Any help with any of these items would be amazing...thanks in advance 1. Explain

Question

Any help with any of these items would be amazing...thanks in advance

1. Explain the difference between the change in Supply and change in quantity supplied. Draw a diagram of the two changes and provide an example.

2.Draw, label and describe the 5 elastic measures-provide an examble of each.

3. Carefully draw, label and explain the Total Utility vs. Marginal Utility curves on a diagram. How do we define equilibrium in Utility Theory?

4. Indifference Curves: Carefully draw, label and expalin the budget line vs. indifference consumption curve and show equilibrium.

5. Describe the following Production Cost Terms: The short run, the long run, the very long run, implicit costs, explicit costs, acounting profits, economic profits.

6. Draw the profit max diagram of a monopoly and perfect competition. Compare and contrast both diagrams.

7. Just recently google was found not guilty in a major anti-trust case. Was googel 1. attempting to monopolize a market? 2.Attempting to become the oligopolisitc leader or 3. just engage in fair competition. Explain each concept carefully.

8. Summarize the MPP>MPC>MRP rule. How does it explain how your wages are determined? Provide a personal example.

9. Dogs kept in a backyard and are barking constantantly are notorious in most city neighborhoods. Do these dogs pose a negative or positive externality? What (if anything) should the city do about these externalities?

10. Dr. Joseph Stiglits, Nobel Economist, recently published "The Price of Inequality". In the book, he states the gap between the very wealthy and eeryone else has caused our economy to falter, and will continue this trend unless we are able to reverse course. For example, the Median wealth fell by 40% between 2007 and 2010, while the wealthy became wealthier. Is the current economic largess due to our high national debt or the slowdown in consumer spending, please explain.

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Explanation / Answer

SHORT RUN-The short run is the time period in which at least one factor of production is fixed in amount and others are variable in amount. time period is such short that level of output can be changed only by changing the variable factor of production and not by changing the the capital stock or by entering or leaving an industry. LONG RUN- The long run is the time period in which there are no fixed factors of production. TIME PERIOD IS SUCH LONG THAT to change the level of out can be changed by changing the capital stock or by entering or leaving an industry. IMPLICIT COST- IS THE IMPUTED COSTS OF USING FACTORS OF PRODUCTION THAT A FIRM OWNS. THESE COSTS INVOLVE NO MONETARY TRANSACTIONS. we can also call these costs opportunity costs which is equal to what a firm must give up in order to use factors which it neither purchases nor hires EXPLICIT COST-.An explicit cost is a direct payment made to others WHEN IT PURCHASES FACTORS OF PRODUCTION FOR ITS PRODUCTION PROCESS , such as wage, rent and materials. Accuonting profits= revenue- explicit costs Economic profits=revenue-(explicit costs+ implicit costs)

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