Week 2 Reflection Essay

Submitted By GerardoM5
Words: 434
Pages: 2

Andrew - In this week’s objectives, I had to cover chapter 12. In this chapter, one of the things that were simple to grasp for me were the U shape of the average cost curves. The concept came to me logically as the idea of how much output is dictated by how much input is given. One of the things that were hard to understand was the relationship between marginal productivity and cost curves. I understood what the difference of the increase of the decrease in price from the level of output but the comparison had me puzzled. The topic related to my previous field when I was working as a contractor for a reverse logistics company that had to employ vast methods of penny saving methods because it would end up saving the company thousands monthly.

Ashley - This week I prepared to discuss the topics of chapter 19, and the process of many Americans and the impact of the work force on the labor market. What I found very easy to understand is the impact the demand by consumers has on firms to produce. I did find it difficult to understand the elasticity of the market and the formula used to calculate the price of elasticity on demand.
PEoD = (% Change in Quantity Demanded)/(% Change in Price)

Chatona- If we improve the means of wealth distribution, then we can have better economic policies. This is what Colander in Chapter 20 discusses. The distribution of income over time is affected by demographic and technological factors. These factors are reflected by the Lorenz curve. The Lorenz curve basically measures the inequality of income. For instance, the book gives the example of how a lot of families have lower income in the early years,