Help For Your Introductory Economics Course

It’s a really big week in ECO-201.  Have no fear, your resources for survival are here… Milestone Two Resources: How to use the spreadsheet to create a graph for the supply and demand section ***Use the link in the announcements of Brightspace or the General Questions Discussion Board to access the Excel spreadsheet that will help you create your required graphical representation of data*** Milestone Two Tips: How to Write an Exemplary Section on Supply and Demand (Example Included) Milestone Two Tips: Writing an Exemplary Section on Elasticity of Demand Milestone Two Tips on Critical Element “Price Elasticity of Demand: Pricing Decisions” Tips on Milestones Two and Three: Help With Using Financial Statements Milestone Two Tips to Get Started with Writing About Demand Milestone Two Tips to Get Started with Writing About Supply Milestone Two Rubric Milestone Two Video APA guidelines Historical Webinars on the  ECO YouTube Channel Homework 4 Resources: Sample Problem: Economic P...

Melanie is a hairdresser and is able to provide haircuts for 8 people each day at a total cost of $50. If Melanie performed 9 haircuts it would cost her $60. What is the marginal cost of providing the 9 th haircut? To solve this problem, we first need to understand what marginal cost is and then figure out how to calculate it. Marginal cost is the additional cost to a firm of producing one more unit of a good or service. In this case, the problem is asking for the marginal cost of going from 8 haircuts to 9 haircuts. To calculate the marginal cost you take the cost of 9 haircuts and subtract the cost of providing 8 haircuts. $60 - $50 = $10. The marginal cost of providing the 9 th haircut is $10.