Figure 11-10Refer to Figure 11-10. Suppose for the past 8 years the firm has been producing Qd units per period using plant size ATC4. Now, following a permanent change in demand, it plans to cut production to Qc units. What will happen to its average cost of production?

Figure 11-1Refer to Figure 11-1. The marginal product of the 3rd worker is

The difference between technology and technological change is that

Total utility

If a firm lowered the price of the product it sells and found that total revenue did not change, then the demand for its product is

  Question 3: Compare the views of Sources A and B about the death of Prince Arthur, in Elizabethan England (Compare the sources overall and in detail)    Source A listed was taken from a contemporary herald’s report, first published in 1715. Source B was written by Tudor citizen Richard Grafton. Its spelling has been modernized.   Source A: “ ….Then his Grace of true gentle and faithful love, in good hast came and relieved her, and showed her howe wise counsell she had given him before, and he for his parte would thanke God for his sonn, and would she should doe in like wise. When the king by his high policy had completed his alliance with Spain in this way, there suddenly came a lamentable mischance and loss to the king, queen and all the people. For that noble prince Arthur, the king’s first begotten son, after he had been married to the Lady Catherine for five months, departed this transitory life at Ludlow on 2 April 1502.” Source B: “ It is reported that this lady Catherine thought and feared such an unhappy chance might come, for when she had embraced her father and taken leave of her noble and prudent mother, and sailed towards England, she was continually so tossed and tumbled hither and thither with boisterous winds that what with the raging of the water and the contrary winds her ship was prevented many times from approaching the shore and landing.”                                                                                                                                                                    [189 words] (5)

The income elasticity of demand measures

Marginal cost is the

  Question 6 : Athens and Sparta were probably the two most famous and powerful city states in Ancient Greece.  Answer the questions on the differences between the two Greek cities.   (5)

The demand for gasoline in the short run is