Economics Homework Seven Answers - Student Ten

1\. 1.Many buyers and sellers.

2.Goods that are perfect substitutes for each other.
3.Perfect knowledge in the market.
4.Perfect mobility of resources.

Correct.

2\. I believe that it is the will to win that motivates us. You cannot win without motivation so with commutation people tend to do their best.

"Competition", not "commutation". Good substance in your answer.

3\. I will be absent< I dont really have any questions

OK.

4\. There are many examples in the bible of good drawing out bad, but always with god's help.

Excellent point about the need for God's help.

5\. Total cost is all the costs added together, average cost is total cost over the amount of units made and marginal cost is the cost to make one more unit.

Correct!

6\. CS=$5,850

Nope. See model answers when ready. Also, show how you calculated that number (Minus 3)

57/60. Good work.--Andy Schlafly 21:27, 31 October 2009 (EDT)

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