1. Here is a question presented to you at the end of this Learning Activity.
" The technology is now developing so that road use can be priced by computer. A computer in the surface of the road picks up a signal from your car and automatically charges you for the use of the road. How would this affect bottlenecks and rush-hour congestion?"
2. What are excise taxes and tariffs? How do they affect the market?
3. What is the price elasticity of Demand? Express the definition in an equation form. Please give an example.
4. What is the price elasticity of Supply? Express the definition in an equation form. Please give an example.
5. This video has a close connection to our study in Chapter 1. After watching this video, please discuss the following:
6. What are the 3 central coordination problems that any economy must solve?
7. How do these problems affect your personal or your organizational decision-making process?
8. How would a business firm or company find an equilibrium in the market?
II. Answer the following questions
Write the definition for each of the following (150 word count minimum foe each definition):
1. Law of Demand
2. Law of Supply
Which of the following graphs best demonstrates the law of demand?
a) I
b) II
c) III
d) IV
Which of the following graphs best demonstrates the law of supply?
a) I
b) II
c) III
d) IV