MN 2565 St Johns River State College The Shape of Indifference Curves Essay

Description

Plots should fit your own example – x-axes and y-axes should be labelled according to your narrative, if you talk about apples, quantity of apples should be shown on the axes
You can plot the graphs with software like microsoft excel and insert in document
Hand-made plots, taken pic with phone and inserted in a word document are ok
Numbers or abstract notation of quantities such as Q1 and Q2 is ok as long as you correctly explain whether Q1 > Q2 or vise versa and have this properly shown on the graph.

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MN-2565 Economics for Business
Course Work
Support Material 2
Feedback:
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Structure?
Volume per sub-question (word count)?
Plots/graphs incorporation
References
Structure
a)
Insert your own plot
annotated according to your example
mine says CDs and books
because this was the example I gave you
(i.e. don’t just copy smth from somewhere –
adapt it to your case – this is required to
show that you can pass it through your own
understanding)
b)
Explain technically
how you derive it
Which info from the first figure
is used to derive the second figure
(follow the explanation
in my video)
c)
Discuss the plot in b) in terms of its
economic meaning
How the shape of the IC will affect the slope
of the demand curve
What does this slope of the demand curve
tells us about its elasticity?
How would the slope look like if the good
was elastic instead
Word count
Plots
Plots should fit your own example – x-axes and y-axes should
be labelled according to your narrative, if you talk about
apples, quantity of apples should be shown on the axes
Hand-made plots, taken pic with phone and inserted in a word
document are ok
Numbers or abstract notation of quantities such as Q1 and Q2
is ok as long as you correctly explain whether Q1 > Q2 or vise
versa and have this properly shown on the graph.
Make sure that when you state
Q1>Q2
the plot does not show the opposite
as in this case:
Here Q1 < Q2 References 3-5 references textbooks are ok do not copy and paste anything – plagiarism is penalized very seriously Feedback: • What did you learn this lesson? • What remained unclear? MN-2565 Economics for Business LECTURE 3 – PRODUCTION THEORY & SUPPLY IN PERFECTLY COMPETITIVE MARKETS Feedback: • • References in CW? Seminars RE-CAP LECTURE 2 LO1 - ELASTICITY LO2 – CONSUMER THEORY: - indifference curve - budget constraint - deriving the demand curve LECTURE 2: Deriving the DEMAND CURVE Topics Introduction to the course and overview of content. Micro 1 - Supply, Demand and Market Equilibrium Micro 2 - Consumer Theory and the Shape and Position of the Demand Curve Micro 3 - Production Theory and the Supply Curve in a Perfectly Competitive Market Micro 4 - Welfare Analysis and Market Failure Micro 5 – Monopoly Macro 1 - GDP, Prices, Unemployment Macro 2 & 3 - 2. Economic Growth & 3. The Monetary System Macro 4 & 5 - 4. Aggregate D & Supply in the ST and LR & 5. Fiscal and Monetary Policy Course Summary - Summary course - Feedback on coursework. LECTURE 3 STRUCTURE AND LOGICS OF MN2565 CONTENT LO1 – PRODUCTION THEORY LO2 – SUPPLY IN PERFECT COMPETITION LECTURE 3: PRODUCTION THEORY COST OF PRODUCTION - economic vs accounting counting of costs - explicit & implicit costs - short term & long term costs Most interesting point for the firm - marginal costs (MC) - FC, VC, TC, AFC, AVC, ATC – curves - efficient scale vs BEP MC = MR LECTURE 3: PRODUCTION THEORY COST OF PRODUCTION - total cost (TC) vs opportunity cost & total revenue (TR) - Average Cost (AC) = Total Cost (TC)/Quantity produced (Q) - Average Revenue (AR) = TR / Quantity sold (Q) - Marginal Cost (MC) = change in TC / 1 more unit produced - Marginal Revenue (MR) = change in TR / 1 more unit sold LECTURE 3: PRODUCTION THEORY - Profit: ? = TR - TC - economic vs accounting counting of costs LECTURE 3: PRODUCTION THEORY - Total Cost (TC) LECTURE 3: PRODUCTION THEORY - marginal costs (MC) LECTURE 3: PRODUCTION THEORY - FC, VC, TC, AFC, AVC, ATC – curves LECTURE 3: PRODUCTION THEORY - FC, VC, TC, AFC, AVC, ATC – curves LECTURE 3: PRODUCTION THEORY - FC, VC, TC, AFC, AVC, ATC – curves LECTURE 3: PRODUCTION THEORY - efficient scale & BEP LECTURE 3: PRODUCTION THEORY - efficient scale & BEP LECTURE 3: SUPPLY IN PERFECT COMPETITION - total revenue, total cost and profit profit maximization & firm’s supply curve normal & abnormal profit shutting down vs exiting - SUPPLY CURVE IN A COMPETITIVE MARKET LECTURE 3: SUPPLY IN PERFECT COMPETITION - PERFECTLY COMPETITIVE MARKET many firms ? firms are price takers ? ease of entry and exit ? LECTURE 3: SUPPLY IN PERFECT COMPETITION - total revenue, total cost and profit LECTURE 3: SUPPLY IN PERFECT COMPETITION - profit maximization Profit Maximization LECTURE 3: SUPPLY IN PERFECT COMPETITION - normal & abnormal profit LECTURE 3: SUPPLY IN PERFECT COMPETITION - shutting down vs exiting LECTURE 3: SUPPLY IN PERFECT COMPETITION - SUPPLY CURVE IN A COMPETITIVE MARKET LECTURE 3: SUPPLY IN PERFECT COMPETITION - SUPPLY CURVE IN A COMPETITIVE MARKET LECTURE 3: SUPPLY IN PERFECT COMPETITION LECTURE 3: SUPPLY IN PERFECT COMPETITION - SUPPLY CURVE IN A COMPETITIVE MARKET LECTURE 3: SUPPLY IN PERFECT COMPETITION MC = - ST Supply Curve LECTURE 3: Long Run SUPPLY IN PERFECT COMPETITION Profit = (P – ATC) * Q LECTURE 3: SUPPLY IN PERFECT COMPETITION LECTURE 3: PRICE DISCRIMINATION - price discrimination vertical differentiation peak-load pricing Feedback: • What did you learn this lesson? • What remained unclear? Thanks for your attention! The coursework assignment for this module is an individual assignment worth 30% of the overall module mark. Coursework Brief Coursework question: (0) With the aid of appropriate diagrams, explain why indifference curves are traditionally convex to the origin. (10%) (ii) Given the indifference curve for two-goods is convex, derive a price inelastic demand curve for Good X (10%). (ii) With reference to the previous elements of this coursework question, discuss the links between the indifference curve, price elasticity estimates and the theory of supply and demand in economics (80%). Key Marking criteria will include: • Initiative: originality, innovativeness of answer • Assignment Structure: clarity of aims, objective, structure and presentation • Quality of Writing: Readability and ability to convey key message(s) concisely . Quality/Scope of Literature Review: Understanding of established knowledge . Suitability of Literature: Use of suitable sources, focused to answer key research aims • Literature Analysis: Quality/level of analytical skill demonstrated • Insightfulness of Analysis: Interest and usefulness of findings, conclusions drawn. • Understanding: Assignment demonstrates students have understood key topics • Overall Quality of Assignment Purchase answer to see full attachment Explanation & Answer: 1500 Words User generated content is uploaded by users for the purposes of learning and should be used following FENTYESSAYS.COM ESSAY's honor code & terms of service.