To receive full credit for each question, your answers must be at minimum 15 sen

Question

To receive full credit for each question, your answers must be at minimum 15 sentences long, it must answer every part of the question, it must include economic concepts that were taught in class and where necessary provide real world examples and empirical data. You must also explain your conclusions. Let me repeat, an answer that only states a conclusion and does not explain how you got to that conclusion will be marked down. Your answers must be in your own words. Do not plagiarize. You may work in groups, use the textbook, your notes, lecture notes posted on blackboard, the internet, articles and books, or other sources that you might find useful. However, if you are using an idea by someone else, you must cite her or him in the exam and add a reference page although you are not required to cite.

Question — A Theory of the Firm, aka, A Theory of Ps&Qs

Capitalistic production theories can be conceptualized in terms of total product returns and average costs patterns.  The full range of these patterns can be found on p.136 and p.145 of your textbook.  What sections of the total product curve and average cost curve does orthodox theory assume production generally operates on? Hint, in each graph you will see it is sectioned into 3 phases. Explain why orthodoxy makes this assumption.  What part of these curves does heterodox theory believe production operates on?  Explain.  

Your answer to the above questions must incorporate the various concepts of production, such as:  fixed inputs/costs, variable inputs/costs, depreciation, short run losses, long run losses, marginal revenue, marginal cost, maximizing profit, positive/negative feedbacks and others.  

Explain, from both an orthodox and heterodox perspective, where prices and quantities come from?  What is the process?  According to orthodox theory, how often should the prices of Gs&Ss change?  Excluding gas prices, what does the empirical data tell us about price changes since the beginning of this course? What does this tell us about the relationship between P&Q and ultimately economic power?

Explanation / Answer

Heterodox economics refers to methodologies or schools of economic thought that are considered outside of "mainstream economics", often represented by expositors as contrasting with or going beyond neoclassical economics. Heterodox economics" is an umbrella term used to cover various approaches, schools, or traditions. These include socialist, Marxian,institutional, evolutionary, Georgist, Austrian, feminist, social, post-Keynesian (not to be confused with New Keynesian),andecological economics among others

it is adherence to correct or accepted norms, more specifically to creeds, especially in religion. In the Christian sense the term means "conforming to the Christian faith as represented in the creeds of the early Church

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