Lindsay Bur

University of Virginia
Camp Counselor

Biography

I am a 2019 graduate of the University of Virginia with a Bachelor of Arts in Economics and a minor in Statistical Analysis of Social Behavior. Following graduation, I worked for a year at an economic litigation consulting firm, furthering my experience in the field of economics. I consider myself especially adept in STEM fields, including math, economics and statistics. I do not have a great deal of tutoring experience, however I am an excellent communicator with the ability to clearly and concisely explain my problem solving process. I consider myself to be a self-starter that approaches each problem with determination and a positive attitude. I also have several years of experience in coding and computer science including SAS, Stata, R and Python and can solve complex data science problems in all of those coding languages.

Education

BA ECONOMICS
University of Virginia

Educator Statistics

Numerade tutor for 5 years
47 Students Helped

Topics Covered

How Markets Work: Understanding the Dynamics of Supply and Demand
Understanding Firm Behavior and Industry Organization
Balancing Markets and Welfare: Striving for Equilibrium
The Economics of Labor Markets: Understanding the Dynamics
Explore Deeper: Topics for Further Study
Introduction
The Long-Term Impact of the Real Economy: Insights and Analysis
Understanding Short-Term Economic Fluctuations
Discover the Power of Introduction: Your Guide to Making a Lasting Impression
Markets and Welfare
Unlocking Insights: Macroeconomic Data Analysis
Understanding the Impact of Money and Prices in the Long Run

Lindsay's Textbook Answer Videos

02:18
Principles of Microeconomics for AP® Courses

How would an improvement in technology, like the high-efficiency gas turbines or Pirelli tire plant, affect the long-run average cost curve of a firm? Can you draw the old curve and the new one on the same axes? How might such an improvement affect other firms in the industry?

Chapter 7: Production, Costs and Industry Structure
Lindsay Bur
05:39
Principles of Microeconomics for AP® Courses

A computer company produces affordable, easy-touse home computer systems and has fixed costs of $\$ 250 .$ The marginal cost of producing computers is $\$ 700$ for the first computer, $\$ 250$ for the second, $\$ 300$ for the third, $\$ 350$ for the fourth, $\$ 400$ for the fifth, $\$ 450$ for the sixth, and $\$ 500$ for the seventh.
a. Create a table that shows the company's output, total cost, marginal cost, average cost, variable cost, and average variable cost.
b. At what price is the zero-profit point? At what price is the shutdown point?
c. If the company sells the computers for $\$ 500,$ is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVC curves to illustrate your answer and show the
profit or loss.
d. If the firm sells the computers for $\$ 300,$ is it making a profit or a loss? How big is the profit or loss? Sketch a graph with $\mathrm{AC}, \mathrm{MC}$ , and AVC curves to illustrate your answer and show the profit or loss.

Chapter 8: Perfect Competition
Lindsay Bur
02:56
Economics Principles, Problems, and Policies

Why is money not considered to be a capital resource in economics? Why is entrepreneurial ability considered a category of economic resource, distinct from labor? What are the major functions of the entrepreneur? LO4

Chapter 1: Limits, Alternatives, and Choices
Lindsay Bur
13:02
Economics Principles, Problems, and Policies

Assume the following cost data are for a purely competitive producer:
$$\begin{array}{ccccc}
\hline \begin{array}{c}
\text { Total } \\
\text { Product }
\end{array} & \begin{array}{c}
\text { Average } \\
\text { Fixed cost }
\end{array} & \begin{array}{c}
\text { Average } \\
\text { Variable cost }
\end{array} & \begin{array}{c}
\text { Average } \\
\text { Total cost }
\end{array} & \begin{array}{c}
\text { Marginal } \\
\text { cost }
\end{array} \\
\hline 0 \\
1 & \$ 60.00 & \$ 45.00 & \$ 105.00 & \$ 45 \\
2 & 30.00 & 42.50 & 72.50 & 40 \\
3 & 20.00 & 40.00 & 60.00 & 35 \\
4 & 15.00 & 37.50 & 52.50 & 30 \\
5 & 12.00 & 37.00 & 49.00 & 35 \\
6 & 10.00 & 37.50 & 47.50 & 40 \\
7 & 8.57 & 38.57 & 47.14 & 45 \\
8 & 7.50 & 40.63 & 48.13 & 55 \\
9 & 6.67 & 43.33 & 50.00 & 65 \\
10 & 6.00 & 46.50 & 52.50 & 75 \\
\hline
\end{array}$$
a. At a product price of $\$ 56,$ will this firm produce in the short run? Why or why not? If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? Explain. What economic profit or loss will the firm realize per unit of output?
b. Answer the relevant questions of 4 a assuming product price is $\$ 41$
c. Answer the relevant questions of 4 a assuming product price is $\$ 32$
d. In the table below, complete the short-run supply schedule for the firm (columns 1 and 2 ) and indicate the profit or loss incurred at each output (column 3).
$$\begin{array}{cccc} \hline
\begin{array}{c}
\text { (1) } \\
\text { Price }
\end{array} & \begin{array}{c}
\text { (2) } \\
\text { Quantity } \\
\text { Supplied, } \\
\text { Single Firm }
\end{array} & \begin{array}{c}
\text { (3) } \\
\text { Profit }(+) \\
\text { or Loss }(-)
\end{array} & \begin{array}{c}
\text { (4) } \\
\text { Quantity } \\
\text { Supplied } \\
1500 \text { Firms }
\end{array} \\
\hline \$ 26 & \text {_____} & \$ \text {_____} & \text {_____} \\
32 & \text {_____} & \text {_____} & \text {_____} \\
38 & \text {_____} & \text {_____} & \text {_____} \\
41 & \text {_____} & \text {_____} & \text {_____}\\
46 & \text {_____} & \text {_____} & \text {_____} \\
56 & \text {_____} & \text {_____} & \text {_____} \\
66 & \text {_____} & \text {_____} & \text {_____} \\
\hline
\end{array}$$
e. Explain: "That segment of a competitive firm's marginalcost curve that lies above its average-variable-cost curve constitutes the short-run supply curve for the firm." Illustrate graphically.
f. Now assume that there are 1500 identical firms in this competitive industry; that is, there are 1500 firms, each of which has the cost data shown in the table. Complete the industry supply schedule (column 4).
g. Suppose the market demand data for the product are as follows:
$$\begin{array}{|cc|}
\hline \text { Price } & \begin{array}{c}
\text { Total Quantity } \\
\text { Demanded }
\end{array} \\
\hline \$ 26 & 17,000 \\
32 & 15,000 \\
38 & 13,500 \\
41 & 12,000 \\
46 & 10,500 \\
56 & 9500 \\
66 & 8000 \\ \hline
\end{array}$$
What will be the equilibrium price? What will be the equilibrium output for the industry? For each firm? What will profit or loss be per unit? Per firm? Will this industry expand or contract in the long run?

Chapter 9: Pure Competition
Lindsay Bur
05:31
Microeconomics: Principles and Applications

The following table gives the short-run and long-run total costs for various levels of output of Consolidated National Acme, Inc.:
$$\begin{array}{ccc}Q & T C_{1} & T C_{2} \\\hline 0 & 0 & 350 \\1 & 300 & 400 \\2 & 400 & 435 \\3 & 465 & 465 \\4 & 495 & 505 \\5 & 540 & 560 \\6 & 600 & 635 \\7 & 700 & 735\end{array}$$
a. Which column, $T C_{1}$ or $T C_{2},$ gives long-run total cost, and which gives short-run total cost? How do you know?
b. For each level of output, find short-run $T F C$ $T V C, A F C, A V C,$ and $M C$
c. At what output level would the firm's short-run and long-run input mixes be the same?
d. Starting from producing two units, Consolidated's managers decide to double production to four units. So they simply double all of their inputs in the long run. Comment on their managerial skills.
e. Over what range of output do you see economies of scale? Diseconomies of scale? Constant returns to scale?

Chapter 7: Production and cost
Lindsay Bur
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