A firm’s economic profit is always less than its accounting profit because

  Clara sells custom-made walking canes. She currently sells 40 canes per year. If she doubles the size of her operation so she can sell 80 canes per year and her long-run average total cost per cane decreases, we know that Clara is experiencing

  The market for watches is perfectly competitive and is currently in equilibrium. What will happen if watches become more popular among college students?

  When the average total cost curve is at its minimum, we know that the

  If there are gains from specialization in a workplace, hiring another employee means that the marginal product of labor will

Production and Cost Formulas.docx

B.           TR = $15,000             TC = $13,000                    ATC = $2.60                             MC = $3

Refer to the accompanying graph to answer the next question.   Is this firm earning positive, negative, or zero economic profits?  

Short Answer (10 points): Answer one of the following questions. Explain why Yogi Berra’s comment, “You got to be very careful if you don’t know where you are going because you might not get there” is relevant when discussing how to plan learning experiences for children. Explain why it is more satisfactory to select a curriculum topic based on the children’s interests than it is to select one the teacher chooses based on his or her own interests.  Why is it that teachers often fail to take the children’s interests into account

Essay: Self-reflection (15 points) — You are now to the last question on this exam.  Woohoo!! You’re almost done.  😉   I want you to take a moment to  think about and review each of the previous questions and answers on this exam. Choose the question that you feel you answered the ‘best’ (i.e., most thoroughly addressed, included multiple sources, articulated thoughts effectively, included multiple theories, etc.).  Below, please note the question you chose and describe why this answer is your best response.