Post a 2-3 sentence explanation of a concept that you learned in Microeconomics this semester that is likely to be on the AP exam. No copying your classmates.
Supply line goes up to the right, Demand goes down to the right, and they make an 'x'. Shifting either of the lines moves the equilibrium point. For a third sentence to make it look like i'm an over achiever, Mr.pye is best teacher.
Hannah Abie Period 2. Opportunity cost represents an alternative taken away when a decision is made. This cost is,most relevant for two mutual events. In investing, it is the difference in return between a chosen investment and one that is necessarily passed up. Go Econ!
These cause deadweight loss by altering the supply and demand of a good through price manipulation. In order to calculate deadweight loss, you need to know the change in price and the change in quantity demanded. The formula to make the calculation is: Deadweight Loss = .5 * (P2 - P1) * (Q1 - Q2).
The stock market is the first thing that comes to mind when you think of economics. From Dow Jones to NASDAQ, I believe the concept of the stock market will be on the AP exam. Even a simple interpretation of the stock market with questions of ways invest in stocks and things of that sort. Investments and the stock market will be on the exam.
Period 2 What can cause cost curves to shift: A change in any variable cost (wages to workers, rent on land,interest on loans, etc…) will shift the MC, AVC and ATC curves. Also, an improvement in technology or productivity can cause the curves to shift down.
I learned about the different market structures in our economy, such as the monopoly. Monopolies charge above the normal optimization (MR=MC) point because they can as the only seller. I also learned that not all of the economy is like the game of monopoly.
The circular flow diagram consists of the factor (resource) market and the product market. In the factor market businesses give households salaries and wages and households provide businesses with labor. In product markets households receive goods and services from businesses and businesses receive revenue from households.
Determinants of elasticity are the availability of substitutes, the share of budget, the status of whether an item is a necessity or luxury, the definition of the market, and the time and adjustment process. Typically, there is elastic demand where there are many substitutes, items are expensive or luxuries, the market is narrowly defined, and there is a long time for adjustment. There is inelastic demand when there are few substitutes, items are inexpensive or necessities, the market is broadly defined, and there is a short time for adjustment.
One of the concepts we learned in AP Economics is the subject of supply and demand, which is arguably the most important concept to know. It includes a variety of graphs that for sure will show up on the AP exam. The way the supply and demand curves shift will probably show up various times on the test.
Period 4 Something i learned that's probably going to be on the exam is the idea of normal and inferior goods. Normal goods are superior, something that is mild or expensive in price. Inferior goods are a necessity and usually cheap. If income goes up then the demand for inferior shifts left and for superior shifts right.
Devin Laird Period 2 A concept that I learned in AP Micro Economics this semester is Internal costs and external costs. An Internal cost is two costs of an activity paid by an individual engaging in the activity. An External cost is the cost of an activity paid for by someone else not directly involved in the activity.
Investing in the stock market is very complex. One has to watch the stocks they invest in constantly. In addition, there has to be a very valid reason as to why they are investing. The market is always fluctuating.
I learned about Game Theory and the Prisoner's dilemma. That economists can use mathematics to determine the best strategy to use when involved in a certain situation. It more importantly taught me the numerous applications of economics in real life.
I learned that price floors and price ceilings aren't intuitively represented on a graph. The price floor goes above the equilibrium and the price ceiling goes below the equilibrium.
I learned a lot of things in Economics, and a perfectly competitive market is where there if free entry and exit, and a lot of competition. In economics the long run and short run are very important. Also the production possibilities curve and graph is important to economics.
I learned that the price of elasticity of demand measures the responsiveness of buyers to changes in price. The income elasticity of demand measures the responsiveness of buyers to changes in income. The price elasticity of supply measures the responsiveness of sellers to changes in price.
I learned about monopolies, oligopolies, monopolistic competition, and perfect completion markets. These four categories have similarities and differences but are all in an economy especially in a capitalist economy. In this class I learned how each is unique and is used in our society.
I learned a lot of things this semester in economics and I think that knowing the difference between micro and macro is going to be something that shows up on the AP. Microeconomics is the study of economics at an individual, group or company level. Macroeconomics, on the other hand, is the study of a national economy as a whole. Microeconomics focuses on issues that affect individuals and companies.
One concept we learned in class this semester is government intervention in economics. Most economic arguments for government intervention are based on the idea that the marketplace cannot provide public goods or handle externalities. Public health and welfare programs, education, roads, research and development, national and domestic security, and a clean environment all have been labeled public goods.
One concept we learned in class was the properties of a competitive market. I learned that in this market no one buyer or seller controls the price and that anyone can easily enter and exit this market.
I think implicit and explicit cost question might show up on the multiple choice section. AImplicit costs are the opportunity cost of resources already owned by the firm and used in business—for example, expanding a factory onto land already owned. Explicit costs are out-of-pocket costs for a firm—for example, payments for wages and salaries, rent, or materials.
I believe the concept of outsourcing could show up on the microecononmics AP exam. It is when a firm's employment of labor is outside the country rather than where the firm is located. This is done so companies can save costs, gain expertise and free up management time.
Tolu Ojo Period 6 One thing I've learned this year in economics that might be on the exam is the concept of demand, that demand has an inverse relationship to price. As demand goes up, price goes down, and as demand goes down, price goes up. Also, the demand line is downward sloping, and demand can change based on external factors, while change in quantity demanded occurs based on a change in price.
One thing I learned the good was monopolistic structures. For awhile I thought they were just a type of oligopoly. Much less understand what they do to make profit
I learned in microeconomics that you do not read these responses, I hope, and that you do not enjoy me eating in your classroom. Although this will not be on the AP test, I feel like these are valuable lessons that will help me succeed in life.
Jada Turner Period 6 I've learned the choices and decisions that have to be made in order to manage scarce resources available to us. Microeconomics is the branch of economics that pertains to decisions made at the individual level. Also how and why these decisions are made and how they affect one another in the economy.
Arij Moiz Period 2nd Concept: Factor Markets The concept of derived demand, understand how a factor's marginal product and the marginal revenue of the product affect the demand for the factor, and consider the role of factor prices in the allocation of scarce resources. When the markets for different factors are considered separately, most attention should be given to the labor market, particularly labor supply and wage and employment determination. For the factors of land and capital, we have examine the concept of economic rent and the relationship of the interest rate to the supply and demand for investment funds. By studying the determination of factor prices, we gain an understanding of how the market determines the distribution of income and the sources of income inequality in a market economy. So definitely there could be a explanation or drawing a graph type of question of the exam.
A concept I learned In Microeconomics was Cartels. A cartel is an organization created from a formal agreement between a group of producers of a good or service to regulate supply in an effort to regulate or manipulate prices. Cartels are blatantly illegal in the U.S.
Division of labor and specialization are likely to be on the AP exam. Division of labor is when the process of producing a good are divided into different tasks which can lead to increased productivity. Specialization is the production of one or limited number of goods based on available resources to gain economic efficiency.
Signals are a result of profit margins by firms in markets, particularly perfectly competitive ones. If profits are positive, then the price is above average total cost; thus, new firms will enter the market. If profits are deeply negative to the point where firms are leaving, then the price is below average variable cost. If profits are negative but firms are not leaving, then price is between average variable and total cost.
Heather Bennett: Period 6 Oligopoly policies were very interesting to study. It really shows how money is connected to every part of our government. Network externalites such as bandwagon effect really helped me understand the thought process of the consumer.
Taylor Hunter Period 4 In economics this year I learned the different factors that will cause a shift in supply or demand (TIMER&STONER). Also I learned that in perfect competition evil MR=D=AR=P is one horizontal line.
In the short semester that I got to spend in Mircoeconomics I learned a lot of things about the economy, but apparently so did my class mates because they took everything I was about to say. So I'll just talk about how much you really hate monkeys. I know you really hate monkeys, like a lot. I don't know why you hate the primates so much, they have hands like us, hair like us, and they can use tools like us. Monkeys are cool and I think that you should get over your fear of monkeys because that's just dumb. Also, you never told us he grenade story.
I have learned that comparative advantage is the concept of the advantage conferred on an individual or nation in producing a good or service if the opportunity cost of producing the good or service is lower for that individual or nation than for other producers. This widely used concept often leads to outsourcing.
If MR>MC, then the firm is producing too little and can increase profit by increasing output. If MR<MC, then the firm is producing too much and can profit by decreasing output. A competitive firm however, produces P = MR = MC.
I learned that excise taxes are one of the six determinants of supply. They shift the supply curve to the left decreasing supply and increasing the equilibrium price. The supply curve will shift until the vertical distance between the two curves is equal to the amount of the tax.
One of the main things I learned throughout the course of microeconomics was about perfect competition. Perfect competition is a market structure in which the following five criteria are met: 1) All firms sell an identical product; 2) All firms are price takers - they cannot control the market price of their product; 3) All firms have a relatively small market share; 4) Buyers have complete information about the product being sold and the prices charged by each firm; and 5) The industry is characterized by freedom of entry and exit. Perfect competition is sometimes referred to as "pure competition."
Something I learned in economics is that this class is a lot of common sense except for the graphs. Some things may take more thinking than others, but for a lot of it there doesnt need to be any background knowledge of economics.
A concept that I learned that I would have thought would be on the AP exam would be how an increase or decrease in demand changes long-run equilibrium for firms and industries. Initially, markets with an increase (decrease) in demand will have firms experiencing economic profits (losses).
What i learned in economics is that its lots pf graphing and the acronims for the charts like "MR DARP" which is helpful to know what kind of graph is that and the course is mostly common sense . I also never knew what a oligopoly was until i got to learn it in micro economics
The Tragedy of the Commons is a concept i learned during this semester in Econ and it explains why many of the simple facilities in life are usually seen in very poor conditions. Since no one has to pay for it, but it is rival, individuals tend to not have incentive to keep it clean or up to date.
I learned that resources are the inputs used to produce goods and services and that technology is the knowledge that is available for use in production.
I learned that in a perfectly competitive market, price equals marginal cost while in a monopoly, the price is set above marginal cost and the firm earns a positive economic profit.
A monopoly is when one company has complete control of a product. Nobody else sells the product. The firm can make it as expensive as they want. This is not good for the consumer. There is less of the product and it is more expensive.
Some thing that I learned is market failure. Market failure is a situation where, in any given market, the quantity of a product demanded by consumers does not equate to the quantity supplied by suppliers. Most of the times due to this the demand and the cost of the product inflates.
One of the most important and fascinating things I learned in Microeconomics was absolute vs comparative advantage and it's tremendous implications in international trade. In a nutshell, absolute advantage is when one firm/state can produce certain goods more efficiently than another firm/state. Comparative advantage, on the other hand, is when one firm/state has a smaller opportunity cost of producing one good rather than another when compared to another firm/state. Thus, using comparative advantage, two firms can boost productivity by producing the food which they have the smallest opportunity cost for and trade the other good with other firms.
I learned that there are three different types of economies: Command, market, and fixed as well as various scales of the economy. I believe that there will be a question on the way taxes such as excise and lump sum will affect the quantity produced by a firm.
Through micro economics, one thing I learned are the different types of markets and their uniqueness from each other. I learned about the existence of four types of markets; perfect competition, monopoly, oligopoly, and monopolistic competition. The differences that each possess from the other has to do with the amount of businesses in the market and the level of difficulty in entering and leaving the types of markets.
Sarah Johnson 2nd Period I learned many things through economics this semester. I have.eaned that in a perfectly competitive market there are multiple sellers and easy entry and exit with no barriers whereas with a monopolistic market there is one seller with many barriers. I also learned that everything is about the opportunity cost. How much does it cost in the long run? In the long run all economic profit equals zero.
Stanley Johnson 2nd Period I learned allot about economic efficiency and when companies should consider shutting down. I learned that in the short run a firm should continue to operate if price exceeds average variable costs. If price does not exceed exceed avc then it should shut down.
One concept that I learned throughout econ was the concept for a perfectly competitive market in which basically all companies are basically selling the same product.And the profit is temporary. Much like the fidget spinners right now.
Joshua Biju 6th Period A concept learned this semester was about average total cost in the long run. As a company or firm gets larger and they have more infrastructure their average total cost go down. It makes it cheaper for them to produce more output.
I learned that Microeconomics is about opportunity costs and the decisions that companies make to find the way to maximize their profits. I believe that there will be questions related to the different choices firms should make and why. Also how each firm type operates such as how much of their product is supplied and demanded.
In economics I learned that, the simplest way to calculate profit or loss is to calculate the difference between the expenses and revenues. Losses occur when total revenue is less than the total cost. I also learned that it is not always enough to provide products consumers want. The main thing that matters is the cost it will take to run the business.
Thanks for posting this collection of educational blogs. I am a professional tutor and I am always looking for way to improve the quality and delivery of my material.
I loved the article, keep updating interesting articles. I will be a regular reader… I am offering Online Assignment help to students over the globe at a low price.
Just Question Answer is the portal which has great assignment helpers and tutors who provide high-quality service regarding cheap assignment help at a cheap price. Our portal provides accurate content of each and every professional course in an appropriate format.
Supply line goes up to the right, Demand goes down to the right, and they make an 'x'. Shifting either of the lines moves the equilibrium point. For a third sentence to make it look like i'm an over achiever, Mr.pye is best teacher.
ReplyDeleteHannah Abie
ReplyDeletePeriod 2.
Opportunity cost represents an alternative taken away when a decision is made. This cost is,most relevant for two mutual events. In investing, it is the difference in return between a chosen investment and one that is necessarily passed up. Go Econ!
Period 2
ReplyDeleteDeadweight Loss
These cause deadweight loss by altering the supply and demand of a good through price manipulation. In order to calculate deadweight loss, you need to know the change in price and the change in quantity demanded. The formula to make the calculation is: Deadweight Loss = .5 * (P2 - P1) * (Q1 - Q2).
Meyer Wilson
ReplyDeletePeriod 2
The stock market is the first thing that comes to mind when you think of economics. From Dow Jones to NASDAQ, I believe the concept of the stock market will be on the AP exam. Even a simple interpretation of the stock market with questions of ways invest in stocks and things of that sort. Investments and the stock market will be on the exam.
Period 2
ReplyDeleteWhat can cause cost curves to shift: A change in any variable cost (wages to workers, rent on land,interest on loans, etc…) will shift the MC, AVC and ATC curves. Also, an improvement in technology or productivity can cause the curves to shift down.
Kylee Brouwer
ReplyDelete2nd period
I learned about the different market structures in our economy, such as the monopoly. Monopolies charge above the normal optimization (MR=MC) point because they can as the only seller. I also learned that not all of the economy is like the game of monopoly.
Taylor Mott
ReplyDeletePeriod 6
The circular flow diagram consists of the factor (resource) market and the product market. In the factor market businesses give households salaries and wages and households provide businesses with labor. In product markets households receive goods and services from businesses and businesses receive revenue from households.
Carina Hung, Period 6
ReplyDeleteDeterminants of elasticity are the availability of substitutes, the share of budget, the status of whether an item is a necessity or luxury, the definition of the market, and the time and adjustment process. Typically, there is elastic demand where there are many substitutes, items are expensive or luxuries, the market is narrowly defined, and there is a long time for adjustment. There is inelastic demand when there are few substitutes, items are inexpensive or necessities, the market is broadly defined, and there is a short time for adjustment.
Drew Garza
ReplyDeletePeriod 2
One of the concepts we learned in AP Economics is the subject of supply and demand, which is arguably the most important concept to know. It includes a variety of graphs that for sure will show up on the AP exam. The way the supply and demand curves shift will probably show up various times on the test.
Period 4
ReplyDeleteSomething i learned that's probably going to be on the exam is the idea of normal and inferior goods. Normal goods are superior, something that is mild or expensive in price. Inferior goods are a necessity and usually cheap. If income goes up then the demand for inferior shifts left and for superior shifts right.
Devin Laird
ReplyDeletePeriod 2
A concept that I learned in AP Micro Economics this semester is Internal costs and external costs. An Internal cost is two costs of an activity paid by an individual engaging in the activity. An External cost is the cost of an activity paid for by someone else not directly involved in the activity.
Ronak Patel
ReplyDeletePeriod-6
Investing in the stock market is very complex. One has to watch the stocks they invest in constantly. In addition, there has to be a very valid reason as to why they are investing. The market is always fluctuating.
Humdaan Balagamwala
ReplyDeletePeriod 4
I learned about Game Theory and the Prisoner's dilemma. That economists can use mathematics to determine the best strategy to use when involved in a certain situation. It more importantly taught me the numerous applications of economics in real life.
Period 2
ReplyDeleteI learned that price floors and price ceilings aren't intuitively represented on a graph. The price floor goes above the equilibrium and the price ceiling goes below the equilibrium.
Janelle Rodriguez
ReplyDelete2nd
I learned a lot of things in Economics, and a perfectly competitive market is where there if free entry and exit, and a lot of competition. In economics the long run and short run are very important. Also the production possibilities curve and graph is important to economics.
Period 6
ReplyDeleteFrom the pye graph, I learned the differences between different types of economies and the freeness of their markets.
Jane Hua
ReplyDeletePeriod 6
I learned that the price of elasticity of demand measures the responsiveness of buyers to changes in price. The income elasticity of demand measures the responsiveness of buyers to changes in income. The price elasticity of supply measures the responsiveness of sellers to changes in price.
Athul Johnson
ReplyDeletePeriod: 6
I learned about monopolies, oligopolies, monopolistic competition, and perfect completion markets. These four categories have similarities and differences but are all in an economy especially in a capitalist economy. In this class I learned how each is unique and is used in our society.
priyanka ranchod
ReplyDeleteI learned a lot of things this semester in economics and I think that knowing the difference between micro and macro is going to be something that shows up on the AP. Microeconomics is the study of economics at an individual, group or company level. Macroeconomics, on the other hand, is the study of a national economy as a whole. Microeconomics focuses on issues that affect individuals and companies.
This comment has been removed by the author.
ReplyDeleteKody Ngo
ReplyDeletePeriod 6
One concept we learned in class this semester is government intervention in economics. Most economic arguments for government intervention are based on the idea that the marketplace cannot provide public goods or handle externalities. Public health and welfare programs, education, roads, research and development, national and domestic security, and a clean environment all have been labeled public goods.
Mervin Cherian
ReplyDeletePeriod: 6
One concept we learned in class was the properties of a competitive market. I learned that in this market no one buyer or seller controls the price and that anyone can easily enter and exit this market.
Saniza Sunesara
ReplyDeletePeriod - 6th
I think implicit and explicit cost question might show up on the multiple choice section. AImplicit costs are the opportunity cost of resources already owned by the firm and used in business—for example, expanding a factory onto land already owned. Explicit costs are out-of-pocket costs for a firm—for example, payments for wages and salaries, rent, or materials.
Hareem Farooq
ReplyDelete6th period
I believe the concept of outsourcing could show up on the microecononmics AP exam. It is when a firm's employment of labor is outside the country rather than where the firm is located. This is done so companies can save costs, gain expertise and free up management time.
Tolu Ojo
ReplyDeletePeriod 6
One thing I've learned this year in economics that might be on the exam is the concept of demand, that demand has an inverse relationship to price. As demand goes up, price goes down, and as demand goes down, price goes up. Also, the demand line is downward sloping, and demand can change based on external factors, while change in quantity demanded occurs based on a change in price.
One thing I learned the good was monopolistic structures. For awhile I thought they were just a type of oligopoly. Much less understand what they do to make profit
ReplyDeleteI learned in microeconomics that you do not read these responses, I hope, and that you do not enjoy me eating in your classroom. Although this will not be on the AP test, I feel like these are valuable lessons that will help me succeed in life.
ReplyDelete6th period
DeleteJada Turner
ReplyDeletePeriod 6
I've learned the choices and decisions that have to be made in order to manage scarce resources available to us. Microeconomics is the branch of economics that pertains to decisions made at the individual level. Also how and why these decisions are made and how they affect one another in the economy.
Arij Moiz
ReplyDeletePeriod 2nd
Concept: Factor Markets
The concept of derived demand, understand how a factor's marginal product and the marginal revenue of the product affect the demand for the factor, and consider the role of factor prices in the allocation of scarce resources. When the markets for different factors are considered separately, most attention should be given to the labor market, particularly labor supply and wage and employment determination. For the factors of land and capital, we have examine the concept of economic rent and the relationship of the interest rate to the supply and demand for investment funds. By studying the determination of factor prices, we gain an understanding of how the market determines the distribution of income and the sources of income inequality in a market economy. So definitely there could be a explanation or drawing a graph type of question of the exam.
Asare Dua
ReplyDeletePeriod 4th
A concept I learned In Microeconomics was Cartels. A cartel is an organization created from a formal agreement between a group of producers of a good or service to regulate supply in an effort to regulate or manipulate prices. Cartels are blatantly illegal in the U.S.
Period: 6
ReplyDeleteDivision of labor and specialization are likely to be on the AP exam. Division of labor is when the process of producing a good are divided into different tasks which can lead to increased productivity. Specialization is the production of one or limited number of goods based on available resources to gain economic efficiency.
Jason Bailey, Period 6
ReplyDeleteSignals are a result of profit margins by firms in markets, particularly perfectly competitive ones. If profits are positive, then the price is above average total cost; thus, new firms will enter the market. If profits are deeply negative to the point where firms are leaving, then the price is below average variable cost. If profits are negative but firms are not leaving, then price is between average variable and total cost.
Heather Bennett: Period 6
ReplyDeleteOligopoly policies were very interesting to study. It really shows how money is connected to every part of our government. Network externalites such as bandwagon effect really helped me understand the thought process of the consumer.
Taylor Hunter
ReplyDeletePeriod 4
In economics this year I learned the different factors that will cause a shift in supply or demand (TIMER&STONER). Also I learned that in perfect competition evil MR=D=AR=P is one horizontal line.
Joel George
ReplyDeletePeriod: 2nd
In the short semester that I got to spend in Mircoeconomics I learned a lot of things about the economy, but apparently so did my class mates because they took everything I was about to say. So I'll just talk about how much you really hate monkeys. I know you really hate monkeys, like a lot. I don't know why you hate the primates so much, they have hands like us, hair like us, and they can use tools like us. Monkeys are cool and I think that you should get over your fear of monkeys because that's just dumb. Also, you never told us he grenade story.
period 4
ReplyDeleteI have learned that comparative advantage is the concept of the advantage conferred on an individual or nation in producing a good or service if the opportunity cost of producing the good or service is lower for that individual or nation than for other producers. This widely used concept often leads to outsourcing.
If MR>MC, then the firm is producing too little and can increase profit by increasing output. If MR<MC, then the firm is producing too much and can profit by decreasing output. A competitive firm however, produces P = MR = MC.
ReplyDeleteMay Liew
ReplyDeletePeriod 2
I learned that excise taxes are one of the six determinants of supply. They shift the supply curve to the left decreasing supply and increasing the equilibrium price. The supply curve will shift until the vertical distance between the two curves is equal to the amount of the tax.
Zoe Leibowitz
ReplyDeletePeriod 2
One of the main things I learned throughout the course of microeconomics was about perfect competition. Perfect competition is a market structure in which the following five criteria are met: 1) All firms sell an identical product; 2) All firms are price takers - they cannot control the market price of their product; 3) All firms have a relatively small market share; 4) Buyers have complete information about the product being sold and the prices charged by each firm; and 5) The industry is characterized by freedom of entry and exit. Perfect competition is sometimes referred to as "pure competition."
Edwin Cabrera
ReplyDelete6th Period
Something I learned in economics is that this class is a lot of common sense except for the graphs. Some things may take more thinking than others, but for a lot of it there doesnt need to be any background knowledge of economics.
Alexus Guevara
ReplyDeletePeriod 2
A concept that I learned that I would have thought would be on the AP exam would be how an increase or decrease in demand changes long-run equilibrium for firms and industries. Initially, markets with an increase (decrease) in demand will have firms experiencing economic profits (losses).
Stephanie Urbina
ReplyDeletePeriod 6
What i learned in economics is that its lots pf graphing and the acronims for the charts like "MR DARP" which is helpful to know what kind of graph is that and the course is mostly common sense . I also never knew what a oligopoly was until i got to learn it in micro economics
Joshua Long
ReplyDeletePeriod 6
The Tragedy of the Commons is a concept i learned during this semester in Econ and it explains why many of the simple facilities in life are usually seen in very poor conditions. Since no one has to pay for it, but it is rival, individuals tend to not have incentive to keep it clean or up to date.
Bryan Pulliam
ReplyDeletePeriod 4
I learned about the long term graphs. How they always end up to zero in the end when other companies come and enter the business.
Doris Chien
ReplyDeletePeriod 2
I learned that resources are the inputs used to produce goods and services and that technology is the knowledge that is available for use in production.
I learned about what makes a market work and not work. I also learned what firms can get away with and how the invisible hand works.
ReplyDeleteSarah Rassam
ReplyDelete6th Period
I learned that in a perfectly competitive market, price equals marginal cost while in a monopoly, the price is set above marginal cost and the firm earns a positive economic profit.
Hunter Bergfeld
ReplyDeletePeriod 2
A monopoly is when one company has complete control of a product. Nobody else sells the product. The firm can make it as expensive as they want. This is not good for the consumer. There is less of the product and it is more expensive.
Rushil Mistry
ReplyDeletePeriod: 6th
Some thing that I learned is market failure. Market failure is a situation where, in any given market, the quantity of a product demanded by consumers does not equate to the quantity supplied by suppliers. Most of the times due to this the demand and the cost of the product inflates.
Prasun Dhawan | Period 2
ReplyDeleteOne of the most important and fascinating things I learned in Microeconomics was absolute vs comparative advantage and it's tremendous implications in international trade. In a nutshell, absolute advantage is when one firm/state can produce certain goods more efficiently than another firm/state. Comparative advantage, on the other hand, is when one firm/state has a smaller opportunity cost of producing one good rather than another when compared to another firm/state. Thus, using comparative advantage, two firms can boost productivity by producing the food which they have the smallest opportunity cost for and trade the other good with other firms.
I learned that there are three different types of economies: Command, market, and fixed as well as various scales of the economy. I believe that there will be a question on the way taxes such as excise and lump sum will affect the quantity produced by a firm.
ReplyDeleteI learned about the lorenz curve. The lorenz curve shows the distribution of weath in a society. The bigger the curve the move inequality.
ReplyDeleteThrough micro economics, one thing I learned are the different types of markets and their uniqueness from each other. I learned about the existence of four types of markets; perfect competition, monopoly, oligopoly, and monopolistic competition. The differences that each possess from the other has to do with the amount of businesses in the market and the level of difficulty in entering and leaving the types of markets.
ReplyDeleteSarah Johnson
ReplyDelete2nd Period
I learned many things through economics this semester. I have.eaned that in a perfectly competitive market there are multiple sellers and easy entry and exit with no barriers whereas with a monopolistic market there is one seller with many barriers. I also learned that everything is about the opportunity cost. How much does it cost in the long run? In the long run all economic profit equals zero.
One concept I learned about was Nash Equilibrium. This occurs when two players choose their dominant Strategy and they both end up in the same box.
ReplyDeleteStanley Johnson
ReplyDelete2nd Period
I learned allot about economic efficiency and when companies should consider shutting down. I learned that in the short run a firm should continue to operate if price exceeds average variable costs. If price does not exceed exceed avc then it should shut down.
6th period
Delete4th Period Richard Michael
ReplyDeleteOne concept that I learned throughout econ was the concept for a perfectly competitive market in which basically all companies are basically selling the same product.And the profit is temporary. Much like the fidget spinners right now.
Joshua Biju
ReplyDelete6th Period
A concept learned this semester was about average total cost in the long run. As a company or firm gets larger and they have more infrastructure their average total cost go down. It makes it cheaper for them to produce more output.
Christopher Yee
ReplyDeletePeriod 6
I learned that Microeconomics is about opportunity costs and the decisions that companies make to find the way to maximize their profits. I believe that there will be questions related to the different choices firms should make and why. Also how each firm type operates such as how much of their product is supplied and demanded.
Period 4
ReplyDeleteIn economics I learned that, the simplest way to calculate profit or loss is to calculate the difference between the expenses and revenues. Losses occur when total revenue is less than the total cost. I also learned that it is not always enough to provide products consumers want. The main thing that matters is the cost it will take to run the business.
Thanks for posting this collection of educational blogs. I am a professional tutor and I am always looking for way to improve the quality and delivery of my material.
ReplyDeleteMicroeconomics Homework Help
I loved the article, keep updating interesting articles. I will be a regular reader… I am offering Online Assignment help to students over the globe at a low price.
ReplyDeleteEconomics Homework Help
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Just Question Answer is the portal which has great assignment helpers and tutors who provide high-quality service regarding cheap assignment help at a cheap price. Our portal provides accurate content of each and every professional course in an appropriate format.
ReplyDelete