SSEMI2 The student will explain how the Law of Supply, prices, and profits work to determine production and distribution in a market economy.

a. Define the Law of Supply.

SSEMI3 The student will explain how markets, prices, and competition influence economic behavior.

a. Identify and illustrate on a graph factors that cause changes in market supply.

c. Define price elasticity of supply.

Econ Ch 5 HW

Sec 1 vocab: supply, Law of Supply, supply schedule, supply curve, market supply curve, change in supply, supply elasticity

  1. List the seven factors that can cause a change in supply, and briefly explain each factor.
  2. What makes supply elastic?
  3. What makes supply inelastic?
  4. What makes supply unit elastic?

Sec 2 vocab: theory of production, short run, long run, Law of Variable Proportions, production function, total product, marginal product, stages of production

  1. List the three stages of production, and explain what happens to marginal product changes in each of the three stages.

Sec 3 vocab: fixed cost, overhead, variable cost, total cost, marginal cost, marginal analysis, profit-maximizing quantity of output

  1. Write these terms as a list. Beside each one write V or F to determine if it is, or represents, variable or fixed cost: paycheck, tax bill, light switch, hourly worker, license fee, water fountain
  2. Describe the two measures of revenue.
  3. How can overhead affect the cost of an item?

SSEMI2 The student will explain how the Law of Supply, prices, and profits work to determine production and distribution in a market economy.

a. Define the Law of Supply.

SSEMI3 The student will explain how markets, prices, and competition influence economic behavior.

a. Identify and illustrate on a graph factors that cause changes in market supply.

c. Define price elasticity of supply.

Econ Ch 5 HW

Sec 1 vocab: supply, Law of Supply, supply schedule, supply curve, market supply curve, change in supply, supply elasticity

  1. List the seven factors that can cause a change in supply, and briefly explain each factor.
  2. What makes supply elastic?
  3. What makes supply inelastic?
  4. What makes supply unit elastic?

Sec 2 vocab: theory of production, short run, long run, Law of Variable Proportions, production function, total product, marginal product, stages of production

  1. List the three stages of production, and explain what happens to marginal product changes in each of the three stages.

Sec 3 vocab: fixed cost, overhead, variable cost, total cost, marginal cost, marginal analysis, profit-maximizing quantity of output

  1. Write these terms as a list. Beside each one write V or F to determine if it is, or represents, variable or fixed cost: paycheck, tax bill, light switch, hourly worker, license fee, water fountain
  2. Describe the two measures of revenue.
  3. How can overhead affect the cost of an item?