On the Same Graph, Draw Learning Curves for Two Individuals

question 4

Essay

On the same graph, draw learning curves for two individuals that differ in their rate of learning showing a fast learner and a slow learner. Explain which curve represents the faster learner. Be sure to label both axes.

---

Definitions:

Demand Curve

An image that graphically shows the relationship between an item's selling price and the quantities that consumers are interested in buying.

Consumer Surplus

The economic benefit consumers receive when they pay less for a product or service than what they were willing to pay.

Total Surplus

The total societal benefits from trading a good or service, encapsulated by the combination of consumer surplus and producer surplus in a market.

Average Total Cost

The total cost divided by the quantity produced, denoting the cost per unit of production.