Blog

  All firms that wish to maximize profits, no matter their market structure, will decide to produce at an output level where

  The market for watches is perfectly competitive and is currently in equilibrium. What will happen if watches become more popular among college students?

  Rent seeking occurs when

  Suppose a perfectly competitive paper firm can produce six tons of paper at an output level where marginal revenue is equal to marginal cost. The price per ton of paper is $100 and the average total cost is $75. What is the total profit or loss that the paper firm is earning?

  A monopolist

  If there are gains from specialization in a workplace, hiring another employee means that the marginal product of labor will

  The perfectly competitive firm’s short-run supply curve is the

Refer to the accompanying graph to answer the next question.   Is this firm earning positive, negative, or zero economic profits?  

  If the marginal revenue curve of a perfectly competitive firm lies below the minimum point on its average total cost curve but above the minimum point on its average variable cost curve, the firm is realizing

Short Answer (10 points): Answer one of the following questions. Explain why Yogi Berra’s comment, “You got to be very careful if you don’t know where you are going because you might not get there” is relevant when discussing how to plan learning experiences for children. Explain why it is more satisfactory to select a curriculum topic based on the children’s interests than it is to select one the teacher chooses based on his or her own interests.  Why is it that teachers often fail to take the children’s interests into account