Chapter 13

I would give this chapter a 2.5 for difficulty. This was by far the hardest chapter that I've read to date, as there was a ton of content to cover, as well as a lot of new vocabulary. I did understand the basics however with average vs. marginal cost and how businesses make their decisions based off of statistics like those. There can be a lot of variation from the models they presented us, and simply trying to get all the terms straight in my head is tough. For instance in some models hiring more workers has a decreasing amount of the product produced, while in others the first few workers actually increase efficiency. A business also has to compare their fixed and incidental costs to decided the amount of workers to hire. I remember my dad told me a while ago that it's good to invest in businesses that have a lot of incidental costs rather than fixed because if the market is doing poorly, they can always just scale back on production.