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Critical - Essay Example

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For most goods and services, income elasticity of demand tends to be smaller in the short run than in the long run. However, a recent study shows that the demand for a durable good such as automobiles tends to be more income-elastic in the short run than in the long run…
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Download file to see previous pages... thousands of dollars), a change in price is likely to go unnoticed in the short term. After a long time, consumers will likely find alternative means of transport, such as buses and trains.
In capitalist economics, market forces determine the prices of goods and services. The invisible hand determines the prices of goods and services based on the supply and demand at the time. If the government set prices for goods, then this would slow down growth in the economy. The invisible hand can force markets to equilibrium much faster than the government can. Governments that run economics are often inefficient because they cannot keep up with market forces.
The reason why some long-run average cost curves are steeper on the downward side is due to economies of scale. Larger firms try to maximize production output, so the curve would be more positive and steeper than normal. The average fixed cost curve would fall as a larger firm could produce more output. Overall, this would reduce the average fixed cost per unit.
Marginal cost is the cost to produce one more item, while average fixed cost is the total cost divided by total production. These two are linked because marginal cost decreases as the average fixed cost also decreases. This is because fixed cost remains the same no matter the production output, so producing more units reduces the average fixed cost overall. Marginal cost also decreases because while variable cost would go up, the total fixed and variable cost would be divided by more units, thus reducing marginal cost.
A firm usually chooses to shut down when revenues do not cover the variable costs associated with production. Fixed costs are not considered because they have to be paid regardless of whether the firm is producing anything or not. Just because a firm chooses to shut down does not mean that they will go out of business; they are just temporarily suspending production. If and when the firm decides to resume ...Download file to see next pagesRead More
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