What would be a story that would illustrate

Assignment Help Microeconomics
Reference no: EM133343897

Let's assume we have 100 people who can live in either Alpha or Omega.

Two equations that represent what we talked about in Part One

The per person return when there are between 0 and 40 people living in a city is equal to 20 times x, where x is the number of people living in the city.

But when there are more than 40 people living in a city then the return per person is equal to 1,200 - .5(20 times x) where x is the number of people living in the city.

  1. If there are 10 people living in Alpha then the equation tells me that the return is 200 and if one more person moves to Alpha then the return goes to 220.  Am I correct in believing that the return shows the total return of all the people living in the city?  In other words, when 10 people live in Alpha each has a return of 20 for a total return of 200 and then when 11 people live in Alpha the total return is 220 and each person receives a return of 20?
  2. Okay, I understand now what the number represents. What would be a story that would illustrate why the return per person goes up when more people move into a city?

Reference no: EM133343897

Questions Cloud

Review your states mandated reporter statute : Review your state's mandated reporter statute. Provide details about this in your post. If faced with a mandated reporter issue, what are the steps in reporting
What are some advantages of paying employees higher wages : What are some advantages of paying employees higher wages? By the way, Wal-mart's starting pay is at $11.00 per hour.
History of nutrition science : What is 1 new thing you learned about current nutrition science research and about the future of nutrition science research?
What behaviors on the part of the client : Age-appropriate, culturally responsive, comprehensive assessment. Description of postulated pathophysiologic mechanisms of the disorder- these should be linked
What would be a story that would illustrate : What would be a story that would illustrate why the return per person goes up when more people move into a city
What is the incentive for players to collude in fortnite : What is the incentive for players to collude in Fortnite and Why would Epic Games want to eliminate collusion in Fortnite
How can this passage of scripture assist the nurse leader : Consider the Scripture Application: How can this passage of scripture assist the nurse leader in promoting effective change in a healthcare environment
Explore health insurance portability and accountability act : The Health Insurance Portability and Accountability Act of 1996 (HIPAA) has become a buzzed word since the pandemic.
Summarize dietary reference intake : Summarize Dietary Reference Intake. Describe the types of Carbohydrates and provide examples of each.

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd