Week 11 HW

The first day back, we talked about Über, and how it affects taxis as we did that wrong last week. Then we talked about the golden rule of economics (marginal costs) and marginal costs (marginal revenue brings in the most money). We talked about what to do if losing money at the marginal cost, as well. Then we talked about monopolies through the board game and how monopolies can be both good and bad, as well as the stages leading up to a mobopoly. A true monopoly can control the prices to the point where it is no longer affordable to the majority. On finance Friday, we talked about insurance, the different types and why we need them all. 

Based on the book factory, some advice I would give is to hire not enough workers, then keep adding one more workers as time goes on until you hit the "sweet spot" of workers, where every worker is doing something useful for the company. 

The hardest thing to grasp would be the which of the determinants is the actual correct determinate of the shift in the market, as there is normally two good determinate that could be argued. The easiest thing was which determinate goes with which curve. TENORG (tech, expectations, #of producers, recourse costs, other goods by comp) goes with supply, and TRIBE (tastes, related goods, income, #buyers, expectations)  goes with demand.