So, so, so. Ryan Fitzpatrick, econ major comes to town. We econ majors are an ostracized bunch. What we learned is often tossed on the ground and stomped. Venerable subjects such as probability are obfuscated. Concepts such as utility are spat on, stomped on, and/or otherwise ignorned. Risk is does not exist, and opportunity cost is incomprehensible, among other things.
Harvard's Ryan Fitzpatrick gets passing grades for 3-0 Bills – USATODAY.com
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1. What was the slope of his indifference curve?
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The indifference is a graph showing different bundles of goods between which a consumer is indifferent(wikipedia definition). The indifference curve is a curve mapping out all combinations of baskets of goods that would provide the same amount of utility to the consumer.
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2. In monopolistic competition, what is satisfied?
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An odd question. Monopolistically competitive markets have the following properties:
1. Firms have free entry and exit into the market
2. Produced goods are
differentiated
3. Firms are able to be price setters to a certain degree
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3. Describe a supply and demand curve
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The supply curves is a graphical representation of the amount of goods people are willing to buy at a certain price. Higher prices=more goods sold.
The demand curve is a graphical representation of the amount of goods people are willing to buy at a certain price. It is usually downard sloping. Lower prices=more goods bough
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4.What is the Herfindahl-Hirschman Index
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It is a measure of market share. You calculate it by squaring the amount of market share of each firm in the market and adding those values together.
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5. Compare absolute advantage and comparative advantage.
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Absolute advantage is a measure of how much a party(i.e country) can produce goods relative to other countries. Comparative advantage is how much more efficient a party(i.e country) can produce a certain good over another.
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6. Are there diseconomies of scale in the NFL?
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Diseconomies of scale occurs when expansion of a firm increases the average cost per unit produced. An interesting question.
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7. What is a key distinction between the long run and the short run?
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In the long run, all inputs can be changed. In the short run, at least one input is fixed.