Economics Marginal Cost of Production
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Explain why the marginal cost of production must increased if the marginal product of the marginal resource is decreasing.
– Define productivity efficiency and allocative efficiency. What conditions must be met in order to achieve them?
– How is the demand for lumber affected by the demand for housing?
– Define market power, and then discuss the rationale for government regulation of firms with market power.
– Explain the difference between fixed-production technology and variable technology. Should the government set a goal of reducing the marginal social cost of pollution to zero in industries with-fixed production technology? Should they do that in industries with variable technology?
– What is the Lorenz curve? What does the Lorenz curve in Exhibit 2 illustrate?
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