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Demand, Supply, and Market Equilibrium

We covered most of this chapter on the previous test, but it is so important that is worth another look. 

Go back and review the factors that affect both supply and demand.  You do not need to memorize then, but you should be able to work through problems like on the previous test.  If you did poorly on supply and demand, this is your chance to show improvement and  bring up that grade.

Remember the steps to analyze changes?

•         Determine the event.

•         Determine the factor that is affected.

•         Shifts either the supply or demand curve.

•         Determine the new equilibrium.

•         Use the supply-and-demand diagram to see how the shift affects equilibrium price and quantity.

 Wage Determination

Do not forget we wedged this topic and explored "should i hire another worker".  Be able to use the supply and demand for labor. 

 Businesses and their Costs

We skipped several sections in this chapter, the long-run cost curves, so that we could focus on the most important parts.  You are responsible for the notes.

In this section, we were building from the labor material to form the cost curves and determine the profit maximizing location.

Production function:  What is its shape and why does it have that shape?

What is the definition of fixed costs and of variable costs?  What are real world examples of each?

What is the shape of the total cost curve and why does it have that shape?

What is the shape of the total revenue curve and why does it have that shape?

Are the labels on the X-axis and Y-axis the same for the production function graph and for the total cost graph?

What is the marginal cost?  What is the marginal revenue? 

Where is the profit maximizing point? 

Where will a company be in the long-run?