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목차

1. Specify and explain the typical shapes of the marginal-benefit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefit, should more or fewer resources be allocated to this product?

2. How can technological advance result in creative destruction?

3. What is a price ceiling and what are its economic effects?

4. What is a price floor and what are its economic effects?

5. With the help of an example, explain the law of diminishing returns.

본문내용

1. Specify and explain the typical shapes of the marginal-benefit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefit, should more or fewer resources be allocated to this product?

<중 략>

He would start increasing his output by adding new field. He would be able to obtain fertile fields, which get a lot of sunshine in the beginning, so let’s say he could increase 1 more unit of output by adding 1 hectare of new field. However, as he keeps adding new field, it would become difficult to obtain fertile fields in some point. Therefore, the output of increase that he could gain from adding new fields would be decreasing.

참고 자료

BusinessDictionary.com. (2012). law of diminishing return. Retrieved from July 22,
2012, from http://www.businessdictionary.com/definition/law-of-diminishing- returns.html
Investopedia (n.d.). Creative Destruction. Investopedia. Retrieved July 19, 2012, from
http://www.investopedia.com/terms/c/creativedestruction.asp#axzz21Gnzt6go
Mcconnell, Campbell R. et al. (2010). Microeconomics. Canada :McGraw-Hill.