While referring to the “EYE on YOUR LIFE” section on page 353 of the textbook, here’s your opportunity to view the relationship between your marginal grade and average grade, which is similar to the relationship between marginal product and average product.
As noted in the Overview of this Learning Plan, Chapter 14 is truly a key to Chapters 15, 16, 17, and 18. Therefore, spend more time taking a second look at the concepts and definitions in Chapter 14. Understand the concept that when marginal product exceeds average product, average product is increasing; and when marginal product is less than average product, average product is decreasing.
Discuss and post your plans to improve your grade in this course, and your grades in subsequent courses to improve your average grade. Examples are devoting more time to study for this course on the weekends or planning to spend more time completing the Practice Exercises in the Study Plan before completing the Homework Assignments. Possibly you could spend more time understanding and comprehending the concepts and theories within each lesson plan before completing the assigned quizzes, or maybe devote at least six to nine hours of study per week in this course, and for subsequent courses taken in the future. Justify your statements and respond to the statements made by your fellow classmates.
While referring to the “EYE on YOUR LIFE” section on page 393 of the textbook, here’s a “perfect” opportunity [no pun intended] for you to examine how you encounter “perfect” competition in your everyday life. The markets you encounter are highly competitive, and while you don’t run into perfect competition on a daily basis, you may encounter some perfectly competitive markets. An excellent example is your use of the Internet, where you can view product offerings, descriptions, and prices charged by numerous vendors all on the same page, allowing for side-by-side comparison. The Internet has helped conquer the last difficulty in perfect competition: information. Yet some people lack access to computers. For them, some of the benefits of competition are unobtainable.
Discuss and post what solutions might there be for these people who lack access to computers. Recalling that the definition of perfect competition refers to a market with many buyers, among other factors; thus, how may these people gain access to the vital information which the Internet has to offer? Justify your statements and respond to the statements made by your fellow classmates.
