Economics - March 2007

Below is the link to the corresponding cost curves for "Mr. Toad's Stools", a firm making footstools. The firm can sell all the stools it wants at a price of P1.

http://i3.photobucket.com/albums/y65/jonjaggers/555.jpg

B) Does Mr. Toad’s production process follow the Law of Diminishing Returns? How do you know?

C) If the market price decreased to P2 (refer to link), how would Mr. Toad's marginal cost curve change? How would output change?

D) D) When the Price is P1, Mr. Toad chooses to produce quantity Q1, saying, “I prefer to produce where my average costs are lowest.” Mr. Toad could increase his profit by making more stools. Explain how Mr. Toad’s profit increases even though average costs also increase at the same time.

Here are my answers:

http://blog.myspace.com/index.cfm?fuseaction=blog.view&friendID=114721160&blogID=243973224&MyToken=e8f24a98-76cb-44fc-9d73-a7103ebc56c6

Thanks for the help!

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This is my homework incase your wondering.


I am sorry if this is the wrong place to put this I just started this today.

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tobin j, economist 1962

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Trillions
Billions
Millions
Thousands
Hundreds
Tens
Ones

what else above Trillion??? If any?

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Please be descriptive. Would really be appreciated.

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Hi

I'm doing at an Economics essay at the mo.

Can anyone give me an example of a pure Science-Push product on the market?

Also can anyone give me an example of a pure Market-Driven product on the market?

Thanks
Sean

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