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Writing Homework One Answers - Student Four

2010-02-03T18:53:26Z

AnnaM: Created page with ''''The Confederate Gray''' - AnnaM The horse truly is a remarkable creature. He lends himself to the makers of history, over and over again, only to have his name, face and her...'

'''The Confederate Gray'''
- AnnaM

The horse truly is a remarkable creature. He lends himself to the makers of history, over and over again, only to have his name, face and heroic deeds lost in the pages of time, over shadowed by his great rider. But the horse has contributed his energy, love, valor and nobility to mankind. His courage, strength and loyalty have made him the chosen mount for great leaders. Everyone has heard of the great General Robert E. Lee. If you’re a true student of horse history, you may even have heard of Traveller; but what is the true story behind this legendary horse? And how much is fact or fiction?

In the year 1857, a steel gray colt was born in the backwoods of West Virginia. This little gray horse was sired by a $20,000 stakes Thoroughbred named Gray Eagle, and a no account Saddle Horse mare named Flora. By rights of breeding, he was nothing special, and would have remained so, if it hadn’t been for a famous Civil War general, Robert E. Lee.

Originally owned by a Mr. Johnston in Greenbrier county, West Virginia, the steel gray colt with black points won two first place ribbons in the Lewisburg fairs. He was shown under the name of Jeff Davis, in honor of the Mississippi Senator. In 1861, the United States of America was at war with herself, and the Wise Legion’s Third Infantry Regiment of the Confederate forces was stationed near the farm of Mr. Johnston.

Major Thomas Broun of the Third Regiment was in need of a good saddle horse, and authorized his brother to choose one from the best Greenbrier stock. His brother soon discovered the four year old gelding, and Major Broun purchased him for the sum of $175 dollars (approximately $4000 dollars today), and renamed him Greenbrier. The energetic little horse was soon renowned throughout the regiment for his quick walk, bold carriage and high spirits. Major Broun remarked that the horse would, “walk his five or six miles an hour over the rough mountain roads of Western Virginia…such vim and eagerness did he manifest, to go right ahead so soon as he was mounted.”

Shortly after this purchase was made, General Robert E. Lee took control of the Wise Legion, and it was in the shadow of the Sewell Mountains in West Virginia that he first beheld the horse that was to change his life. He was quite taken with the lively young gray, affectionately calling him ‘my colt’, and commented “I will use this horse before the war is over.”

Unfortunately, soon afterwards General Lee was ordered to South Carolina. Barely six months later, the Third Regiment, and consequently young Greenbrier, was relocated to the same area. When General Lee spotted the gelding, he immediately recognized him and inquired as to the health of ‘his colt’. The General was so obviously taken with the horse that Major Broun’s brother, who had been riding him, offered the gray to Lee as a gift, which the General promptly declined, saying “If you will willingly sell me the horse, I will gladly use it for a week or so to learn its qualities.” And Greenbrier was promptly transferred to General Lee’s stables.

It is obvious that the General was smitten with the horse from the start, and after the week trial, purchased the horse for $200 in February, 1862. After purchasing his new horse, General Lee rechristened him ‘Traveller’, spelled with two ‘L’s’, because of his ability to walk at a fast pace.

Despite Robert E. Lee’s strong association with Traveller, he did not start to regularly ride him until the spring of 1862, nearly three months after he was purchased. From that point on, however, he was the General’s best used, and best loved, mount.

Traveller, being a young, rather flighty horse, was not without faults, and threw his master several times, once injuring Lee’s hands so badly that he was unable to mount him for nearly a month. Some of the pair’s most dramatic incidents occurred in the Overland Campaign of 1864, when soldiers were literally forced to grab the General’s reins to keep their commander from personally leading at least six attacks on separate occasions.

Perhaps the most remembered incident of the Confederate General and the Gray occurred on May 6th, 1864. General Ulysses S. Grant had enacted his Wilderness Campaign and was engaging Lee in combat. Lee was in the front line, when members of the Texas Brigade, concerned for their commander’s life, surrounded him, shouting “Lee to the rear!” The cry was soon taken up by the entire confederate force, and Lee moved to the rear, but continued on the battle field until midnight. Upon their return to camp, Lee dismounted and overcome with exhaustion, threw his arms around Traveller’s neck to hold himself up. And like the great, noble friend that he was, Traveller stood perfectly still until his master recovered.

The impact of Lee and Traveller on the battlefield is unmatched by perhaps any other leader and his horse in history. After the Battle of Antietam, Lee sat astride Traveller for hours watching the retreating Confederate Army cross the river Potomac. The Union General Carter wrote, “The sight of General Lee and his splendid war horse, Traveller, was a graven image in the heart of every redblooded soldier no matter under which flag he fought.”

After the Civil War ended, Lee spent his final years as president of Washington College in Lexington, Kentucky, where Traveller was allowed to graze on campus. Strands from the gray horse’s tail were soon prized as souvenirs and Lee commented to his daughter Mildred, “The boys are plucking out his tail, and he is presenting the appearance of a plucked chicken.” The pair stayed together throughout the remainder of Lee’s life, and Lee once said: “Traveller is my only companion, I may also say my pleasure. He and I, whenever practical, wander out in the mountains and enjoy sweet confidences.”

On one occasion after the war, a woman related the following story to the son of General Lee. On a July afternoon Lee was by the canal-boat landing, bidding goodbye to a friend of the family. Traveller, who had been secured to a hitching post, broke loose and began to trot quickly away down the road, in the direction of his home, increasing his speed as men tried to catch him. General Lee immediately called for the crowd to stand still and, stepping forward, gave a low, peculiar whistle. Traveller stopped and pricked his ears as the General whistled a second time. With a glad whinny, the horse turned and trotted back to Lee, who praised him before tying him up again. A bystander expressed his amazement, to which Lee responded, “I do not see how any man could ride a horse for any length of time without a perfect understanding being established between them.”

Unfortunately, in the fall of 1870 General Lee fell ill and passed away. Traveller was present at the great General’s funeral, walking pole position, a place of honor. No one thought it should have been any different for the great horse. Barely eight months later, after having trodden on a rusty nail, the gelding contracted tetanus and was euthanized at the age of fourteen. He was buried near Lee Chapel, in Lexington Kentucky, where he remains today.

Before Lee died, he dictated a letter to his daughter, Agnes, for an artist who wished to paint a portrait of Traveller. No words could better express Lee’s love than what he said: “If I were an artist like you I would draw a true picture of Traveller – representing his fine proportions, muscular figure, deep chest and short back, delicate ears, quick eye, and black mane and tail. Such a picture would inspire a poet, whose genius could then depict his worth and describe his endurance of toil, hunger, thirst and the dangers and sufferings through which he passed. He might even imagine his thoughts, through the long night marches and days of battle through which he has passed. But I am no artist; I can only say that he is a Confederate gray.”

The courage and loyalty exhibited by the horses of great leaders is only matched by their rider’s devotion to them. Some might say that it is something in the horse’s stature, something in his face or regal mane, but the horse of a commander, the horse that makes history, above all possesses an uncommon boldness of heart. History will remember some as tyrants and some as saviors, but one can always be assured that the horse of a mighty leader will forever be revered in the hearts of men.

Traveller, the no account Saddle Horse from West Virginia, rose from humble beginnings to carry General Robert E. Lee safely through innumerable battles. General Lee’s utter devotion for his gray gelding is so honest, it would seem that horse and man were predestined for one another. And it can be said that Traveller united a broken country with awe of him and his rider from the North to the South.
Truly, it is these great horses chosen by great men that will grace the pages of history forevermore.

Economics Homework Thirteen Answers - Student Ten

2009-12-17T15:44:45Z

AnnaM:

'''1. Which is true about the average fixed costs (AFC) of a firm?'''

'''(a)a firm can eliminate these costs by shutting down in the short run.'''
'''(b) as output increases, AFC decreases'''
'''(c) as output increases, AFC increases'''
'''(d) AFC is part of average variable costs'''

'''Briefly explain your answer.'''
The answer is (a) because all the others are false

'''2. Some politicians complain about how people are losing their jobs to workers in China. Is this problem the result of "free trade" or "protectionism"?'''
free trade

'''3. What is one of the primary responsibilities of the Federal Reserve Bank?'''
keeping the banks from failing

'''4. Review: Suppose that after completing this course, you start a new company. In your first year, you "broke even" (had zero profits), and in your second year you want to increase your revenue and profits. After careful study of your market, you decide that you can increase your revenue by increasing your price. Therefore your good must be price elastic/inelastic (choose one).'''
inelastic

'''6. You can go on www.orbitz.com and watch the price of airline tickets change from day-to-day. If you pick fixed dates of travel, such as Jan. 15 to fly somewhere and Jan. 18 to return, then you will notice that the closer you get to those dates, the higher the price of the ticket usually is. In other words, the earlier in advance that you can buy a ticket, the cheaper it usually is. Explain how this illustrates a basic difference between long run and short run costs.'''
costs are always cheaper in the long run

Economics Homework Thirteen Answers - Student Ten

2009-12-17T15:39:29Z

AnnaM:

'''1. Which is true about the average fixed costs (AFC) of a firm?'''

'''(a)a firm can eliminate these costs by shutting down in the short run.'''
'''(b) as output increases, AFC decreases'''
'''(c) as output increases, AFC increases'''
'''(d) AFC is part of average variable costs'''

'''Briefly explain your answer.'''
The answer is (a) because all the others are false

'''2. Some politicians complain about how people are losing their jobs to workers in China. Is this problem the result of "free trade" or "protectionism"?'''
free trade
'''3. What is one of the primary responsibilities of the Federal Reserve Bank?'''

'''4. Review: Suppose that after completing this course, you start a new company. In your first year, you "broke even" (had zero profits), and in your second year you want to increase your revenue and profits. After careful study of your market, you decide that you can increase your revenue by increasing your price. Therefore your good must be price elastic/inelastic (choose one).'''
inelastic

'''6. You can go on www.orbitz.com and watch the price of airline tickets change from day-to-day. If you pick fixed dates of travel, such as Jan. 15 to fly somewhere and Jan. 18 to return, then you will notice that the closer you get to those dates, the higher the price of the ticket usually is. In other words, the earlier in advance that you can buy a ticket, the cheaper it usually is. Explain how this illustrates a basic difference between long run and short run costs.'''
costs are always cheaper in the long run

'''7. Pick any aspect of monopolistic competition (other than problem 5 if you answered that) and explain it.'''

Economics Homework Thirteen Answers - Student Ten

2009-12-17T15:32:28Z

AnnaM:

'''1. Which is true about the average fixed costs (AFC) of a firm?'''

'''(a)a firm can eliminate these costs by shutting down in the short run.'''
'''(b) as output increases, AFC decreases'''
'''(c) as output increases, AFC increases'''
'''(d) AFC is part of average variable costs'''

'''Briefly explain your answer.'''
The answer is (a) because all the others are false

'''2. Some politicians complain about how people are losing their jobs to workers in China. Is this problem the result of "free trade" or "protectionism"?'''
free trade
'''3. What is one of the primary responsibilities of the Federal Reserve Bank?'''

'''4. Review: Suppose that after completing this course, you start a new company. In your first year, you "broke even" (had zero profits), and in your second year you want to increase your revenue and profits. After careful study of your market, you decide that you can increase your revenue by increasing your price. Therefore your good must be price elastic/inelastic (choose one).'''
inelastic
'''5. A monopolistic competitive firm has the following characteristic that is lacking for a perfectly competitive firm:

(a) There are low barriers to entry
(b) MR = MC in the long run.
(c) P > MC
(d) There are many competitors.

Choose one of the above and explain your answer.'''

'''6. You can go on www.orbitz.com and watch the price of airline tickets change from day-to-day. If you pick fixed dates of travel, such as Jan. 15 to fly somewhere and Jan. 18 to return, then you will notice that the closer you get to those dates, the higher the price of the ticket usually is. In other words, the earlier in advance that you can buy a ticket, the cheaper it usually is. Explain how this illustrates a basic difference between long run and short run costs.'''

'''7. Pick any aspect of monopolistic competition (other than problem 5 if you answered that) and explain it.'''

Economics Homework Thirteen Answers - Student Ten

2009-12-17T15:32:04Z

AnnaM:

'''1. Which is true about the average fixed costs (AFC) of a firm?'''

(a)a firm can eliminate these costs by shutting down in the short run.'''
'''(b) as output increases, AFC decreases'''
'''(c) as output increases, AFC increases'''
'''(d) AFC is part of average variable costs'''

'''Briefly explain your answer.'''
The answer is (a) because all the others are false

'''2. Some politicians complain about how people are losing their jobs to workers in China. Is this problem the result of "free trade" or "protectionism"?'''
free trade
'''3. What is one of the primary responsibilities of the Federal Reserve Bank?'''

'''4. Review: Suppose that after completing this course, you start a new company. In your first year, you "broke even" (had zero profits), and in your second year you want to increase your revenue and profits. After careful study of your market, you decide that you can increase your revenue by increasing your price. Therefore your good must be price elastic/inelastic (choose one).'''
inelastic
'''5. A monopolistic competitive firm has the following characteristic that is lacking for a perfectly competitive firm:

(a) There are low barriers to entry
(b) MR = MC in the long run.
(c) P > MC
(d) There are many competitors.

Choose one of the above and explain your answer.'''

'''6. You can go on www.orbitz.com and watch the price of airline tickets change from day-to-day. If you pick fixed dates of travel, such as Jan. 15 to fly somewhere and Jan. 18 to return, then you will notice that the closer you get to those dates, the higher the price of the ticket usually is. In other words, the earlier in advance that you can buy a ticket, the cheaper it usually is. Explain how this illustrates a basic difference between long run and short run costs.'''

'''7. Pick any aspect of monopolistic competition (other than problem 5 if you answered that) and explain it.'''

Economics Homework Thirteen Answers - Student Ten

2009-12-17T15:30:18Z

AnnaM: Created page with ''''1. Which is true about the average fixed costs (AFC) of a firm? (a)a firm can eliminate these costs by shutting down in the short run. (b) as output increases, AFC decreases ...'

'''1. Which is true about the average fixed costs (AFC) of a firm?

(a)a firm can eliminate these costs by shutting down in the short run.
(b) as output increases, AFC decreases
(c) as output increases, AFC increases
(d) AFC is part of average variable costs

Briefly explain your answer.'''
The answer is (a) because all the others are false

'''2. Some politicians complain about how people are losing their jobs to workers in China. Is this problem the result of "free trade" or "protectionism"?'''
free trade
'''3. What is one of the primary responsibilities of the Federal Reserve Bank?'''

'''4. Review: Suppose that after completing this course, you start a new company. In your first year, you "broke even" (had zero profits), and in your second year you want to increase your revenue and profits. After careful study of your market, you decide that you can increase your revenue by increasing your price. Therefore your good must be price elastic/inelastic (choose one).'''
inelastic
'''5. A monopolistic competitive firm has the following characteristic that is lacking for a perfectly competitive firm:

(a) There are low barriers to entry
(b) MR = MC in the long run.
(c) P > MC
(d) There are many competitors.

Choose one of the above and explain your answer.'''

'''6. You can go on www.orbitz.com and watch the price of airline tickets change from day-to-day. If you pick fixed dates of travel, such as Jan. 15 to fly somewhere and Jan. 18 to return, then you will notice that the closer you get to those dates, the higher the price of the ticket usually is. In other words, the earlier in advance that you can buy a ticket, the cheaper it usually is. Explain how this illustrates a basic difference between long run and short run costs.'''

'''7. Pick any aspect of monopolistic competition (other than problem 5 if you answered that) and explain it.'''

Economics Homework Thirteen Answers - Student Four

2009-12-17T13:14:35Z

AnnaM:

'''''Anna M'''''

'''1. Which is true about the average fixed costs (AFC) of a firm?'''

(a) - in the short run there are a lot of fixed costs, not so many in the long run.

'''2. Some politicians complain about how people are losing their jobs to workers in China. Is this problem the result of "free trade" or "protectionism"?'''

Free trade.

'''3. What is one of the primary responsibilities of the Federal Reserve Bank?'''

To protect the banking system from collapse.

'''4. Review: Suppose that after completing this course, you start a new company. In your first year, you "broke even" (had zero profits), and in your second year you want to increase your revenue and profits. After careful study of your market, you decide that you can increase your revenue by increasing your price. Therefore your good must be price elastic/inelastic (choose one).'''

Inelastic. I can increase the price without a drop in demand.

'''6. You can go on www.orbitz.com and watch the price of airline tickets change from day-to-day. If you pick fixed dates of travel, such as Jan. 15 to fly somewhere and Jan. 18 to return, then you will notice that the closer you get to those dates, the higher the price of the ticket usually is. In other words, the earlier in advance that you can buy a ticket, the cheaper it usually is. Explain how this illustrates a basic difference between long run and short run costs.'''

Basically, short run costs tend to be higher, usually because there is a greater demand for them. It pays to think ahead and get things before the demand for them dramatically increases.

Economics Homework Thirteen Answers - Student Four

2009-12-17T13:14:06Z

AnnaM:

'''''Anna M'''''

'''1. Which is true about the average fixed costs (AFC) of a firm?

(a)a firm can eliminate these costs by shutting down in the short run.

(b) as output increases, AFC decreases

(c) as output increases, AFC increases

(d) AFC is part of average variable costs

Briefly explain your answer.''''''

(a) - in the short run there are a lot of fixed costs, not so many in the long run.

'''2. Some politicians complain about how people are losing their jobs to workers in China. Is this problem the result of "free trade" or "protectionism"?'''

Free trade.

'''3. What is one of the primary responsibilities of the Federal Reserve Bank?'''

To protect the banking system from collapse.

'''4. Review: Suppose that after completing this course, you start a new company. In your first year, you "broke even" (had zero profits), and in your second year you want to increase your revenue and profits. After careful study of your market, you decide that you can increase your revenue by increasing your price. Therefore your good must be price elastic/inelastic (choose one).'''

Inelastic. I can increase the price without a drop in demand.

'''6. You can go on www.orbitz.com and watch the price of airline tickets change from day-to-day. If you pick fixed dates of travel, such as Jan. 15 to fly somewhere and Jan. 18 to return, then you will notice that the closer you get to those dates, the higher the price of the ticket usually is. In other words, the earlier in advance that you can buy a ticket, the cheaper it usually is. Explain how this illustrates a basic difference between long run and short run costs.'''

Basically, short run costs tend to be higher, usually because there is a greater demand for them. It pays to think ahead and get things before the demand for them dramatically increases.

Economics Homework Thirteen Answers - Student Four

2009-12-17T13:13:19Z

AnnaM:

'''''Anna M'''''

'''1. Which is true about the average fixed costs (AFC) of a firm?

(a)a firm can eliminate these costs by shutting down in the short run.

(b) as output increases, AFC decreases

(c) as output increases, AFC increases

(d) AFC is part of average variable costs

Briefly explain your answer.'''

(a) - in the short run there are a lot of fixed costs, not so many in the long run.

'''2. Some politicians complain about how people are losing their jobs to workers in China. Is this problem the result of "free trade" or "protectionism"?'''

Free trade.

'''3. What is one of the primary responsibilities of the Federal Reserve Bank?'''

To protect the banking system from collapse.

'''4. Review: Suppose that after completing this course, you start a new company. In your first year, you "broke even" (had zero profits), and in your second year you want to increase your revenue and profits. After careful study of your market, you decide that you can increase your revenue by increasing your price. Therefore your good must be price elastic/inelastic (choose one).'''

Inelastic. I can increase the price without a drop in demand.

'''6. You can go on www.orbitz.com and watch the price of airline tickets change from day-to-day. If you pick fixed dates of travel, such as Jan. 15 to fly somewhere and Jan. 18 to return, then you will notice that the closer you get to those dates, the higher the price of the ticket usually is. In other words, the earlier in advance that you can buy a ticket, the cheaper it usually is. Explain how this illustrates a basic difference between long run and short run costs.'''

Basically, short run costs tend to be higher, usually because there is a greater demand for them. It pays to think ahead and get things before the demand for them dramatically increases.

Economics Homework Thirteen Answers - Student Four

2009-12-17T12:53:22Z

AnnaM: Created page with ''''''Anna M''''' '''1. Which is true about the average fixed costs (AFC) of a firm? (a)a firm can eliminate these costs by shutting down in the short run. (b) as output incre...'

'''''Anna M'''''

'''1. Which is true about the average fixed costs (AFC) of a firm?

(a)a firm can eliminate these costs by shutting down in the short run.
(b) as output increases, AFC decreases
(c) as output increases, AFC increases
(d) AFC is part of average variable costs

Briefly explain your answer.'''

'''2. Some politicians complain about how people are losing their jobs to workers in China. Is this problem the result of "free trade" or "protectionism"?'''

'''3. What is one of the primary responsibilities of the Federal Reserve Bank?'''

'''4. Review: Suppose that after completing this course, you start a new company. In your first year, you "broke even" (had zero profits), and in your second year you want to increase your revenue and profits. After careful study of your market, you decide that you can increase your revenue by increasing your price. Therefore your good must be price elastic/inelastic (choose one).'''

'''5. A monopolistic competitive firm has the following characteristic that is lacking for a perfectly competitive firm:

(a) There are low barriers to entry
(b) MR = MC in the long run.
(c) P > MC
(d) There are many competitors.

Choose one of the above and explain your answer.'''

'''6. You can go on www.orbitz.com and watch the price of airline tickets change from day-to-day. If you pick fixed dates of travel, such as Jan. 15 to fly somewhere and Jan. 18 to return, then you will notice that the closer you get to those dates, the higher the price of the ticket usually is. In other words, the earlier in advance that you can buy a ticket, the cheaper it usually is. Explain how this illustrates a basic difference between long run and short run costs.'''

'''7. Pick any aspect of monopolistic competition (other than problem 5 if you answered that) and explain it.'''

Economics Homework Twelve Answers - Student Four

2009-12-10T14:22:25Z

AnnaM:

'''''Anna M'''''

'''1. A monopoly is one seller without any competitors. What is a "monopsony"?'''

Only one buyer.

'''2. Define, in your own words, what a "production possibilities curve" is.'''

A visual example of all the different good combinations that a company can produce.

'''3. Review: how is the elasticity of demand for labor related to the price elasticity of demand for the product of that labor?'''

It's like a circle. The more people are hired, the more money they have, and the more money they spend. This, in turn, requires greater quantity of product, which requires more labor, which creates more jobs, thus creating a cycle.

'''5. Look again at Figure A. What is the opportunity cost of shifting production from B to C?'''

350 cars lost.

'''6. Review: explain again what AFC, AVC and ATC are, and how they relate to each other. When should a firm shut down in the short run?'''

AFC (Average Fixed Costs) are costs with no output. AVC (Average Variable Costs) are costs that change depending on output and ATC (Average Total Costs) are all the costs added together. When total revenue falls below total costs, the firm will have to go out of business.

'''7. What is needed to reach point D in Figure A? (In other words, what causes a production possibilities curve to shift outward?)'''

An increase in the overall number of workers or investment capital, or a technological advancement.

Economics Homework Twelve Answers - Student Four

2009-12-10T14:02:45Z

AnnaM: Created page with ''''''Anna M''''' '''1. A monopoly is one seller without any competitors. What is a "monopsony"?''' '''2. Define, in your own words, what a "production possibilities curve" ...'

'''''Anna M'''''

'''1. A monopoly is one seller without any competitors. What is a "monopsony"?'''

'''2. Define, in your own words, what a "production possibilities curve" is.'''

'''3. Review: how is the elasticity of demand for labor related to the price elasticity of demand for the product of that labor?'''

'''4. Do you think that government policy should give high priority to the Lorenz curve? Explain the issue that a Lorenz curve addresses, and whether you think that should be a high priority of government economic policy.'''

'''5. Look again at Figure A. What is the opportunity cost of shifting production from B to C?'''

'''6. Review: explain again what AFC, AVC and ATC are, and how they relate to each other. When should a firm shut down in the short run?'''

'''7. What is needed to reach point D in Figure A? (In other words, what causes a production possibilities curve to shift outward?)'''

Economics Homework Twelve Answers - Student Ten

2009-12-09T20:39:25Z

AnnaM:

'''1. A monopoly is one seller without any competitors. What is a "monopsony"?'''
Many sellers with one buyer.

'''2. Define, in your own words, what a "production possibilities curve" is.'''
The production possibility's curve is a graph showing two goods and the opportunity cost for making more of one and less of another.

'''3. Review: how is the elasticity of demand for labor related to the price elasticity of demand for the product of that labor?'''
If the item is elastic so will be the demand for labor.

'''5. Look again at Figure A. What is the opportunity cost of shifting production from B to C?'''
If the cars are at 250 at point C (I could not read it) then the opportunity cost is 350.

'''6. Review: explain again what AFC, AVC and ATC are, and how they relate to each other. When should a firm shut down in the short run?'''
Average fixed costs are all the costs left with no output, average variable costs are costs that can be changed depending on output, and avrage total costs are all the costs added together. When total costs fall below total revenue a firm will be forced to go out of business.

'''7. What is needed to reach point D in Figure A? (In other words, what causes a production possibilities curve to shift outward?)'''
A major advance in technology.

Economics Homework Twelve Answers - Student Ten

2009-12-09T20:30:01Z

AnnaM:

'''1. A monopoly is one seller without any competitors. What is a "monopsony"?'''
many sellers with one buyer.

'''2. Define, in your own words, what a "production possibilities curve" is.'''
The production possibility's curve is a graph showing two goods and the opportunity cos for making more of one and less of another.

'''3. Review: how is the elasticity of demand for labor related to the price elasticity of demand for the product of that labor?'''
if the item is elastic so will be the demand for labor.

'''5. Look again at Figure A. What is the opportunity cost of shifting production from B to C?'''
if the cars are at 250 at point C (I could not read it) then the opportunity cost is 350.

'''6. Review: explain again what AFC, AVC and ATC are, and how they relate to each other. When should a firm shut down in the short run?'''
average fixed costs all the costs left with no output, average variable costs are costs that can be changed depending on output, and avrage total costs are all the costs added together. when total costs fall below total revenue a firm will be forced to go out of business.

'''7. What is needed to reach point D in Figure A? (In other words, what causes a production possibilities curve to shift outward?)'''
A major advance in technology

Economics Homework Twelve Answers - Student Ten

2009-12-09T20:29:36Z

AnnaM:

'''1. A monopoly is one seller without any competitors. What is a "monopsony"?'''
many sellers with one buyer.

'''2. Define, in your own words, what a "production possibilities curve" is.'''
The production possibility's curve is a graph showing two goods and the opportunity cos for making more of one and less of another.

'''3. Review: how is the elasticity of demand for labor related to the price elasticity of demand for the product of that labor?'''
if the item is elastic so will be the demand for labor.

'''5. Look again at Figure A. What is the opportunity cost of shifting production from B to C?'''
if the cars are at 250 at point C (I could not read it) then the opportunity cost is 350.

'''6. Review: explain again what AFC, AVC and ATC are, and how they relate to each other. When should a firm shut down in the short run?'''
average fixed costs all the costs left with no output, average variable costs are costs that can be changed depending on output, and avrage total costs are all the costs added together. when total costs fall below total revenue a firm will be forced to go out of business.
'''7. What is needed to reach point D in Figure A? (In other words, what causes a production possibilities curve to shift outward?)'''
A major advance in technology

Economics Homework Twelve Answers - Student Ten

2009-12-09T20:23:40Z

AnnaM:

'''1. A monopoly is one seller without any competitors. What is a "monopsony"?'''
many sellers with one buyer.

'''2. Define, in your own words, what a "production possibilities curve" is.'''
The production possibility's curve is a graph showing two goods and the opportunity cos for making more of one and less of another.

'''3. Review: how is the elasticity of demand for labor related to the price elasticity of demand for the product of that labor?'''
if the item is elastic so will be the demand for labor.

'''4. Do you think that government policy should give high priority to the Lorenz curve? Explain the issue that a Lorenz curve addresses, and whether you think that should be a high priority of government economic policy.'''

'''5. Look again at Figure A. What is the opportunity cost of shifting production from B to C?'''

'''6. Review: explain again what AFC, AVC and ATC are, and how they relate to each other. When should a firm shut down in the short run?'''
average fixed costs all the costs left with no output, average variable costs are costs that can be changed depending on output, and avrage total costs are all the costs added together.

'''7. What is needed to reach point D in Figure A? (In other words, what causes a production possibilities curve to shift outward?)'''

Economics Homework Twelve Answers - Student Ten

2009-12-09T17:45:50Z

AnnaM:

'''1. A monopoly is one seller without any competitors. What is a "monopsony"?'''
many sellers with one buyer.

'''2. Define, in your own words, what a "production possibilities curve" is.'''

'''3. Review: how is the elasticity of demand for labor related to the price elasticity of demand for the product of that labor?'''

'''4. Do you think that government policy should give high priority to the Lorenz curve? Explain the issue that a Lorenz curve addresses, and whether you think that should be a high priority of government economic policy.'''

'''5. Look again at Figure A. What is the opportunity cost of shifting production from B to C?'''

'''6. Review: explain again what AFC, AVC and ATC are, and how they relate to each other. When should a firm shut down in the short run?'''
average fixed costs all the costs left with no output, average variable costs are costs that can be changed depending on output, and avrage total costs are all the costs added together.

'''7. What is needed to reach point D in Figure A? (In other words, what causes a production possibilities curve to shift outward?)'''

Economics Homework Twelve Answers - Student Ten

2009-12-09T16:42:43Z

AnnaM: Created page with '1. A monopoly is one seller without any competitors. What is a "monopsony"? many sellers with one buyer. 2. Define, in your own words, what a "production possibilities curve" is...'

1. A monopoly is one seller without any competitors. What is a "monopsony"?
many sellers with one buyer.

2. Define, in your own words, what a "production possibilities curve" is.

3. Review: how is the elasticity of demand for labor related to the price elasticity of demand for the product of that labor?

4. Do you think that government policy should give high priority to the Lorenz curve? Explain the issue that a Lorenz curve addresses, and whether you think that should be a high priority of government economic policy.

5. Look again at Figure A. What is the opportunity cost of shifting production from B to C?

6. Review: explain again what AFC, AVC and ATC are, and how they relate to each other. When should a firm shut down in the short run?
average fixed costs all the costs left with no output, average variable

7. What is needed to reach point D in Figure A? (In other words, what causes a production possibilities curve to shift outward?)

Economics Homework Eleven Answers - Student Three

2009-12-03T14:12:07Z

AnnaM:

'''''Anna M'''''

'''1. If you were to loan someone money, why would you want him to pay you something extra (interest) when he pays back the loan? Give at least one reason.'''

It gives him the incentive to pay you back faster. You earn something from loaning the money.

'''2. Suppose I loaned you $1000 today, and interest rates are 5% per year (compounded annually), and you repaid the loan plus interest in 2 years, then what is the total you would pay to satisfy this debt?'''

$1102.50

'''3. Review: is the cost of the bus for a trip to D.C. a "fixed cost" or a "variable cost"? Explain, assuming for the purpose of this question that one and only one bus can be used (in reality, we may have several buses).'''

Fixed. No matter how many people are on one bus, the price is the same.

'''4. Which concept in Economics do you think is the best self-motivator, which you might use to achieve more?'''

I think the best self motivator would be either 'Time is Money' or Carpe Diem. Both of these could be used to convince you to achieve more.

'''5. Suppose I will pay you $1000 in two years, and the interest rate is 10% per year, compounded annually. How much should you pay me today to receive $1000 in two years? Show your work.'''

To find the amount paid the second year, divide $1000 by 1.1. Then you take that number and you divide that by 1.1 again, and your result is $826.45, which is the answer.

Economics Homework Eleven Answers - Student Three

2009-12-03T13:46:37Z

AnnaM:

'''''Anna M'''''

'''1. If you were to loan someone money, why would you want him to pay you something extra (interest) when he pays back the loan? Give at least one reason.'''

'''2. Suppose I loaned you $1000 today, and interest rates are 5% per year (compounded annually), and you repaid the loan plus interest in 2 years, then what is the total you would pay to satisfy this debt?'''

'''3. Review: is the cost of the bus for a trip to D.C. a "fixed cost" or a "variable cost"? Explain, assuming for the purpose of this question that one and only one bus can be used (in reality, we may have several buses).'''

'''4. Which concept in Economics do you think is the best self-motivator, which you might use to achieve more?'''

'''5. Suppose I will pay you $1000 in two years, and the interest rate is 10% per year, compounded annually. How much should you pay me today to receive $1000 in two years? Show your work.'''

Economics Homework Eleven Answers - Student Three

2009-12-03T13:39:49Z

AnnaM: Created page with '1. If you were to loan someone money, why would you want him to pay you something extra (interest) when he pays back the loan? Give at least one reason. 2. Suppose I loaned you ...'

1. If you were to loan someone money, why would you want him to pay you something extra (interest) when he pays back the loan? Give at least one reason.

2. Suppose I loaned you $1000 today, and interest rates are 5% per year (compounded annually), and you repaid the loan plus interest in 2 years, then what is the total you would pay to satisfy this debt?

3. Review: is the cost of the bus for a trip to D.C. a "fixed cost" or a "variable cost"? Explain, assuming for the purpose of this question that one and only one bus can be used (in reality, we may have several buses).

4. Which concept in Economics do you think is the best self-motivator, which you might use to achieve more?

5. Suppose I will pay you $1000 in two years, and the interest rate is 10% per year, compounded annually. How much should you pay me today to receive $1000 in two years? Show your work.

6. Pick another question from the midterm exam that you answered incorrectly, and explain the correct answer.

Anna M

Economics Homework Eleven Answers - Student Ten

2009-12-03T12:32:03Z

AnnaM:

'''1. If you were to loan someone money, why would you want him to pay you something extra (interest) when he pays back the loan? Give at least one reason.'''
Because you lost the chance to use that money for your own benefit.

'''2. Suppose I loaned you $1000 today, and interest rates are 5% per year (compounded annually), and you repaid the loan plus interest in 2 years, then what is the total you would pay to satisfy this debt?'''$1100

'''3. Review: is the cost of the bus for a trip to D.C. a "fixed cost" or a "variable cost"? Explain, assuming for the purpose of this question that one and only one bus can be used (in reality, we may have several buses).'''The cost of the bus is a fixed cost because we cannot get to Washington D.C. without it.

'''4. Which concept in Economics do you think is the best self-motivator, which you might use to achieve more?'''It is most likely competition or profit since both are great motivators. Competition gives people the will to win and profit is the reward.

'''5. Suppose I will pay you $1000 in two years, and the interest rate is 10% per year, compounded annually. How much should you pay me today to receive $1000 in two years? Show your work.'''
X(1.2) =$1000-----X=$1,000/1.2=$833.3 --------- 833.3*1.2=999.96

'''6. Pick another question from the midterm exam that you answered incorrectly, and explain the correct answer.'''

Economics Homework Eleven Answers - Student Ten

2009-12-03T12:09:14Z

AnnaM:

'''1. If you were to loan someone money, why would you want him to pay you something extra (interest) when he pays back the loan? Give at least one reason.'''
Because you lost the chance to use that money for your own benefit.

'''2. Suppose I loaned you $1000 today, and interest rates are 5% per year (compounded annually), and you repaid the loan plus interest in 2 years, then what is the total you would pay to satisfy this debt?'''$1100

'''3. Review: is the cost of the bus for a trip to D.C. a "fixed cost" or a "variable cost"? Explain, assuming for the purpose of this question that one and only one bus can be used (in reality, we may have several buses).'''the cost of the buses the next call us because we cannot get to Washington D.C. without it.

'''4. Which concept in Economics do you think is the best self-motivator, which you might use to achieve more?'''it is most likely competition or profit to both are great motivators. Competition people will to win and profit is the reward.

'''5. Suppose I will pay you $1000 in two years, and the interest rate is 10% per year, compounded annually. How much should you pay me today to receive $1000 in two years? Show your work.'''if the interest rate is 10 percent per year then it would be $100 per year then after two years you would need to pay me $1200

'''6. Pick another question from the midterm exam that you answered incorrectly, and explain the correct answer.'''

Economics Homework Eleven Answers - Student Ten

2009-12-02T15:36:33Z

AnnaM:

'''1. If you were to loan someone money, why would you want him to pay you something extra (interest) when he pays back the loan? Give at least one reason.'''
because you lost the chance to use that money for your own benefit.

'''2. Suppose I loaned you $1000 today, and interest rates are 5% per year (compounded annually), and you repaid the loan plus interest in 2 years, then what is the total you would pay to satisfy this debt?'''$1100

'''3. Review: is the cost of the bus for a trip to D.C. a "fixed cost" or a "variable cost"? Explain, assuming for the purpose of this question that one and only one bus can be used (in reality, we may have several buses).'''the cost of the buses the next call us because we cannot get to Washington D.C. without it.

'''4. Which concept in Economics do you think is the best self-motivator, which you might use to achieve more?'''it is most likely competition or profit to both are great motivators. Competition people will to win and profit is the reward.

'''5. Suppose I will pay you $1000 in two years, and the interest rate is 10% per year, compounded annually. How much should you pay me today to receive $1000 in two years? Show your work.'''if the interest rate is 10 percent per year then it would be $100 per year then after two years you would need to pay me $1200

'''6. Pick another question from the midterm exam that you answered incorrectly, and explain the correct answer.'''

Economics Homework Eleven Answers - Student Ten

2009-12-02T15:21:43Z

AnnaM:

'''1. If you were to loan someone money, why would you want him to pay you something extra (interest) when he pays back the loan? Give at least one reason.'''
because you lost the chance to use that money for your own benefit.

'''2. Suppose I loaned you $1000 today, and interest rates are 5% per year (compounded annually), and you repaid the loan plus interest in 2 years, then what is the total you would pay to satisfy this debt?'''

'''3. Review: is the cost of the bus for a trip to D.C. a "fixed cost" or a "variable cost"? Explain, assuming for the purpose of this question that one and only one bus can be used (in reality, we may have several buses).'''the cost of the buses the next call us because we cannot get to Washington D.C. without it.

'''4. Which concept in Economics do you think is the best self-motivator, which you might use to achieve more?'''it is most likely competition or profit to both are great motivators. Competition people will to win and profit is the reward.

'''5. Suppose I will pay you $1000 in two years, and the interest rate is 10% per year, compounded annually. How much should you pay me today to receive $1000 in two years? Show your work.'''

'''6. Pick another question from the midterm exam that you answered incorrectly, and explain the correct answer.'''

Economics Homework Eleven Answers - Student Ten

2009-12-02T15:16:26Z

AnnaM: Created page with ''''1. If you were to loan someone money, why would you want him to pay you something extra (interest) when he pays back the loan? Give at least one reason.''' '''2. Suppose I lo...'

'''1. If you were to loan someone money, why would you want him to pay you something extra (interest) when he pays back the loan? Give at least one reason.'''

'''2. Suppose I loaned you $1000 today, and interest rates are 5% per year (compounded annually), and you repaid the loan plus interest in 2 years, then what is the total you would pay to satisfy this debt?'''

'''3. Review: is the cost of the bus for a trip to D.C. a "fixed cost" or a "variable cost"? Explain, assuming for the purpose of this question that one and only one bus can be used (in reality, we may have several buses).'''

'''4. Which concept in Economics do you think is the best self-motivator, which you might use to achieve more?'''

'''5. Suppose I will pay you $1000 in two years, and the interest rate is 10% per year, compounded annually. How much should you pay me today to receive $1000 in two years? Show your work.'''

'''6. Pick another question from the midterm exam that you answered incorrectly, and explain the correct answer.'''

Economics Homework Ten Answers - Student Ten

2009-11-19T15:14:07Z

AnnaM:

'''1. In your own words, try to give a better definition of "externalities" than provided by this Lecture.'''
The positive or negative effect of a transaction on persons other than the buyer and seller.

'''2. Explain why marginal revenue must be zero when total revenue is maximized.'''
If the total revenue is maximized you can't make any more revenue.

'''4. Give an example of a positive externality, and an example of a negative externality. The example does not have to be limited to a business.'''
An example of a transaction that can either positive or negative externalities is smoking. If a person buys cigarettes and smokes them in a public place a non-smoking person may experience a negative externality in having to breathe the polluted air. On the other hand if a poor person who can't afford cigarettes parks himself next to the smoker, he reaps the benefit of a free smoke.

'''5. Explain why private firms in the free market are unlikely to try to provide public goods.'''
Because they are not getting any benefit, since it's a public good. A firm is not going to do something if it can't get any profit.

'''6. Review question: the cross-elasticity of A with respect to B is positive, and C with respect to D is negative. What is the relationship (complement or substitute?) of goods A and B with each other, and C and D with each other? Explain.'''
A and B are complements because they are positive. C and D are substitutes because they are negative.

'''7. List the four factors of production and give a very brief explanation of each.'''
Land, money, workers and entrepreneurship.

Economics Homework Ten Answers - Student Three

2009-11-19T15:08:03Z

AnnaM:

'''''Anna M'''''

'''1. In your own words, try to give a better definition of "externalities" than provided by this Lecture.'''

Externalities are the results of a good or service that can have benefits or drawbacks for a person not involved with the transaction.

'''2. Explain why marginal revenue must be zero when total revenue is maximized.'''

Because when the total revenue is maximized, it is as high as it can go.

'''4. Give an example of a positive externality, and an example of a negative externality. The example does not have to be limited to a business.'''

If your next-door neighbor buys a plasma TV, and invites you over to watch a game, it is a positive externality. But, if your next door neighbor watches TV late at night on high volume, it can be annoying and is therefore a negative externality.

'''5. Explain why private firms in the free market are unlikely to try to provide public goods.'''

Private firms are unlikely to provide public goods, because they would be losing money. Public goods are available to everyone, and therefore aren't going to be in especially high demand.

'''6. Review question: the cross-elasticity of A with respect to B is positive, and C with respect to D is negative. What is the relationship (complement or substitute?) of goods A and B with each other, and C and D with each other? Explain.'''

Since A & B are positive, they would be substitutes, and since C & D are negative, they would be complements.

'''7. List the four factors of production and give a very brief explanation of each.'''

1. Land (to build on)

2. Capital (money for the company)

3. Labor (workers/employees)

4. Entrepreneurship (owners/managers being creative and making their business unique)

Economics Homework Ten Answers - Student Three

2009-11-19T15:06:33Z

AnnaM:

'''''Anna M'''''

'''1. In your own words, try to give a better definition of "externalities" than provided by this Lecture.'''

Externalities are the results of a good or service that can have benefits or drawbacks for a person not involved with the transaction.

'''2. Explain why marginal revenue must be zero when total revenue is maximized.'''

Because when the total revenue is maximized, it is as high as it can go.

'''4. Give an example of a positive externality, and an example of a negative externality. The example does not have to be limited to a business.'''

If your next-door neighbor buys a plasma TV, and invites you over to watch a game, it is a positive externality. But, if your next door neighbor watches TV late at night on high volume, it can be annoying and is therefore a negative externality.

'''5. Explain why private firms in the free market are unlikely to try to provide public goods.'''

Private firms are unlikely to provide public goods, because they would be losing money. Public goods are available to everyone, and therefore aren't going to be in especially high demand.

'''6. Review question: the cross-elasticity of A with respect to B is positive, and C with respect to D is negative. What is the relationship (complement or substitute?) of goods A and B with each other, and C and D with each other? Explain.'''

Since A & B are positive, they would be substitutes, and since C & D are negative, they would be complements.

'''7. List the four factors of production and give a very brief explanation of each.'''

1. Land (to build on)
2. Capital (money for the company)
3. Labor (workers/employees)
4. Entrepreneurship (owners/managers being creative and making their business unique)

Economics Homework Ten Answers - Student Ten

2009-11-19T15:03:46Z

AnnaM:

Economics Homework Ten Answers - Student Ten

2009-11-19T15:01:17Z

AnnaM:

'''1. In your own words, try to give a better definition of "externalities" than provided by this Lecture.'''
The positve or negitve effect of a transaction on persons
'''2. Explain why marginal revenue must be zero when total revenue is maximized.'''

'''3. What is your favorite question on the midterm exam that you answered incorrectly, and why is it your favorite?'''

'''4. Give an example of a positive externality, and an example of a negative externality. The example does not have to be limited to a business.'''

'''5. Explain why private firms in the free market are unlikely to try to provide public goods.'''

'''6. Review question: the cross-elasticity of A with respect to B is positive, and C with respect to D is negative. What is the relationship (complement or substitute?) of goods A and B with each other, and C and D with each other? Explain.'''

'''7. List the four factors of production and give a very brief explanation of each.'''

Economics Homework Ten Answers - Student Ten

2009-11-19T14:54:34Z

AnnaM:

Aran M

Economics Homework Ten Answers - Student Ten

2009-11-19T14:54:05Z

AnnaM: Created page with '--~~~~Aran M'

--[[User:AnnaM|AnnaM]] 09:54, 19 November 2009 (EST)Aran M

Economics Homework Ten Answers - Student Three

2009-11-19T14:52:46Z

AnnaM:

'''''Anna M'''''

'''1. In your own words, try to give a better definition of "externalities" than provided by this Lecture.'''

'''2. Explain why marginal revenue must be zero when total revenue is maximized.'''

'''4. Give an example of a positive externality, and an example of a negative externality. The example does not have to be limited to a business.'''

'''5. Explain why private firms in the free market are unlikely to try to provide public goods.'''

'''6. Review question: the cross-elasticity of A with respect to B is positive, and C with respect to D is negative. What is the relationship (complement or substitute?) of goods A and B with each other, and C and D with each other? Explain.'''

'''7. List the four factors of production and give a very brief explanation of each.'''

Economics Homework Ten Answers - Student Three

2009-11-19T14:50:11Z

AnnaM: Created page with 'Anna M 1. In your own words, try to give a better definition of "externalities" than provided by this Lecture. 2. Explain why marginal revenue must be zero when total revenue ...'

Anna M

1. In your own words, try to give a better definition of "externalities" than provided by this Lecture.

2. Explain why marginal revenue must be zero when total revenue is maximized.

3. What is your favorite question on the midterm exam that you answered incorrectly, and why is it your favorite?

4. Give an example of a positive externality, and an example of a negative externality. The example does not have to be limited to a business.

5. Explain why private firms in the free market are unlikely to try to provide public goods.

6. Review question: the cross-elasticity of A with respect to B is positive, and C with respect to D is negative. What is the relationship (complement or substitute?) of goods A and B with each other, and C and D with each other? Explain.

7. List the four factors of production and give a very brief explanation of each.

Economics Homework Nine Answers - Student Ten

2009-11-18T19:59:04Z

AnnaM:

Aran M

'''1. Identify an industry not mentioned in the lecture that is an oligopoly, and explain why.'''
Computer companies, such as Dell, Hp, Acer, and Apple.

:Good.

'''2. Order the types of industries from those having the lowest price (due to the greatest competition) to those having the highest price (due to the least competition).'''
Perfect compaction b.Perfctly contestable markets c.monopalistic compaction d.oligopoly e.cartel f.Monopoly

:Correct, but spellings are off. E.g., "competition", not "compaction"

'''3. Explain which specific type of industry (e.g., oligopoly or something else) each of these quotes probably refers to: (1) "She's the finest hair stylist in town; no one has her special style!", (2) "Crazy Eddie ... his low prices are INSANE!", (3) "Don't like his prices? He's the only one in town selling what you need."'''
monopolistic compaction, Perfect compaction, Monopoly

:Correct. note spelling errors again.

'''4. List how monopolies can be established.'''
The licensing of professionals creates a barrier to entry.
Control of a valuable resource can also create a monopoly.
Economies of scale can create a monopoly by rewarding the biggest company with the lowest average cost.
Government grants of monopoly such as patents and copyrights.

:Also government-created monopolies by law, as in cable TV franchise companies. (Minus 1).

'''5. What prevents a monopoly from increasing its prices without limitation?'''
When the MR=MC,the price is usually set. the demand curve still applies to monopoles the availability of substitutes may also limit the price.

:Not many substitutes. The Law of Demand applies due mostly to the income effect. (Minus 1).

:39/40. Good.

Economics Homework Nine Answers - Student Ten

2009-11-12T16:55:26Z

AnnaM:

'''1. Identify an industry not mentioned in the lecture that is an oligopoly, and explain why.'''
Computer companies, such as Dell, Hp, Acer, and Apple.

'''2. Order the types of industries from those having the lowest price (due to the greatest competition) to those having the highest price (due to the least competition).'''
Perfect compaction b.Perfctly contestable markets c.monopalistic compaction d.oligopoly e.cartel f.Monopoly

'''3. Explain which specific type of industry (e.g., oligopoly or something else) each of these quotes probably refers to: (1) "She's the finest hair stylist in town; no one has her special style!", (2) "Crazy Eddie ... his low prices are INSANE!", (3) "Don't like his prices? He's the only one in town selling what you need."'''
monopolistic compaction, Perfect compaction, Monopoly

'''4. List how monopolies can be established.'''
The licensing of professionals creates a barrier to entry.
Control of a valuable resource can also create a monopoly.
Economies of scale can create a monopoly by rewarding the biggest company with the lowest average cost.
Government grants of monopoly such as patents and copyrights.

'''5. What prevents a monopoly from increasing its prices without limitation?'''
When the MR=MC,the price is usually set. the demand curve still applies to monopoles the availability of substitutes may also limit the price.

Economics Homework Nine Answers - Student Ten

2009-11-12T16:45:40Z

AnnaM:

'''1. Identify an industry not mentioned in the lecture that is an oligopoly, and explain why.'''
Computer companies, such as Dell, Hp, Acer, and Apple.

'''2. Order the types of industries from those having the lowest price (due to the greatest competition) to those having the highest price (due to the least competition).'''
Perfect compaction b.Perfctly contestable markets c.monopalistic compaction d.oligopoly e.cartel f.Monopoly

'''3. Explain which specific type of industry (e.g., oligopoly or something else) each of these quotes probably refers to: (1) "She's the finest hair stylist in town; no one has her special style!", (2) "Crazy Eddie ... his low prices are INSANE!", (3) "Don't like his prices? He's the only one in town selling what you need."'''
monopolistic compaction, Perfect compaction, Monopoly

'''4. List how monopolies can be established.'''
the licensing of professionals creates a barrier to entry.

'''5. What prevents a monopoly from increasing its prices without limitation?'''

Economics Homework Nine Answers - Student Ten

2009-11-12T16:44:56Z

AnnaM:

Economics Homework Nine Answers - Student Three

2009-11-12T16:03:46Z

AnnaM:

'''''Anna M'''''

'''2. Order the types of industries from those having the lowest price (due to the greatest competition) to those having the highest price (due to the least competition).'''

(listed from lowest prices to highest prices)

1. Perfect Competition

2. Perfectly Contestable Markets

3. Monopolistic Competition

4. Oligopoly

5. Cartel

6. Monopoly

'''3. Explain which specific type of industry (e.g., oligopoly or something else) each of these quotes probably refers to: (1) "She's the finest hair stylist in town; no one has her special style!", (2) "Crazy Eddie ... his low prices are INSANE!", (3) "Don't like his prices? He's the only one in town selling what you need."'''

(1) Monopolistic Competition

(2) Perfectly Contestable Market

(3) Monopoly

'''4. List how monopolies can be established.'''

1. Government creates monopolies by operation of law.

2. The licensing of professionals creates a barrier to entry.

3. Control of a valuable resource.

4. Economies of scale can create a monopoly by rewarding the biggest company with the lowest average cost.

5. Government grants of monopoly such as patents and copyrights.

'''5. What prevents a monopoly from increasing its prices without limitation?'''

People will not pay obscenely high prices, even if it's the only supplier. A monopoly must still sell when MR=MC.

Economics Homework Nine Answers - Student Three

2009-11-12T15:57:16Z

AnnaM:

Economics Homework Nine Answers - Student Three

2009-11-12T15:56:31Z

AnnaM:

Economics Homework Nine Answers - Student Three

2009-11-12T15:53:49Z

AnnaM:

'''''Anna M'''''

'''1. Identify an industry not mentioned in the lecture that is an oligopoly, and explain why.'''

'''2. Order the types of industries from those having the lowest price (due to the greatest competition) to those having the highest price (due to the least competition).'''

'''3. Explain which specific type of industry (e.g., oligopoly or something else) each of these quotes probably refers to: (1) "She's the finest hair stylist in town; no one has her special style!", (2) "Crazy Eddie ... his low prices are INSANE!", (3) "Don't like his prices? He's the only one in town selling what you need."'''

'''4. List how monopolies can be established.'''

'''5. What prevents a monopoly from increasing its prices without limitation?'''

Economics Homework Nine Answers - Student Three

2009-11-12T15:52:57Z

AnnaM: Created page with '1. Identify an industry not mentioned in the lecture that is an oligopoly, and explain why. 2. Order the types of industries from those having the lowest price (due to the great...'

1. Identify an industry not mentioned in the lecture that is an oligopoly, and explain why.

2. Order the types of industries from those having the lowest price (due to the greatest competition) to those having the highest price (due to the least competition).

3. Explain which specific type of industry (e.g., oligopoly or something else) each of these quotes probably refers to: (1) "She's the finest hair stylist in town; no one has her special style!", (2) "Crazy Eddie ... his low prices are INSANE!", (3) "Don't like his prices? He's the only one in town selling what you need."

4. List how monopolies can be established.

5. What prevents a monopoly from increasing its prices without limitation?

Economics Homework Nine Answers - Student Ten

2009-11-12T15:52:30Z

AnnaM:

Economics Homework Nine Answers - Student Ten

2009-11-12T15:41:15Z

AnnaM:

'''1. Identify an industry not mentioned in the lecture that is an oligopoly, and explain why.'''

'''2. Order the types of industries from those having the lowest price (due to the greatest competition) to those having the highest price (due to the least competition).'''

'''3. Explain which specific type of industry (e.g., oligopoly or something else) each of these quotes probably refers to: (1) "She's the finest hair stylist in town; no one has her special style!", (2) "Crazy Eddie ... his low prices are INSANE!", (3) "Don't like his prices? He's the only one in town selling what you need."'''

'''4. List how monopolies can be established.'''

'''5. What prevents a monopoly from increasing its prices without limitation?'''

Economics Homework Nine Answers - Student Ten

2009-11-12T15:40:49Z

AnnaM: Created page with ''''1. Identify an industry not mentioned in the lecture that is an oligopoly, and explain why.''' ''' 2. Order the types of industries from those having the lowest price (due to ...'

'''1. Identify an industry not mentioned in the lecture that is an oligopoly, and explain why.'''
'''
2. Order the types of industries from those having the lowest price (due to the greatest competition) to those having the highest price (due to the least competition).'''

'''3. Explain which specific type of industry (e.g., oligopoly or something else) each of these quotes probably refers to: (1) "She's the finest hair stylist in town; no one has her special style!", (2) "Crazy Eddie ... his low prices are INSANE!", (3) "Don't like his prices? He's the only one in town selling what you need."'''

'''4. List how monopolies can be established.'''

'''5. What prevents a monopoly from increasing its prices without limitation?'''

Economics Homework Seven Answers - Student Ten

2009-10-29T14:09:56Z

AnnaM:

1. 1.Many buyers and sellers.
2.Goods that are perfect substitutes for each other.
3.Perfect knowledge in the market.
4.Perfect mobility of resources.

2. I believe that it is the will to win that motivates us. You cannot win without motivation so with commutation people tend to do their best.

3. I will be absent< I dont really have any questions

4. There ane many examples in the bible of good drawing out bad, but always with gods help.

5. Total cost is all the costs added together, average cost is total cost over the amount of units made and marginal cost is the cost to make one more unit.

6. CS=$5,850

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Economics Homework Seven Answers - Student Four

2009-10-29T13:18:50Z

AnnaM:

'''''Anna M'''''

'''1. Identify the four elements of perfect competition.'''

1. Many buyers and sellers.

2. Goods that are perfect substitutes for each other.

3. Perfect knowledge in the market.

4. Perfect mobility of resources.

'''2. Describe how you might use competition, perhaps even competing with yourself, to motivate you to achieve more.'''

Competition makes people want to achieve. There is a part of the human nature that needs to be recognized,and competition is a way to fulfill its desire. Everyone wants to be the best in their skill area, and competition inspires people to do their best.

'''4. Do you think the converse of Gresham's Law is true with respect to speech and conversation, such that good speech or conversation (such as discussing the Bible) drives out bad? Explain.'''

In some cases, maybe. If you are discussing good things in company made up of a majority of "good" people, then there is a good possibility that it can drive out the bad. However, a lone voice of truth very rarely can drive out bad conversation in bad company.

'''5. Explain the difference between total cost, average cost, and marginal cost.'''

Total cost is the cost for a production of a good. Average cost is total cost divided by quantity. Marginal cost is the change in cost when the quantity increases or decreases by more than one unit.

'''6. Suppose you decide you could profitably set the price for a homeschool dance at $15 per ticket, and it would have attracted 150 people. You also determine that 50 out of the 150 people who would have attended would have paid $20 per ticket and 10 out of the 150 would have paid $25 per ticket, and 5 out of the 150 would have paid $30 per ticket, because they would have enjoyed and benefited so much from it. However, the homeschool dance was never held because no one "got around to it." What is the loss in wealth or consumer surplus due to the fact that the event was not held?'''

Loss in wealth would be 150 x $15 = $2250. There would be no loss in consumer surplus, because the consumers never spent the $15 dollars.

'''7. Is there perfect competition between homeschooling and public schools? If not, explain the imperfections.'''

No, there is not perfect competition between homeschooling and public schools. There are not many buyers or sellers, only two. Private schools are rapicly going out of business in these tough economic times. They also do not have perfect mobility of resources. Homeschoolers are sometimes given a harder time by the state governments and it can sometimes be harder to get an official high school diploma.

Economics Homework Seven Answers - Student Ten

2009-10-28T19:16:55Z

AnnaM: