Employment If the equilibrium level of output is below the full employment level as in the graph above the result is unemployment. Inflation Demand-pull inflation is inflation caused by an increase in AD. As you can see on the graph below, if there is an increase in AD the price level increases. Inflation is the rate of increase in the price level.
Construct your own hypothetical table illustrating the three concepts you defined above. When Marginal Utility starts declining, does Total Utility also start declining? Discuss the reasonableness of economists' assumption that marginal utility will always decline after some level of consumption is reached.
With just the general formula no table and two goods, show how you can derive a demand curve with the equal marginal principle. The Income and Substitution Effects related to Chapter 6.
Explain what the substitution effect is. Use the income effect and the substitution effect to explain why the demand curve slopes downward and to the right.
Use a graph to illustrate your explanation. The Paradox of Value Lecture only Illustrate with an example and discuss the "paradox of value. How does consumer surplus relate to this paradox?
Why are there Business Firms Lecture only List and explain the reasons for the existence of business firms. In other words, why isn't each person or family an island onto themselves producing what they do best and trading for what they need. Handout Discuss shirking and monitoring in this context.
Accounting and Economic Profit Chapter 7. Explain in detail how they differ. Explain the implications on the allocation of resources of above normal profits, and normal economic profits. Time Horizons in Microeconomics Chapter 7. Explain how the production function is used to differentiate the four different time horizons and illustrate what the supply curve might look like in each case: Include columns for the variable input, the fixed input, Marginal Product, and Total Product.
Refer to Production Function to Cost Curves handout. What is the Law of Diminishing Returns? In your table, at what unit of the variable input does diminishing returns begin?
Explain why it is reasonable to believe that the "law of diminishing returns" is true. Explain the relationship between Marginal Product and Marginal Cost. Explain why these curves have the shape that they have.To illustrate, if one year has a single tornado day when 25 tornadoes occur, and the following year has ten tornado days but only one tornado occurs each day, the second year would have fewer tornadoes even though it had many more days when a tornado was observed.
arteensevilla.com Decide whether two quantities are in a proportional relationship, e.g., by testing for equivalent ratios in a table or graphing on a coordinate plane and observing whether the graph is a straight line through the origin.
Systems of equations are comprised of two or more equations that share two or more unknowns. We can graph the equations within a system to find out whether the system has zero solutions (represented by parallel lines), one solution (represented by intersecting lines), or an infinite number of solutions (represented by two superimposed lines).
Qualitative graphs are graphs that are used to represent situations that do not necessarily have numerical values. Qualitative graphs represent the essential elements of a situation in a graphical form. Functions and Their Graphs 67 Functions and Their Graphs REPRESENTING RELATIONS AND FUNCTIONS A is a mapping, or pairing, of input values with output values.
The set of Then tell whether the relation is a function. a. b. SOLUTION arteensevilla.com domain consists of º3, 1, and 4, and the range consists of º2, 1, 3, and 4. Explain. Source. Two-dimensional drawing showing a relationship (usually between two set of numbers) by means of a line, curve, a series of bars, or other symbols.
Typically, an independent variable is represented on the horizontal line (X-axis) and an dependent variable on the vertical line (Y-axis). The perpendicular axis intersect at a point called origin, and are .