Scot Wick Blog

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 5 Firm Behavior and the Organization of Industry Chapter 14 of 36 - Firms In Competitive Markets Section 16 of 22 … Figure 6 - Short-Run Market Supply In the short run, the number of firms in the market is fixed. As a result the market supply curve, panel (b) reflects the individual firms' marginal-cost curves of panel (a). Here, in a market of 1,000 firms the quantity of output supplied to the market is 1,000 times the quantity of 100 supplied by each firm. … Table 2 and Figure 4 from Chapter 13 attached for reference review of marginal cost components. … There are two market supply curve cases to consider · short-run situation: a market with a fixed number of firms · long-run situation: a market where the number of firms change as firms exit and enter the market Over short periods of time it is difficult for firms to quickly enter and exit a market, so the assumption is there are a fixed number of fir...

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 5 Firm Behavior and the Organization of Industry Chapter 14 of 36 - Firms In Competitive Markets Section 15 of 22 … Figure 5 - Profit as the Area between Price and Average Total Cost The area of the shaded box between price and average total cost (ATC) is the firm's profit, or loss. Height of this box is price (P) minus average total cost, P – ATC (profit per unit). Width of the box is the output quantity, (Q). Panel (a), P is above ATC, the firm has profit. Panel (b), P is below ATC, the firm has loss. … Panel (a) shows a firm with a profit. A firm maximizes profit by producing the Q at which P = MC (MC being average variable costs). The area of the rectangle (P - ATC) x Q is the firm's profit. … Panel (b) shows a firm with a loss . Here the firm wants to minimize losses. This is also achieved by producing the Q where P = MC. The area of the rectangle (ATC - P) x Q is the firm's loss. … A firm ...

  Fumiko Scot's information: Weight at 163 pounds, got to 160 pounds five years ago and have recently been bouncing between 163 and 170. Common sense ways to lose and keep off weight are eat right and light and get lots of exercise. Main exercise is walking, do 1~2 miles most days. Over career worked as a salesman in the steelmaking, fasteners, and auto manufacturing industries, lots of travel in U.S., Canada, Mexico, and Japan. Have visited every U.S. city with a major league, MLB, NFL, NBA, NHL, sports team except Sacramento, have gotten as close as Travis Air Force Base. Often traveled on Sundays, much time on the road so could not eat right and get enough exercise so got heavy, up to 200 lbs. Was on commission and made enough to retire early, now eat right and light, get enough exercise. Now am spending most time reading and writing. Our Wick branch goes back to the brother of owner of the Wick House at Morristown National Historical Park in Morristown New Jersey, and on back t...

  The world we see that seems so insane is the result of a belief system that is not working. To perceive the world differently, we must be willing to change our belief system, let the past slip away, expand our sense of now, and dissolve the fear in our minds. - William James All experience has shown mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. - Thomas Jefferson Wherever good fortune enters envy lays siege and attacks it. And when it departs, sorrow and repentance remain behind. - Leonardo da Vinci Struggle is the indispensable accompaniment of progress. If men were entirely social, man would stagnate. A certain alloy of individualism and competition is required to make the human species survive and grow. Without qualities of an unsocial kind men might have led an Arcadian shepherd life in complete harmony, contentment, and mutual love. But in that case all their talents would...

  Years ago took a picture of a hawk sitting on a fence in the neighborhood and used it for this. The world we see that seems so insane is the result of a belief system that is not working. To perceive the world differently, we must be willing to change our belief system, let the past slip away, expand our sense of now, and dissolve the fear in our minds. - William James All experience has shown mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. - Thomas Jefferson Wherever good fortune enters envy lays siege and attacks it. And when it departs, sorrow and repentance remain behind. - Leonardo da Vinci Struggle is the indispensable accompaniment of progress. If men were entirely social, man would stagnate. A certain alloy of individualism and competition is required to make the human species survive and grow. Without qualities of an unsocial kind men might have led an Arcadian shepher...