ECN 361 (ECN361)

Topic 2 DQ 2: Adam and Barb go to the store to purchase some lottery tickets. Without looking at the price, Adam says, "I’ll take 10 lottery tickets," and Barb says, "I’ll take $10 worth of lottery tickets." What is each person’s price elasticity of demand for lottery tickets? Explain your answer

Topic 2 DQ 1: Explain the difference between change in quantity demanded and shift in demand. What causes change in quantity demanded? What causes a shift in demand?

1. Question: While pollution regulations yield the benefit of a cleaner environment and the improved health that comes with it, the regulations come at the cost of reducing the incomes of the regulated firms' owners, workers, and customers. This statement illustrates the principle that 2. Question: Which of the following is an example of a normative, as opposed a to positive, statement? 3. Question: Refer to Table 2-2 .What is the opportunity cost to Footville of increasing the production of ...

Topic 1 DQ 2: Explain the difference between absolute advantage and comparative advantage. Which is more important in determining trade patterns, absolute advantage or comparative advantage? Why?

Topic 1 DQ 1: If the United States could produce five televisions per hour of labor and China could produce three televisions per hour of labor, would it necessarily follow that the United States should specialize in television production? Why or why not?

1. Question: Government vouchersto purchasefood, alsoknownasfood stamps,are anexample of 2. Question: Ifthewagesofadentistincrease,whichofthefollowingstatementsisnottrue? 3. Question: Figure18-5RefertoFigure18-5.IftherelevantlaborsupplycurveisS2andthecurrentwageis 4. Question: Suppose that an industrial accident at a factory destroys a significant number of high-speed blenders that bartenders use to mix frozen drinks. What will happen in the labor market for bartenders? 5. Question: Which of...

ECN 361 Topic 8 DQ 2 Participation & Responses

ECN 361 Topic 8 DQ 1 Participation & Responses

1. Question: A firm's opportunity costs of production are equal to its 2. Question: Adibok knows that it produces and sells high-quality athletic shoes. Wurkout knows that it produces and sells low-quality athletic shoes. According to the signaling theory of advertising, 3. Question: Monopolistic competition is considered inefficient because 4. Question: Table 17-5 The table shows the town of Driveaway's schedule for gasoline. Assume the town's seller(s) incurs a cost of $2 for each ga...