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Below are the list of 12 key terms provided. Create a presentation slide(s) or graphic with a description – including a real world example – that could be used to describe the term to someone unfamiliar with the idea or concept.
Diminishing marginal returns
Average total cost (ATC)
Marginal cost (MC)
Operating leverage
Short run
Operating period
Long run or planning period
Economies of scale
Diseconomies of scale
Constant returns to scale
Economies of scope
Experience or learning curve
Illustrate what is the point price elasticity of supply at the equilibrium quantity. Illustrate what is the new equilibrium quantity also price if every capita income increases to 20.
According to our discussion in class, the price of tuition at for-profit institutions (such as the University of Phoenix) tend to be much higher than people expect. For-profit institutions produce much better outcomes than public institutions, so the..
Principles of economics for evaluating and assessing the need for the public health initiative, A brief description of whether the initiative is a micro or macroeconomic program, A determination of whether the result of the initiative is a public or ..
What could the Fed do in 2002-2003 in order to bring the economy back to full-unemployment ? What did the Fed actually do? Explain in detail
Construct a model to conclude your allocation of study hours. Include as assumptions points you "gain" from an hour of study time in each subject and your desired outcome on each test.
Briefly discuss the two problems that arise when considering the resource use in travel and tourism. Why are the rewards for resource use in tourism often low? List and discuss various reasons.
If countries can benefit by increasing their consumption possibilities through trade, why do so many countries place restrictions on trade?
There have been different economic philosophies promoted by the US government to deal with economic downturns. We've seen pump priming (Keynesian economics) during the New Deal and now supply side or trickle down economics during the Reagan era. Whic..
The current government deficit: include how current fiscal policy has affected the deficit, and how the country should deal with any problems you identified?
Discuss the basic way that the modern banking industry work(namely, fractional reserve banking). What impact can this type of banking system have on the supply of money and possibly on inflstion and prices.
Tom consumes positive quantities of both jam and juice. the price of jam is 5 cents per unit and the price of juice is 10 cents per unit. Her marginal utility of jam is 10 and her marginal utility of juice is 55. Without changing her total expenditur..
A monopolist produces a good at zero marginal cost. It knows that two equal sized subgroups exist in the market for its produce, but cannot differentiate between them by sight. Group I value quality of service highly. Why may these have been suggeste..
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