Assignments:

• Read Chapters 13 and14
• Answer/respond to the Unit 4 Discussion Board.
• Read/view the attached articles
• Access the Chapter videos from your Textbook link to augment this week’s discussions.
• Answer Questions For Review 1, 3 and 8 at the end of Chapter 13, and Questions For Review 1, 6, 7 and 8 at the end of Chapter 14.
• Submit your completed Mid-Term Exam to the Blackboard by midnight Sunday.

Chapter 13:

1. ? What?is?the?relationship?between?a?firm’s?total?revenue,?profit,?and?total?cost?

2. What?is?marginal?product,?and?what?does?it?mean?if?it is?diminishing?

3. Define?economies of scale?and?explain?why?they?might arise.?Define?diseconomies of scale?and?explain?why?they?might?arise.

Chapter 14:

1. ? What?are?the?main?characteristics?of?a?competitive market?

2. Does?a?competitive?firm’s?price?equal?its?marginal?cost?in?the?short?run,?in?the?long?run,?or?both??Explain.

3. ? Does?a?competitive?firm’s?price?equal?the?minimum?of?its?average?total?cost?in?the?short?run,?in?the?long?run,?or?both??Explain.

4. Are?market?supply?curves?typically?more?elastic?in?the?short?run?or?in?the?long?run??Explain.