale.
12. Graphically illustrate the three possible long run ATC p. 188/194. What industries would be described by each of the ATC, base of p. 189/195. Explain the reason why such curves would exist for each industry.