1. Explain the concept of opportunity cost. Provide some examples to support your answer.

2. Explain the difference between economic profit and accounting profit.

3. What is the difference between total fixed cost and total variable cost? Provide some examples to support your answer.

4. Discuss the behaviour of the factors of production (labor, capital, and technology) in the short run, long run, and very long run.

5. In brief, discuss the characteristics of perfect competition, monopolistic competition, monopoly, and oligopoly.

6. Assume the following demand and supply equations: Q_d = 70 - 5P, and Q_s = 24 + 4P.

Write the demand equation in the form y = mx+b

7. Assume the following demand and supply equations: Q_d = 70 - 5P, and Q_s = 24 + 4P.

Write the supply equation in the form y = mx+b

8. Assume the following demand and supply equations: Q_d = 70 - 5P, and Q_s = 24 + 4P.

Derive the following:

Slope of the demand curve

9. Assume the following demand and supply equations: Q_d = 70 - 5P, and Q_s = 24 + 4P.

Derive the following:

Y intercept of the demand curve

10. Assume the following demand and supply equations: Q_d = 70 - 5P, and Q_s = 24 + 4P.

Derive the following:

X intercept of the demand curve

11. Assume the following demand and supply equations: Q_d = 70 - 5P, and Q_s = 24 + 4P.

Derive the following:

Slope of the supply curve

12. Assume the following demand and supply equations: Q_d = 70 - 5P, and Q_s = 24 + 4P.

Derive the following:

Y intercept of the supply curve

13. Assume the following demand and supply equations: Q_d = 70 - 5P, and Q_s = 24 + 4P.

Derive the following:

X intercept of the supply curve

14. Assume the following demand and supply equations: Q_d = 70 - 5P, and Q_s = 24 + 4P.

Calculate the equilibrium price and equilibrium quantity

15. Assume the following demand and supply equations: Q_d = 70 - 5P, and Q_s = 24 + 4P.

Graph the two curves (clearly label your axes and curves)

Answer rating: 100% (QA)

Basic Economic Concepts 1 Opportunity Cost Opportunity cost is the potential benefit you give up to acquire something elseIts the cost of the next bes... View the full answer