Changes

<br>(B) Suppose the City of New York passed a law for a maximum price (a "price control") of $2 per "obstructed view" bleacher ticket, because politicians felt that fans should not pay more if they do not get a full view of the field.  Will the obstructed-view seats sell out under this law, and will people have to wait in line in order to buy them?  Would you oppose or support such a law, and why?

<br>(B) Suppose the City of New York passed a law for a maximum price (a "price control") of $2 per "obstructed view" bleacher ticket, because politicians felt that fans should not pay more if they do not get a full view of the field.  Will the obstructed-view seats sell out under this law, and will people have to wait in line in order to buy them?  Would you oppose or support such a law, and why?

6.  "Time is money." Explain.  Or, as an alternative, improve on our definition of a "free market." Or, as a third alternative, explain how the free market is so much powerful than even the wealthiest people in the world.

6.  Suppose you own a restaurant, and your average customer spends $10.  Suppose further that your marginal cost for each customer is $5.  But in addition you have costs of $20 per hour in electricity and wages.  From 6-7pm each night, you usually have about 40 customers, but then it decreases by 50% each hour thereafter as it gets later in the evening.  At what time do you close your store for the night?  Explain your answer.

7.  Explain ''why'' waiting lists develop in countries (like Canada) where the government prohibits anyone from charging more than fixed prices for medical services, assuming that these fixed prices are lower than what the prices would be under supply and demand in the free market.  (Hint: the reason is related to the effect of price controls on the ''supply'' of a good or service.)

7.  Explain ''why'' waiting lists develop in countries (like Canada) where the government prohibits anyone from charging more than fixed prices for medical services, assuming that these fixed prices are lower than what the prices would be under supply and demand in the free market.  (Hint: the reason is related to the effect of price controls on the ''supply'' of a good or service.)

Write an essay of about 300 words total on one or more of the following topics:

Write an essay of about 300 words total on one or more of the following topics:

8.  Relate the supply and demand curves to the basic economic concept of scarcity.  For a good that has no scarcity, such as air, are there any supply and demand curves that are meaningful?  Discuss.

8.  "Time is money."  Explain.  Or, as an alternative, improve on our definition of a "free market." Or, as a third alternative, explain how the free market is so much powerful than even the wealthiest people in the world.

9.  Discuss any aspect of the economics of health care.

9.  Relate the supply and demand curves to the basic economic concept of scarcity.  For a good that has no scarcity, such as air, are there any supply and demand curves that are meaningful?  Discuss.

10.  How are the forces of supply and demand and the free market helpful to someone who might otherwise be an social outcast and victim of prejudice in a community?  In addition or alternatively, discuss the social benefits of a "free market" more generally.

10.  Discuss any aspect of the economics of health care.

11.  Compare "equilibrium" in economics to "equilibrium" in other fields (such as chemistry or physics) or in life itself (such the flow of traffic on highways), using specific examples.

11.  How are the forces of supply and demand and the free market helpful to someone who might otherwise be an social outcast and victim of prejudice in a community?  In addition or alternatively, discuss the social benefits of a "free market" more generally.

 

12.  Compare "equilibrium" in economics to "equilibrium" in other fields (such as chemistry or physics) or in life itself (such the flow of traffic on highways), using specific examples.

== References ==

== References ==