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Draw a standard supply and demand diagram for widgets, and indicate the equilibrium price and output.
When would workers in an industry benefit from internalizing its externalities?
What is the marginal product of the seventh worker? Under these conditions, would you ever choose to employ nine workers?
A one-day ticket to visit the Screaming Coasters theme park costs $36. What is the average cost per day for the two-day ticket?
As a movie exhibitor, you can choose between paying a flat fee of $5000 to show a movie. Will your choice affect your fixed and variable costs? How?
What is likely to happen to your marginal costs when adding output requires working beyond an eight-hour day, if workers must be paid time-and-a-half wages?
On average, this seems like a profitable business. Should the oil producer expand production given this profitability?
Why is the cost of the lecture note-taker a fixed or variable cost of selling an additional subscription?
The Lighthouse Safety Vest Co. makes flotation vests for recreational boaters. What is the marginal cost to produce one more vest?
At what level is ATC at its minimum? Why is it at its minimum at this point? At what level is MC at its minimum? Why is it at its minimum at this point?
What is the lowest level of output at which the efficient scale of production is reached in the long run?
Using your understanding of the perfectly competitive market, describe this advertising strategy.
Illustrate the effects of a decrease in market demand on a perfectly competitive firm's demand curve.
If Carl sells each calculator for $19, determine profit-maximizing output using the total approach.
If the average total cost is $6 per unit, what will be the firm's profit? What is the relationship between profit, price, and average total cost?
How much would a perfectly competitive firm produce at each of the indicated prices? At which prices is firm earning economic profits? Zero economic profits?
Illustrate the SRATC, AVC, MC, and MR curves for a perfectly competitive firm that is operating at a loss. What is the output level that minimizes losses?
Discussion how might your elasticity of demand for copying and binding services vary if your work presentation is next week versus in two hours?
Analyze what will happen to the quantity of tickets demanded? What will happen to the quantity supplied? Who gains? Who loses?
Discuss what would be the impact of a price floor set above the equilibrium price for dairy products? Below the equilibrium price?
Discuss what would be the impact of a rental price ceiling set above the equilibrium rental price for apartments? Below the equilibrium rental price?
What happens to the quantity supplied, the quantity demanded, and the shortage if, for a given price ceiling, the demand curve shifts to the right?
What happens to the quantity supplied, the quantity demanded, and the surplus if, for a given price floor, the demand curve shifts to the right?
In Canada, why is fresh fruit (apples, strawberries, peaches) less expensive in the summer than in the winter?
Why do 10 A.M. classes fill up before 8 A.M. classes during class registration? Use supply and demand curves to help explain your answers.