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Help with AP Economics Micro
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Angelo Z
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PostPosted: Thu Sep 03, 2009 1:48 pm    Post subject: Help with AP Economics Micro Reply with quote

If you've taken Economics before, help will be appreciated.

If a logger cuts and sells wood for the manufacturing of furniture, what is the declining marginal benefit in this case as more and more furniture is being produced?

I have one more question. Can anyone explain price ceilings and price floors as well as the shortages/surpluses associated with them graph-wise?
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PostPosted: Mon Oct 26, 2009 10:21 am    Post subject: Reply with quote

I cannot, but you should check out a few web sites such as www.gmat.com and en.wikipedia.org; join GMAT and sign up for their fora, and search for the above--mentioned terms on Wikipedia.

My common sense guess would be (I am probably wrong) that when the supply starts meeting the demand or exeeding the demend or, in other words, approaches meeting the demend, (I have to assume that marginal benefit means, in this case, the benefit from the shortage or the supply not meeting the demend) the marginal benefit does decrease.

I am, however, probably, wrong!
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Angelo Z
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PostPosted: Sat Nov 07, 2009 10:26 am    Post subject: Reply with quote

Thanks, but I found out the answer a long time ago. I thought that this class was going to be interesting but it's not. It's pretty boring.

Marginal benefit: the more miles you run per week, the less benefit you will get and the marginal cost will increase (the chance of an injury for example).

You haven't eaten for 48 hours. I give you a plate of sesame chicken. The marginal benefit will be the largest then, but if I give you a second plate of sesame chicken, how much utility-in other words, pleasure, will you get compared to the first plate? Not as much. So the marginal cost will increase while your marginal benefit decreases and it will cost more time for you to eat that second plate, as well as the chance of getting sick.
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PostPosted: Mon Nov 09, 2009 6:58 pm    Post subject: Reply with quote

thanks
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