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Prepare an oral report and present your decision and rationale to the class.
Comparing and Contrasting What is the difference between the unlimited liability of proprietorships and partnerships, and the limited liability of corporations?
Explain why you think so, and then describe what kind of cooperative you would set up.
Identify two ways a firm's cash flow can be used. Explain the opportunity costs of these choices in terms of the firm's future growth.
At which price would the total expenditures by consumers be greatest for the product? At what price would expenditures be the smallest?
Identify one substitute and one complement for the product and describe how your demand for the substitute and complement changed because of the sale.
Using what you have learned about diminishing marginal utility, find examples from your own experience and explain how they support this concept.
Explain the significance of change in quantity demanded, income effect, substitution effect, change in demand, substitutes, and complements.
Interpreting Locate an article in your newspaper illustrating at least one determinant of demand. Write a brief explanation of the effect of the determinant(s).
Describing How do consumers react to price changes on products with elastic, inelastic, and unit elastic demand?
As a result, its sales of hamburgers fell from 200 per day to 180 per day. Was the demand for its hamburgers elastic or inelastic? Why?
Explain how the total expenditures test can be used to determine demand elasticity. Identify and describe the determinants of demand elasticity.
How do you think the market demand curve for pizza would be affected by an increase in everyone's pay, a successful pizza advertising campaign.
Synthesizing Assume that you are a business owner. How would you use your knowledge of demand elasticity to determine the price of your product?
Describe the product your business makes. Then use the three determinants of demand elasticity to predict the elasticity of demand for that product.
Explain the significance of supply, Law of Supply, supply schedule, supply curve, market supply curve, quantity supplied and change in quantity supplied.
Describing How does the quantity supplied change when the price doubles for a unit elastic product?
The BIG Idea Explain why the supply curve slopes upward. Comparing and Contrasting Explain how supply is different from demand.
Analyze the significance of sole proprietorship, proprietorship, unlimited liability, inventory, limited life, partnership and general partnership.
Explain why you would or would not like to live in a society with a different economic system. Prepare a decision grid to help you with your analysis.
How much will that person earn in a year if the minimum wage is $5.15/hour? How much extra will that person earn for every $0.25 increase per hour in the wage?
How has the development of modern transportation and communication systems affected the type of economy that exists in the United States?
Voluntary Exchange Cite at least three examples of voluntary exchanges you made this week. How are you better off by having made the exchanges?
The BIG Idea When consumers cast their votes in a free enterprise economy, how do they influence what is and is not produced?
Explain the significance of free enterprise, voluntary exchange, private property rights, profit, profit motive, competition, consumer sovereignty and mixed.