UNIT 1: Basic Economic Concepts
What is Papa John’s opportunity cost for one pizza in terms of burgers given up? 4. What is Papa John’s opportunity cost for one burger in terms of pizza given up? 40. Ronald has a COMPARATIVE ADVANTGE. in the production of burgers. Papa John has a COMPARATIVE ADVANTAGE. in the
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18-19 High School Course Directory - CVUSD Home
conejousd.orgHIGH SCHOOL COURSE DIRECTORY 2018 - 2019 The Conejo Valley Unified School District provides a quality education in an environment where every child matters.
UNIT 1: Basic Economic Concepts
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conejousd.orgMarginal Revenue = Marginal Cost Definitions: Marginal Revenue is the change in total revenue from an additional unit sold. Marginal Cost is the change in total costs from the production of another unit. Theory: Competitive Firms determine their profit-maximizing (or loss-minimizing) output by equating the marginal revenue and the marginal cost.
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conejousd.orgVIII. Writing Algebraic Expressions • A. You can translate word phrases into variable expressions. – Examples: 1. Three more than a number = x + 3 2. The quotient of a number and 8 = y/8 3. Six times a number = 6 • n or 6n 4. 15 less than a number = z –15 5. The quotient of 30 and a number plus 10 = 30/x + 10.
Unit 6: Market Failures and the Role of the Government
conejousd.org3. The opportunity to make PROFIT gives people INCENTIVE to produce quality items efficiently. 4. Wide variety of goods available to consumers. 5. Competition and Self-Interest work together to regulate the economy. 3 The government’s job is to enforce contracts, secure property rights, and defend the country.