Use the knowledge you have accrued in this unit to write a reflective essay on the following topic:

What, in your opinion, is the importance of disequilibrium and how would the knowledge you have gained about disequilibrium and other key concepts in this unit help you in your career as an entrepreneur?

Length requirement: minimum of 1000 words.

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Turn to Section 2 of your answer sheet to answer the questions in this section.

Each passage below is accompanied by a number of questions. For some questions, you will consider how the passage might be revised to improve the expression of ideas. For other questions, you will consider how the passage might be edited to correct errors in sentence structure, usage, or punctuation. A passage or a question may be accompanied by one or more graphics (such as a table or graph) that you will consider as you make revising and editing decisions.

Some questions will direct you to an underlined portion of a passage. Other questions will direct you to a location in a passage or ask you to think about the passage as a whole.

After reading each passage, choose the answer to each question that most effectively improves the quality of writing in the passage or that makes the passage conform to the conventions of standard written English. Many questions include a “NO CHANGE” option. Choose that option if you think the best choice is to leave the relevant portion of the passage as it is.

If you are using assistive technology and are having difficulty accessing these sample questions

Questions 1-11 are based on the following passage and supplementary material.

A Life in Traffic

A subway system is expanded to provide service to a growing suburb. A bike-sharing program is adopted to encourage nonmotorized transportation. 1 To alleviate rush hour traffic jams in a congested downtown area, stoplight timing is coordinated. When any one of these changes 2 occur, it is likely the result of careful analysis conducted by transportation planners.

The work of transportation planners generally includes evaluating current transportation needs, assessing the effectiveness of existing facilities, and improving those facilities or 3 they design new ones. Most transportation planners work in or near cities, 4 but some are employed in rural areas. Say, for example, a large factory is built on the outskirts of a small town. Traffic to and from that location would increase at the beginning and end of work shifts. The transportation 5 planner’s job, might involve conducting a traffic count to determine the daily number of vehicles traveling on the road to the new factory. If analysis of the traffic count indicates that there is more traffic than the 6 current road as it is designed at this time can efficiently accommodate, the transportation planner might recommend widening the road to add another lane.

Transportation planners work closely with a number of community stakeholders, such as government officials and other interested organizations and individuals. 7 Next, representatives from the local public health department might provide input in designing a network of trails and sidewalks to encourage people to walk more. 8 According to the American Heart Association, walking provides numerous benefits related to health and well-being. Members of the Chamber of Commerce might share suggestions about designing transportation and parking facilities to support local businesses.

9 People who pursue careers in transportation planning have a wide variety of educational backgrounds. A two-year degree in transportation technology may be sufficient for some entry-level jobs in the field. Most jobs, however, require at least a bachelor’s degree; majors of transportation planners are 10 varied, including fields such as urban studies, civil engineering, geography, or transportation and logistics management. For many positions in the field, a master’s degree is required.

Transportation planners perform critical work within the broader field of urban and regional planning. As of 2010, there were approximately 40,300 urban and regional planners employed in the United States. The United States Bureau of Labor Statistics forecasts steady job growth in this field, 11 projecting that 16 percent of new jobs in all occupations will be related to urban and regional planning. Population growth and concerns about environmental sustainability are expected to spur the need for transportation planning professionals.

Adapted from United States Bureau of Labor Statistics, Employment Projections Program. “All Occpuations” includes all occupations in the United States economy.

This research assignment requires students to explore background information for their project.

This assignment was provided by an AUS Psychology professor.

Hypothesis Generation and Background Research

1) Generate a hypothesis describing behavior of some group or people in some context

2) Cite 3 empirical Journal articles that are relevant to your hypothesis:

The background research does not need to directly test your hypothesis (in fact, it’s better if it doesn’t), but it should have some implications for your hypothesis.

For each reference, use correct APA style and relevance of study to your hypothesis. Ensure that all references are empirical papers from peer-reviewed journals.

APA style takes the form:

Author, A. A., Author, B. B., & Author, C. C. (YEAR). Title of article. Title of Periodical, Vol, pp-pp.

Lawrie, Z., Sullivan, E. A., Davies, P. S. W., Hill, R. J. (2007). Body change strategies in children: Relations to age and gender. Eating Behaviors, 8,357-363.

Be sure to attend to capitalization, punctuation, and general form (the second line is indented, the journal title and volume number are italicized)

3) Generate a hypothesis predicting behavior

4) Cite 3 empirical Journal articles that are relevant to your hypothesis

The background research does not need to directly test your hypothesis (in fact, it’s better if it doesn’t), but it should have some implications for your hypothesis.

For each reference, 1 point for correct APA style and relevance of study to your hypothesis. Ensure that all references are empirical papers from peer-reviewed journals.

Assignment Notes:

Use APA style, and indicate clearly whether the library has access to the article. Be sure to check both PsycInfo and Journal finder to determine whether the library has either electronic or hardcopy access to each article.

Articles must be directly relevant to your topic and to one another. Be sure you conduct several searches and read, at a minimum, paper abstracts to ensure that articles are related to one another. Sets of articles which are not cohesive will be returned for additional research, and this will slow the process of locating any papers which require interlibrary loan. *DO NOT* simply conduct one search and list the first five articles listed.

This assignment is worth 5% of your paper grade. For the first five articles that you list, you will earn ½ point for proper APA style, and ½ point for relevance to your topic. You will lose ½ point for failing to correctly indicate whether the library has access to an article.

Please list your papers in order of interest/relevance to you as you will only be graded on the first 5 listed (this means that the reference do not need to be in alphabetical order, although they will be in the reference list you include at the end of your paper). If you include more than 5 articles, I can provide feedback on the likely relevance of each additional paper, although you will not earn points for them (in other words, I can help you choose the 5 papers most directly related to your topic).

For an empirical, peer-reviewed article, APA style takes the form:

Author, F. M., Coauthor, F. M., & Collaborator, F. M. (Date). Title of the article in sentence
caps without quotation marks. Name of the Journal, Newspaper, or Other Periodical in
Heading Caps and Italics, Volume in Italics(issue number), page numbers.
doi:12.3456/abcd.123.45.6789

Gilbert, D. T., Pelham, B. W., & Krull, D. S. (1988). On cognitive busyness: When person
perceivers meet persons perceived. Journal of Personality and Social Psychology, 54
(5), 733-740.

Weber, W., Vander Stoep, A., McCarty, R. L., Weiss, N. S., Biederman, J., &
McClellan, J. (2008). Hypericum perforatum (St. John’s Wort) for attention-
deficit/hyperactivity disorder in children and adolescents. JAMA, 299, 2633-2641.
doi:10.1001/jama.299.22.2633

Text is single spaced, double-space between references. Use a hanging indent. Attend carefully to the punctuation as well as the content. Older papers may not have a DOI (especially if you locate a print copy of the article), but most new articles will have one.

ASSIGNMENT : Architect Profile

Write 1000 word document presenting your selected architect. Start with preliminary research from Course Text Book and References listed on page 2 of syllabus. Minimum requirements are:

o Cover Page: This should include:

o Student Name, Major, & ID Number

o Course Number, Name & Semester

o Architect name

o Architect portrait

o Architect Background: country of origin & practice, education & work experience

o Architect’s philosophy: architectural language, vocabulary, design process & practice, and design issue

o Definition of an architectural movement that best exemplifies your architect’s work

o Quotation by your selected architect that reflects his/her affiliation to a particular architectural movement

o Identification of Built work

o Name of project

o Location

o Dates of design/construction

o Brief description of physical attributes, character & features

o References (Endnotes, Footnotes, or Parenthetical citations)

o Bibliography (use any style consistently)

STEP 1: To pursue preliminary research and make an informed selection, review different sections in your Course text book and References on Reserve in the library (listed on page 2) that discuss the listed architects of your interest.

STEP 2: Locate (and then read) relevant books/ articles on your architect through rigorous library search (conduct thorough research using material in the library as well as the DATABASES that our library subscribes to).

STEP 3: Develop a list of issues (social, economic, political, etc.) that concerned your architect and select representative works by your architect that reflect these concerns and identify the particular approach or “movement/s” pursued by the architect. In this step, you should formulate the origin of your movement, the context in which it took place, the movement’s focus, and provide an overview of its philosophy and primary participants, who were contemporary to your selected architect.

Assignment: Annotated Bibliography

As the authors of your book note, “A working bibliography is a list of the sources you are collecting and evaluating for your research paper” (Arkin & Macheski, 2006, p. 142). You may or may not use all of the sources in your paper but it is helpful to keep a record of all of the sources you consult.

This assignment requires you to present your sources in APA style and then to list the ideas and or points from your sources that you will be using to either support your argument or to explain your topic. The purpose is NOT to summarize your sources but rather to clearly state how information, i.e., direct quotes or paraphrases, will be used by you in your paper.

You must annotate at least four of your sources, but depending on the length of the sources and how much information you take from them, you may need to annotate more. This assignment is to help you organize your sources and the more work you put into this assignment, the less you will have to do for the next one. How long should the annotated bibliography be? This will depend on the length of your sources and how many points you use from each source. You should work towards a minimum of two to three pages.

This assignment must be typed and double-spaced in size 12 New Times Roman Font. Please do not prepare a separate cover sheet.

The expectations of an “A” paper for this assignment are below:

Sources presented in APA style.
Direct quotations properly introduced and referenced.
Paraphrased points properly introduced and referenced.
How the points will be used by the researcher clearly explained, i.e, you have not just summarized the author’s ideas but have told the reader how you think the points will be used in your paper. For example, you tell the reader whether you will use the information to support your argument, explain your topic, or as a point of concession / refutation.
Grammar, spelling, formatting of paper, etc. are appropriate for ENG 204.

Assignment: Tentative Topic Decision & Indentifying Resources

You will now work on your formal research proposals. I have given feedback to those of you who handed in the topic guidelines worksheet and it is now time to TRY and settle on one topic and you need to focus on which side of the argument you are taking. Please complete and hand in this sheet in-class.

The topic for my research project is:____________________________

My point of argument is:_____________________________

I have located the following three print sources for my research:

Author(s): ____________________________

Publication date: ______

Book _____ Article _________ Other (please describe) ___________

Title ______________________

Title of Journal/Newspaper/Magazine (if article) _______________________

Number of pages _______________

Author(s): ____________________________

Publication date: ______

Book _____ Article _________ Other (please describe) ___________

Title ______________________

Title of Journal/Newspaper/Magazine (if article) _______________________

Number of pages _______________

Author(s): ____________________________

Publication date: ______

Book _____ Article _________ Other (please describe) ___________

Title ______________________

Title of Journal/Newspaper/Magazine (if article) _______________________

Number of pages _______________

Is there anything else you want to tell me about your topic? _______________________

Assignment: Explanatory Synthesis

This assignment is worth 10% of your grade. You are required to write an explanatory synthesis essay based on at least two, but no more than four, of your sources related to your research project. You MUST include the sources with the final draft which must be typed in size 12 New Times Roman font and double spaced. This paper should be three or four pages long, not including the reference page. Your reference page must be prepared according to the APA style guidelines.

Please remember that the purpose of an explanatory synthesis “is not to argue a particular point, but rather to present the facts in a reasonably objective manner” (Behrens, et. al, 2007, p. 90, italics in original). You are expected to explain to the reader the connections you have identified about the topic of your choice from the material you have read. The synthesis is an opportunity for you to make sense of the research relevant to your topic by picking your most significant scholarly sources and articulating the relationships amongst and between them. (Please note that a synthesis is not a case of summarizing each source one after the other in separate paragraphs.) It is the next step following on from your annotated bibliography assignment. If possible, pick sources that differ from each other in some significant way (though they do not necessarily have to be completely opposed to each other). Think about what the sources have in common, how they differ, and how they are in conversation with one another. The synthesis will help evaluate the credibility of the available research and establish your own credibility as a researcher. When done correctly, with just a few modifications, this synthesis paper can generally be used in the first half of your research paper.

Your synthesis will be an explanatory or informative one, not an argumentative one. It will not have the same arguable thesis that your research paper will. However, it should have an organizing thesis statement that specifically states the explanatory purpose of the paper. Your introduction needs to create a context for the reader to understand what will follow. Your additional goals for this paper will be to incorporate direct quotations when relevant and to work onorganization and transitions as you move from one idea to the next to cue your reader about their connection.

The grading sheet for this essay is below:

Content (40 points):

Introduction well developed: context established for readers.

Explanatory thesis clear and easy to find in paper.

Purpose well supported with quotes and paraphrases from at least two sources.

Reasonably objective.

Information synthesized not summarized.

Overall coherent and well-developed (no stand alone quotes, out of place information, etc).

Topic well explained based on facts and evident from reliable sources.

Mechanics (10 points):

Grammar, punctuation, spelling, word choice all appropriate

Formatted correctly (title centered, size 12 font, double spaced, page numbers, no spaces between paragraphs)

Proper APA reference page.

In-text citations APA style for direct quotes, summaries and paraphrases.

Question

Indigenous Suicide

You are a counselor in a local community health centre. A member of the local Aboriginal community has approached you because she is worried about her 17-year-old son who has been feeling ‘winyarn’ (sad) for a long time. Over the past month she has noticed a marked change in her son’s behaviour. She says he has been ‘flying off the handle’ over minor frustrations and become aggressive towards her when she has tried to ask him ‘what’s wrong?’ She has contacted you now because he has begun talking about killing himself over the past few days.

Answer the following questions:

How would you go about engaging with this family?
What would you need to consider when assessing his level of risk?
Who would you consult when developing a plan of action?

Research indicates that suicide was a rare occurrence amongst Aboriginal and Torres Strait Islander Australians in pre-colonial times; however, it has become increasingly prevalent for Aboriginal and Torres Strait Islander peoples, since the late 1970s (Silburn et al., 2010). TheAustralian Bureau of Statistics (2007) reports suicide as the sixth leading cause of death for Aboriginal and Torres Strait Islander Australians, with approximately 3.7 per centof all deaths for these populations due to suicide.

How would you go about engaging with this family?

Research suggests that Aboriginal and Torres Strait Islander young people are not only less likely than non-Indigenous young people to engage with mental health professionals or services, they are also likely to engage at a more chronic level and for shorter durations of time (Vicary & Andrews, 2001; Westerman, 2010). Reasons for this include the use of culturally inappropriate processes by professionals when engaging with Aboriginal and Torres Strait Islander young people, their families and their communities (Hunter, 2007; Westerman, 2003).

What would you need to consider when assessing his level of risk?

Hunter and colleagues (2006) propose that suicidal behaviour among Aboriginal and Torres Strait Islander people is the product of a complex set of risk factors that may be interrelated and cumulative in effect. Silburn and associates (2010) suggest that there are two types of risk factors:

proximal or immediate risk factors, such as the individual’s mental and emotional state, precipitating circumstances or events, previous suicide attempts, substance misuse in the weeks leading up to the individual’s suicidal thoughts or behaviours, and knowing someone who has died by suicide; and
distal or longer-term risk factors, which may have a cumulative effect from early childhood through out the individual’s life.

Whilst acknowledging that risk factors identified in mainstream literature have some relevance for Aboriginal and Torres Strait Islander people, Westerman (2003) states that there are social and environmental risk factors that affect Aboriginal and Torres Strait Islander people uniquely. The findings of the National Aboriginal and Torres Strait Islander Social Survey (2002) and the National Aboriginal and Torres Strait Islander Health Survey(2004-05) identified the following risk factors, as having a significant impact on the social and emotional well being of Aboriginal and Torres Strait Islander people:

widespread grief and loss due to the high number of deaths within many communities
unresolved trauma as a result of the removal of children from communities, both past and present (i.e. the Stolen Generations, child protection intervention, and juvenile justice supervision)
identity issues due to cultural dislocation
economic and social disadvantage
ongoing and persistent health problems
incarceration of the individual or a family member

Solution

Indigenous Suicide

The increased suicide rate among the aboriginal youth is an indication of ‘youth crying for help’. The indigenous youth is not open to understanding ‘what is more to life’ and they have closed doors to a ‘therapy culture’. We all live in a ‘therapy culture’. If parents can’t help, then help should be taken from a professional psychotherapist. (Altman, 2008)
There is more to learn and appreciate about the culture of humanity and the way it has developed over the years. Hence, rather than blindly believing in culture, we are better off knowing more about it. Firstly, one should not try to define a culture because it will never define us and secondly, one should not limit their existence by living within the boundaries of a culture. (American Psychiatric Association, 2000)

Question

What are the different transitions associated with the human life stages? What are there association with the different phases of a human life cycle?

Solution

Introduction

When one considers the different transitions associated with the human life stages, many of them are associated with childhood, youth and middle age and are talked about and studied more than the life transitions that happen during old age. One such transition in the last decades of human life is becoming a grandparent. In this essay we are going to look at the elements of this transition and its impact on relationships and concepts of self as well as what the literature has to say about this stage of life.
Many of us dream and prepare for being parents from when we are children and often have an idea of what kind of parent we would like to be. Sometimes reality is the same as our ideas and sometimes parenting turns out to be different, more difficult or more rewarding, but in any case, parenthood is often anticipated and planned more than grandparenthood.

Let us now look at some predictable and unpredictable elements of becoming agrandparent. The first unpredictable element of being a grandparent is that unlike choosing to become a parent, becoming a grandparent depends on the choice made by another individual – a son or daughter, to become a parent.
The first time one hears the news about becoming a grandparent can be a delightful or a stressful event (Cunningham-Burley, 1986). To some prospective grandparents, having grandchildren comes as a sign that old age has arrived and can become a cause of stress. In today’s society, grandparents are increasingly assuming the role of caretakers for their grandchildren (Bert Hayslip Jr, 2005) and the anticipated changes in lifestyle and also the changing perception of themselves as now officially entering old age can be a cause for stress for many people who become grandparents for the first time in a society where youth is valued over old age. (John Bond, 2007)
In relation to the concept of self, of an aged person, grandparenthood is being presented as a way of bringing “agefulness” into old age in a society which values youth over old age. (Gerben J Westerhoff, 2007). While the nature of grandparenting can vary depending on age, socioeconomic factors, sex and the ethnicity of the person involved (Erber, 2011), we live in a society where older people who have to deal with the loss of many of their physical faculties due to ageing are finding it difficult to be accepted for their wider experience of life and the wisdom they bring to various life situations. (John Bond, 2007). In such a scenario, grandparenthood becomes a way of passing on their skills and life experiences as well as being a meaningful contributor to the family and society, inspite of their reduced physical faculties and earning capacity. Thus grandparenthood can lead to an increased concept of self for an aged person, making them feel that they are contributing to family life in a meaningful way.
Research findings show that the stress factor in becoming a grandparent has decreased over the last couple of decades and many grandparents report an increase in their sense of being well connected with becoming a grandparent. (Donald C. Reitzes, 2004) In fact, in the same research many people report more satisfaction in their grandparent identities when compared to their other adult identities (Donald C. Reitzes, 2004). This is a significant finding from which I would like to infer that grandparenting is less stressful than parenting, which could be an area of future study. The increased sense of well being in becoming a grandparent could be because of the less active role of parenting required in becoming a grandparent (Jetse Spray, 1982)
When the expectations and experiences of grandparenthood were compared using sex of grandparents and lineage as criteria, it was found that the experience of grandparenthood was different for men and women. Grandmothers reported more satisfaction in being a grandparent than grandfathers and maternal grandparents were more satisfied with their experience of being grandparents. (Karen Somary, 1998) An interesting work on the influence of grandparents speaks of the role of grandparents as rescuers during family crisis in a society with an increasing number of teenage pregnancies, single parents and working parents. (Szinovácz, 1998)
The study of grandparenthood has changed over the decades to include various dimensions. The developmental gains for children due to the influence of grandparents and the major influence of grandparents on grandchildren’s socialisation as well as their vital role in family life has received a lot of attention in recent years. (Szinovácz, 1998) High levels of youth achievement are expected when there is an incidence of higher education among grandparents combined with high levels of youth-grandparent interaction (Karen Albright, 2004).

For complete solution please download from the link below.

Question

Does reduction of play in childhood hampers a kids psychological stability and balance?

Question

–Assessment of the impact of thinking skills, teaching training course for secondary school teachers based on student classroom assessment scores.

Solution

The impact of ‘thinking skills teaching training course’ for secondary school teachers based on student classroom assessment scores

Introduction

Classroom teaching requires using up to date methods to deal with the students and paying a lot of attention to the students. Maintaining a record of all the students along with their achievement levels also help with the understanding of their learning curve as well as where they need help.

The better half of Saudi Arabia depends on traditional methods of assessing students. Teachers are not approachable after class. In the class the students are taught what the syllabus mandates and certain difficult doubts are cleared. There is less room for the student to approach the teacher with doubts after class or even in the class. The teachers gather very less information about the way students understand the subject except for the exams at the end of the terms. On the other hand, there are a few international schools in Saudi Arabia, which engage with the student assessment systems which need the teacher to mark the all-round activities of a student and a system of cumulative marking is used to grade the student. The teacher gets ample information about the student performance, strengths and weaknesses. The students also get to give a feedback of the teaching styles to their teachers. Hence there are two groups of teachers; one group teaches the students without any prior teacher’s training and another group which teaches the student with teaching expertise. (Bank, 2008)

Purpose of the study

The education system in Saudi Arabia needs some major policy changes regarding the way student assessment is done; except for a few places where international policies are being implemented now. Proper assessment of the students is needed to know the strengths and the weaknesses of the teacher training programs. To improve the student’s performance the teacher training programs need to be designed properly. A teacher also needs to understand their own strengths and weaknesses and if in any way their teaching styles can change the way students perform to the best in class. Similarly, even the teacher needs good training to be able to be successful in teaching the students.

Behavioral economics

The study of situations in which people make choices that do not appear to be economically rational.

Budget constraint

The limited amount of income available to consumers to spend on goods and services.

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Endowment effect

The tendency of people to be unwilling to sell a good they already own even if they are offered a price that is greater than the price they would be willing to pay to buy the good if they didn’t already own it.

Income effect

The change in the quantity demanded of a good that results from the effect of a change in price on consumer purchasing power, holding all other factors constant.

Indifference curve

A curve that shows the combinations of consumption bundles that give the consumer the same utility.

Law of diminishing marginal utility

The principle that consumers experience diminishing additional satisfaction as they consume more of a good or service during a given period of time.

Marginal rate of substitution (MRS)

The rate at which a consumer would be willing to trade off one good for another.

Marginal utility (MU)

The change in total utility a person receives from consuming one additional unit of a good or service.

Network externality

A situation in which the usefulness of a product increases with the number of consumers who use it.

Opportunity cost

The highest-valued alternative that must be given up to engage in an activity.

Substitution effect

The change in the quantity demanded of a good that results from a change in price making the good more or less expensive relative to other goods, holding constant the effect of the price change on consumer purchasing power.

Sunk cost

A cost that has already been paid and cannot be recovered.

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Utility

The enjoyment or satisfaction people receive from consuming goods and services.

Average fixed cost

Fixed cost divided by the quantity of output produced.

Average product of labor

The total output produced by a firm divided by the quantity of workers.

Average total cost

Total cost divided by the quantity of output produced.

Average variable cost

Variable cost divided by the quantity of output produced.

Constant returns to scale

The situation in which a firm’s long-run average costs remain unchanged as it increases output.

Diseconomies of scale

The situation in which a firm’s long-run average costs rise as the firm increases output.

Economies of scale

The situation when a firm’s long-run average costs fall as it increases the quantity of output it produces.

Expansion path

A curve that shows a firm’s cost-minimizing combination of inputs for every level of output.

Explicit cost

A cost that involves spending money.

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Fixed costs

Costs that remain constant as output changes.

Implicit cost

A nonmonetary opportunity cost.

Isocost line

All the combinations of two inputs, such as capital and labor, that have the same total cost.

Isoquant

A curve that shows all the combinations of two inputs, such as capital and labor, that will produce the same level of output.

Law of diminishing returns

The principle that, at some point, adding more of a variable input, such as labor, to the same amount of a fixed input, such as capital, will cause the marginal product of the variable input to decline.

Long run

The period of time in which a firm can vary all its inputs, adopt new technology, and increase or decrease the size of its physical plant.

Long-run average cost curve

A curve that shows the lowest cost at which a firm is able to produce a given quantity of output in the long run, when no inputs are fixed.

Marginal cost

The additional cost to a firm of producing one more unit of a good or service.

Marginal product of labor

The additional output a firm produces as a result of hiring one more worker.

Marginal rate of technical substitution (MRTS)

The rate at which a firm is able to substitute one input for another while keeping the level of output constant.

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Minimum efficient scale

The level of output at which all economies of scale are exhausted.

Opportunity cost

The highest-valued alternative that must be given up to engage in an activity.

Production function

The relationship between the inputs employed by a firm and the maximum output it can produce with those inputs.

Short run

The period of time during which at least one of a firm’s inputs is fixed.

Technological change

A change in the ability of a firm to produce a given level of output with a given quantity of inputs.

Technology

The processes a firm uses to turn inputs into outputs of goods and services.

Total cost

The cost of all the inputs a firm uses in production.

Variable costs

Costs that change as output changes.

Allocative efficiency

A state of the economy in which production is in accordance with consumer preferences; in particular, every good or service is produced up to the point where the last unit provides a marginal benefit to society equal to the marginal cost of producing it.

Average revenue (AR)

Total revenue divided by the quantity of the product sold.

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Economic loss

The situation in which a firm’s total revenue is less than its total cost, including all implicit costs.

Economic profit

A firm’s revenues minus all of its implicit and explicit costs.

Long-run competitive equilibrium

The situation in which the entry and exit of firms has resulted in the typical firm breaking even.

Long-run supply curve

A curve that shows the relationship in the long run between market price and the quantity supplied.

Marginal revenue (MR)

The change in total revenue from selling one more unit of a product.

Perfectly competitive market

A market that meets the conditions of having (1) many buyers and sellers, (2) all firms selling identical products, and (3) no barriers to new firms entering the market.

Price taker

A buyer or seller that is unable to affect the market price.

Productive efficiency

The situation in which a good or service is produced at the lowest possible cost.

Profit

Total revenue minus total cost.

Shutdown point

The minimum point on a firm’s average variable cost curve; if the price falls below this point, the firm shuts down production in the short run.

Brand management

The actions of a firm intended to maintain the differentiation of a product over time.

Marketing

All the activities necessary for a firm to sell a product to a consumer.

Monopolistic competition

A market structure in which barriers to entry are low and many firms compete by selling similar, but not identical, products.

Utility

The enjoyment or satisfaction people receive from consuming goods or services.

Marginal Utility (MU)

The change in total utility a person received from consuming one more additional unit of a good or service.

Law of Diminishing Marginal Utility

The principle that consumers experience diminishing additional satisfaction as they consume more of a good or service during a period of time.

Budget Constraint

The limited amount of income available to consumers to spend on goods and services.

Income Effect

The change in quantity demanded of a good that results from the effect of a change in price on consumer purchasing power, holding all other factors constant.

Substitution Effect

Negative Externality

A situation in which the usefulness of a product increases with the number of consumers who use it.

Behavioral Economics

The study of situations in which people make choices that do not appear to be economically rational.

Opportunity Cost

The highest-valued alternative that must be given up to engage in an activity.

Endowment Effect

Sunk Cost

A cost that has already been paid and cannot be recovered.

Technology

Processes a firm uses to turn inputs into outputs of goods and services.

Technological Change

A change in the ability of a firm to produce a given level of output with a given quantity of inputs.

Short Run

The period of time during which at least one of a firm’s inputs is fixed.

Long Run

The period of time in which a firm can vary all its inputs, adopt new technology, and increase or decrease the size of its physical plant.

Total Cost

The cost of all the inputs a firm uses in a production.

Variable Costs

Costs that change as output changes. *tech and plant sized can change

Fixed Costs

Costs that remain constant as output changes. *tech and plant size usually don’t change

Explicit Cost

A cost that involves spending money.

Implicit Cost

A nonmonetary opportunity cost.

Production Function

The relationship between inputs employed by a firm and the maximum output it can produce with those inputs.

Average Total Cost

Total cost divided by the quantity of output produced.

Marginal Product of Labor

The additional output a firm produces as a result of hiring one more worker.

Law of Diminishing Returns

The principle that, at some point, adding more of a variable input, such as labor, to the same amount of a fixed input, such as capital, will cause marginal product of labor to decline.

Average Product of Labor

The total output produced by a firm divided by the quantity of workers. *the average of the marginal products of labor

Marginal Cost

The change in a firm’s total cost from producing one more unit of a good or service.

Average Fixed Cost

Fixed cost divided by the quantity of output produced.

Average Variable Cost

Variable cost divided by the quantity of output produced.

Long-Run Average Cost Curve

A curve that shows the lowest cost at which a firm is able to produce a given quantity of output in the long run, when no inputs are fixed.

Economies of Scale

The situation when a firm’s long-run average costs fall as it increases the quantity of output it produces.

Constant Returns to Scale

The situation in which a firm’s long-run average costs remain unchanged as it increases output.

Minimum Efficient Scale

The level of output at which all economies of scale are exhausted.

Diseconomies of Scale

The situation in which a firm’s long run-average costs rise as the firm increases output.

Perfectly Competitive Market

1) many buyers and sellers
2) all firms sell identical products
3) no barriers to new firms entering the market

Price Taker

A buyer or seller that is unable to affect the market price.

Profit

Total revenue minus cost.

Average Revenue

Total revenue divided by the quantity of the product sold.

Marginal Revenue

The change in total revenue from selling one more unit of a good.

Sunk Cost

A cost that has already been paid and cannot be recovered.

Shutdown Point

The minimum point of a firm’s average variable cost curve; if the price falls below this point, the firm shuts down production in the short run.

Economic Profit

A firm’s revenues minus costs, implicit and explicit.

Economic Loss

The situation in which a firm’s total revenue is less than its total cost, including all implicit costs.

Long-Run Competitive Equilibrium

The situation in which the entry and exit of firms has resulted in the typical firm breaking even.

Long-Run Supply Curve

A curve that shows the relationship in the long run between market price and the quantity supplied.

Monopolistic Competition

A market structure in which barriers to entry are low and many firm compete by selling similar, but not identical, products.

Brand Management

The actions of a firm intended to maintain the differentiation of a product over time.

Marketing

All the activities necessary for a firm to sell a product to a consumer.

Oligopoly

A market structure in which a small number of interdependent firms compete.

Barrier to Entry

Anything that keeps new firms from entering an industry in which firms are earning economic profits.

Dominant Strategy

A strategy that is best for a firm, no matter what strategies other firms use.

Nash Equilibrium

A situation in which each firm chooses the best strategy, given the strategies chosen by other firms.

Cooperative Equilibrium

An equilibrium in a game in which players cooperate to increase their mutual payoff.

Noncooperative Equilibrium

An equilibrium in a game in which players do not cooperate but pursue their own self-interests.

Prisoner’s Dilemma

A game in which pursuing dominant strategies results in noncooperation that leaves everyone worse off.

Game Theory

The study of how people make decisions in situations in which attaining their goals depends on their interactions with others; in economics, the study of decisions of firms in industries where the profits of a firm depend on its interactions with other firms.

Business Strategy

Actions that a firm takes to achieve a goal, such as maximizing profits.

Payoff Matrix

A table that shows the payoffs that each firm earns from every combination of strategies by the firms.

Price Leadership

A form of implicit collusion in which one firm in an oligopoly announces a price change and the other firms in the industry match the change.

Cartel

A group of firms that collude by agreeing to restrict output to increases prices and profits.

Transaction Costs

The costs in time and other resources that parties incur in the process of agreeing to and carrying out an exchange of goods or services.

Arbitrage

Buying a good at a low price and reselling it in a market for a higher price.

Price Discrimination

Charging different prices to different customers for the same product when the price differences are not due to differences in cost.

Two-Part Tarriff

A situation in which consumers pay one price (or tariff) for the right to buy as much of a related good as they want at a second price.

The Economic Model of Consumer Behavior

The economic model of consumer behavior predicts that consumers will choose to buy the combination of goods and services that makes them as well off as possible from among all the combinations that their budgets allow them to buy.

Utility

The enjoyment or satisfaction people receive from consuming goods and services.

Marginal utility (MU)

The change in total utility a person receives from consuming one additional unit of a good or service.

Law of diminishing marginal utility

The principle that consumers experience diminishing additional satisfaction as they consume more of a good or service during a given period of time.

budget constraint

The limited amount of income available to consumers to spend on goods and services.

Income effect

The change in the quantity demanded of a good that results from the effect of a change in price on consumer purchasing power, holding all other factors constant.

Substitution effect

network externality

A situation in which the usefulness of a product increases with the number of consumers who use it.

behavioral economics

The study of situations in which people make choices that do not appear to be economically rational.

Consumers commonly commit the following three “mistakes” when making decisions:

They take into account monetary costs but ignore nonmonetary opportunity costs.
They fail to ignore sunk costs.
They are unrealistic about their future behavior

endowment effect

sunk cost

A cost that has already been paid and cannot be recovered

Being Unrealistic about Future Behavior

If you are unrealistic about your future behavior, you underestimate the costs of choices that you make today.

marginal utility (mu)

the change in total utility a person receives from consuming one additional unit of a good or service

technology

The processes a firm uses to turn inputs into outputs of goods and services

Technological change

A change in the ability of a firm to produce a given level of output with a given quantity of inputs.

short run

The period of time during which at least one of a firm’s inputs is fixed.

long run

The period of time in which a firm can vary all its inputs, adopt new technology, and increase or decrease the size of its physical plant.

total cost

The cost of all the inputs a firm uses in production
tc=vc+fc

variable cost

Costs that change as output changes.

fixed cost

Costs that remain constant as output changes.

oppurtunity cost

The highest-valued alternative that must be given up to engage in an activity

explicit cost

A cost that involves spending money.

implicit cost

A nonmonetary opportunity cost.

Production function

The relationship between the inputs employed by a firm and the maximum output it can produce with those inputs.

avg total cost

Total cost divided by the quantity of output produced.

marginal product of labor

The additional output a firm produces as a result of hiring one more worker.

law of diminishing returns

average product of labor

The total output produced by a firm divided by the quantity of workers.

marginal cost

The change in a firm’s total cost from producing one more unit of a good or service.
mc=change in total cost/change in quanity

average fixed cost

Fixed cost divided by the quantity of output produced.

average variable cost

Variable cost divided by the quantity of output produced.

long run average cost curve

A curve showing the lowest cost at which a firm is able to produce a given quantity of output in the long run, when no inputs are fixed.

economies of scale

The situation when a firm’s long-run average costs fall as it increases output.

constant returns to scale

The situation when a firm’s long-run average costs remain unchanged as it increases output.

miniumum efficient scale

The level of output at which all economies of scale are exhausted

diseconomies of scale

The situation when a firm’s long-run average costs rise as the firm increases output.

monomolistic competition

A market structure in which barriers to entry are low
and
many firms compete by selling similar, but not identical, products.

marketing

All the activities necessary for a firm to sell a product to a consumer.

brand management

The actions of a firm intended to maintain the differentiation of a product over time.

oligopoly

A market structure in which:
a small number of interdependent firms compete
and
barriers to entry are high.

barrier to entry

Anything that keeps new firms from entering an industry in which firms are earning economic profits.

economies of scale

scale The situation when a firm’s long-run average costs fall as it increases output

government imposed barriers

Government-imposed barriers such as patents, licencing requirements, tariffs, and quotas

ownership of key input

If production of a good requires a particular input, then control of that input can be a barrier to entry.

game theory

The study of how people make decisions in situations in which attaining their goals depends on their interactions with others;
in economics, the study of the decisions of firms in industries where the profits of each firm depend on its interactions with other firms.

payoff matrix

A table that shows the payoffs that each firm earns from every combination of strategies by the firms.

collusion

An agreement among firms to charge the same price or otherwise not to compete.

dominant strategy

A strategy that is the best for a firm, no matter what strategies other firms use.

nash equilibrium

A situation in which each firm chooses the best strategy, given the strategies chosen by other firms.

cooperative equilibrium

An equilibrium in a game in which players cooperate to increase their mutual payoff.

noncooperative equilibrium

An equilibrium in a game in which players do not cooperate but pursue their own self-interest.

prisoners dilema

A game in which pursuing dominant strategies results in noncooperation that leaves everyone worse off.

price leadership

A form of implicit collusion in which one firm in an oligopoly announces a price change and the other firms in the industry match the change.

cartel

A formal organization of producers that agree to coordinate prices and production

perfectly competitive market

A market that meets the conditions of:
many buyers and sellers,
all firms selling identical products, and
no barriers to new firms entering the market

price taker

A buyer or seller that is unable to affect the market price.

profit

Profit Total revenue minus total cost.

average revenue

Total revenue divided by the quantity of the product sold.

marginal revenue

Marginal revenue (MR) The change in total revenue from selling one more unit of a product.

marginal revenue equation

change in total revenue/ change in quantity

profit maximizing level

The profit-maximizing level of output is where the difference between total revenue and total cost is the greatest.

economic loss

The situation in which a firm’s total revenue is less than its total cost, including all implicit costs.

long run competitive equilibrium

The situation in which the entry and exit of firms has resulted in the typical firm breaking even.

monopoly

A firm that is the only seller

of a good or service that does not have a close substitute.

natural monopoly

A situation in which economies of scale are so large that one firm can supply the entire market at a lower average total cost than can two or more firms

Technology

The processes a firm uses to turn inputs into outputs of goods and services.

Technological Change

A Change in the ability of a firm to produce a given level of output with a given quantity of inputs.

Short Run

The period of time during which at least one of a firm’s inputs is fixed.

Long Run

The period of time in which a firm can vary all its inputs,adopt new technology, and increase or decrease the size of its physical plant.

Total Cost

The Cost of all inputs a firm uses in production.

Variable Cost

Costs that change as output changes.

Fixed Cost

Costs that remain constant as output changes.

Opportunity Cost

The highest valued alternative that must be given up to engage in an activity.

Explicit Cost

A cost that involves spending money. I.e Hiring workers or purchasing production equipment.

Implicit Cost

A non-monetary (not involving spending) opportunity cost.I.e A new business owner not collecting a salary in order to push her business forward. its a sacrifice.

Production Function

The relationship between the inputs employed by a firm and the maximum output it can produce with those inputs.

Average Total Cost

Total cost divided by the quantity of output produced.

Marginal Product of Labor

The additional output a firm uses as a result of hiring one more worker.

Law of diminishing returns

The principle that at some point,adding more of a variable input,such as labor,to the same amount of a fixed input,such as capital, will cause the marginal product of the variable input to decline.

Average Product of labor

The total output produced by a firm divided by the quantity of workers.

Marginal Cost

The Change in a firm’s total cost from producing one more unit of a good or service.

Average Fixed Cost

Fixed cost divided by the quantity of output produced.

Average Variable Cost

Variable cost divided by the quantity of output produced

Long Run Average curve

A curve that shows the lowest cost at which a firm is able to produce a given quantity of output in the long run,when no inputs are fixed.

Economies of scale

The situation when a firm’s long run average costs fall as it increases the quantity of output it produces.

Constant return to scale

The situation in which a firm’s Long-run average costs remain unchanged as output increases.

Minimum Efficient Scale

The level of output at which all economies scale are exhausted

Diseconomies of Scale

The situation in which a firm’s long-run average costs rise as the firm increases output.

Utility

The enjoyment or satisfaction people receive from consuming good and services

Marginal Utility

The change in total utility a person receives from consuming one additional unit of a good or service.

Law of Diminishing Marginal Utility

The principle that consumers experience diminishing additional satisfaction as they consume more of a good or service during a given period of ttime

Budget Restraint

The limited amount of income a consumer has to spend on a good or service.

Marginal Utility per Dollar spent

Marginal Utility divided by price

Income Effect

The change in the quantity demanded of a good from the effect of a change in price on consumer purchasing power, holding all other factors constant.

Substitution effect

The change in the quantity demanded of a good that results from a change in price making that good more or less expensive relative to other goods, holding constant the effect of the price change on consumer purchasing power.

Network Externality

A situation in which the usefulness of a product increases with the number of consumers who use it. I.e the more users an IPad has, the more apps being made for it, therefore its more useful.

3 common mistakes made by consumers when making decisions.

1.They take into account monetary cost but ignore nonmonetary opportunity cost.
2.They Fail to ignore sunk cost
3.They are unrealistic about their future behavior

Behavioral Economics

The study of situations in which people make choices that do not appear to be economically rational.

Endowment affect

Sunk Cost

A cost that has already been paid and cannot be recovered. (costs that should be ignored)

Price Taker

A buyer or seller that is unable to affect the market price.

Profit

Total revenue minus total cost.

Average revenue

Total revenue divided by the quantity of product sold.

Marginal Revenue

The change in revenue from selling one more unit of a product.

Economic Profit

Revenue minus all costs (implicit and explicit)

Accounting Profit

Revenue minus explicit cost

True

Firms in a perfectly competitive market earn accounting profit but not economic profit. (True or False)

The cost of raw materials

What is an example of variable cost?

Increase

As long as marginal revenue is greater than marginal cost, profits_________.

The slope of an indifference curve

Marginal rate of substitution is

AVC+AFC

ATC=____+______

Consumer Budget Constraint

The limited income that a consumer has to spend on goods and services.

The Long Run

A Time period long enough for a firm to vary all of its inputs, to adopt new technology and change the size of its physical plant.

Profit

To find ______ we calculate (P x Q)-TC

price exceeds average total cost.

If price = marginal cost at the output produced by a perfectly competitive firm and the firm is earning an economic profit, then

Maximize Profit

In order to _____________ a firm should produce the quantity of output that results in the greatest difference between total revenue and total cost.

False

An explicit cost is a nonmonetary opportunity cost. (true or false)

Total Utility

Which of the following is held constant along bundles on an indifference curve?

lower; higher

In long-run equilibrium, compared to a perfectly competitive market, a monopolistically competitive industry produces a ________ level of output and charges a ________ price.

True

All consumption bundles along a given indifference curve are equally desirable. (true or false)

Less Elastic

Compared to a perfectly competitive firm, the demand curve facing a monopolistically competitive firm is___________ because monopolistically competitive firms produce similar, but not identical, products.

True

The average product of labor is at its maximum when the average product of labor equals the marginal product of labor. (True or False)

The marginal product of labor rises, then falls.

Why does the marginal cost curve has a U shape?

Excess Capacity

It means that firms do not produce the output level that corresponds to the minimum point on their average total cost curves.

Allocative, Productive

____________ efficiency is achieved in the short run and the long run. _____________ efficiency is achieved only in the long run.

Define technology and give examples of technological change

The basic activity of a firm is to use
inputs, such as workers, machines, and natural resources, to produce goods and services. The firm’s
technology is the processes it uses to turn inputs into goods and services. Technological change refers to
a change in the ability of a firm to produce a given level of output with a given quantity of inputs

Distinguish between the economic short run and the economic long run

In the short run, a firm’s technology and the size of its factory, store, or office are fixed. In the long run, a firm is able to adopt
new technology and to increase or decrease the size of its physical plant. Total cost is the cost of all the inputs a firm uses in production. Variable costs are costs that change as output changes. Fixed costs are costs that remain constant as output changes. Opportunity cost is the highest-valued alternative that must be given up to engage in an activity. An explicit cost is a cost that involves spending money. An implicit
cost is a nonmonetary opportunity cost. The relationship between the inputs employed by a firm and the maximum output it can produce with those inputs is called the firm’s production function.

Understand the relationship between the marginal product of labor and the average product of labor

The marginal product of labor is the additional output produced by a firm as a result of hiring one more
worker. average product of labor is the total amount of output produced by a firm divided by the
quantity of workers hired

Explain and illustrate the relationship between marginal cost and average total cost

The marginal cost
of production is the increase in total cost resulting from producing another unit of output. The marginal
cost curve has a U shape because when the marginal product of labor is rising, the marginal cost of output
is falling. When the marginal product of labor is falling, the marginal cost of output is rising. When
marginal cost is less than average total cost, average total cost falls. When marginal cost is greater than
average total cost, average total cost rises.

Graph average total cost, average variable cost, average fixed cost, and marginal cost

Average fixed
cost is equal to total fixed cost divided by the level of output. Average variable cost is equal to total
variable cost divided by the level of output

Understand how firms use the long-run average cost curve in their planning.

The long-run average
cost curve shows the lowest cost at which a firm is able to produce a given level of output in the long run.
For many firms, the long-run average cost curve falls as output expands because of economies of scale.
Minimum efficient scale is the level of output at which all economies of scale have been exhausted.
After economies of scale have been exhausted, firms experience constant returns to scale, where their
long-run average cost curve is flat. At high levels of output, the long-run average cost curve turns up as
the firm experiences diseconomies of scale.

Distinguish between the economic short run and the economic long
run.

Total Cost (TC ) = Fixed Cost (FC ) + Variable Cost ( VC) Total cost is the cost of all the inputs a firm uses in
production. Variable costs are costs that change as output changes. Fixed costs are costs that remain constant as output changes.

explicit cost

is a cost that involves
spending money

implicit cost

nonmonetary opportunity cost

average total cost

total cost divided by the quantity of output produced. The average total cost
curve often has a U shape.

marginal product of labor

additional output a firm produces as a result of hiring one more worker.

law of
diminishing returns.

At some
point, adding more of a variable input, such as labor, to the same amount of a fixed input, such as capital, will cause the marginal product of the variable input to decline

average product of labor

the total output produced by a firm divided by the quantity of workers. When the marginal product of labor is greater than the average product of labor, the average product of
labor must be increasing. When the marginal product of labor is less than the average product of labor, the
average product of labor must be decreasing. The marginal product of labor equals the average product of
labor for the quantity of workers where the average product of labor is at a maximum.

Marginal cost

the change in a firm’s total cost from producing one more unit of a
good or service. The U shape of the average total cost curve is determined by the shape of the marginal
cost curve. MC= change in TC/ change in Q (output)

Average fixed cost

FC/ output

Average Total cost

TC/ output

Average variable cost

total variable cost divided by the quantity of output produce

MC, ATC, AVC curves

All u-shaped.
The MC curve intersects the AVC and ATC curves at their minimum points.
When MC is below AVC or ATC, it causes them to decrease, and when MC is above AVC or ATC, it causes them to increase.
As output increases, the difference between ATC and AVC (this is equal to AFC) gets smaller
because AFC gets smaller and smaller as output increases.

long-run average cost curve

shows the lowest cost at which the firm is able to produce a given
quantity of output in the long run, when no inputs are fixed

Economies of scale

is the situation when a firm’s long-run average total costs fall as it increases output

Constant returns to scale

the situation
when a firm’s long-run average costs remain unchanged as it increases output

Minimum efficient scale

is the level of output at which all economies of scale have been exhausted

Diseconomies of scale

is the
situation when a firm’s long-run average costs rise as it increases output.

Isoquants

curve showing all the combinations of two inputs, such as capital and labor, that will
produce the same level of output. The farther an isoquant is from the origin—the farther to the right on
the graph—the more output the firm is producing

marginal rate of technical substitution (MRTS)

rate at which a firm is able to substitute one input for another while keeping the level of output constant. The slope of an isoquant becomes less steep as one moves downward along the isoquant. This is a consequence of diminishing returns

isocost line.

shows all the combinations of two inputs, such as capital and labor, that have
the same total cost. An isocost line intersects the vertical axis at the maximum amount of an input (for
example, capital) that can be purchased with a given budget, or total cost. The same isocost line intersects
the horizontal axis at the maximum amount of another input (for example, labor) that can be purchased
with the same budget.

slope of isocost line

constant and equals the change in the
quantity of one input (capital) divided by the change in the quantity of the other input (labor). The slope
of an isocost line is equal to the ratio of the price of the input on the horizontal axis divided by the price
of the input on the vertical axis, multiplied by -1. A change in the price of an input causes the slope to
change, which is a rotation of the isocost line. Higher levels of total cost shift the isocost line outward,
and lower levels of cost shift the isocost line inward.

cost-minimizing choice of inputs

determined jointly by available production technology and input
prices. A change in technology affects the position of isoquants and may affect the choice of inputs. If
input prices change, then the position of isocost lines will change and the choice of inputs may also
change.

Moving along an isoquant,

the output is constant while the amounts of two inputs change. The marginal
product of capital (MPK) equals the change in output from using an additional unit of capital. The
marginal product of labor (MPL) equals the change in output from using an additional unit of labor.

Expansion path

A curve that shows a firm’s
cost-minimizing combination of inputs for every
level of output.

Constant returns to scale

…

The processes a firm uses to turn inputs into outputs of goods and services.

Technology

A change in the ability of a firm to produce a given level of output with a given quantity of inputs.

Technological Change

The period of time during which at least one of a firm’s inputs is fixed.

Short Run

The period of time in which a firm can vary all its inputs, adopt new technology, and increase or decrease the size of its physical plant.

Long Run

The cost of all the inputs a firm uses in production.

Total Cost

Costs that change as output changes.

Variable Cost

Costs that remain constant as output changes.

Fixed Cost

Fixed cost + Variable cost

=Total Cost

The highest-valued alternative that must be given up to engage in an activity.

Opportunity cost

A cost that involves spending money.

Explicit cost

A nonmonetary opportunity cost.

Implicit cost

is the difference between the amount paid for capital at the beginning of the year and the amount it could be sold for at the end of the year.

Economic depreciation

The relationship between the inputs employed by a firm and the maximum output it can produce with those inputs.

Production function

The additional output a firm produces as a result of hiring one more worker.

Marginal product of labor

Law of diminishing returns

The total output produced by a firm divided by the quantity of workers.

Average product of labor

The change in a firm’s total cost from producing one more unit of a good or service.

Marginal cost

When the marginal product of labor is ______ , the marginal cost of output is falling.

When the marginal product of labor is ______ , the marginal cost of production is rising.

rising; falling

Fixed cost divided by the quantity of output produced.

Average Fixed Cost

Variable cost divided by the quantity of output produced.

Average Variable Cost

A curve that shows the lowest cost at which a firm is able to produce a given quantity of output in the long run, when no inputs are fixed.

Long-run average cost curve

The situation when a firm’s long-run average costs fall as it increases the quantity of output it produces.

Economies of scale

The situation in which a firm’s long-run average costs remain unchanged as it increases output.

Constant returns to scale

The level of output at which all economies of scale are exhausted.

Minimum efficient scale

The situation in which a firm’s long-run average costs rise as the firm increases output.

Diseconomies of scale

A curve that shows all the combinations of two inputs, such as capital and labor, that will produce the same level of output.

Isoquant

The rate at which a firm is able to substitute one input for another while keeping the level of output constant.

Marginal rate of technical substitution (MRTS)

All the combinations of two inputs, such as capital and labor, that have the same total cost.

Isocost line

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