With a Bit of Hindsight,how Would You Characterize the 2008

question 21

Essay

With a bit of hindsight,how would you characterize the 2008 presidential and congressional elections? Were they a "referendum" on the Bush administration or are they perhaps better described another way?

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Definitions:

Variable Factors

Inputs to production that can be adjusted in the short term, such as labor and raw materials.

Fixed Costs

Expenses that do not change with the level of output, such as rent or salaries.

Average Total Cost

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

Marginal Cost

The enhancement in overall pricing due to the generation of an extra unit of a good or service.