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| | 1. Identify the four elements of ''perfect'' competition. | | 1. Identify the four elements of ''perfect'' competition. |
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| − | 2. Describe how you might use competition, perhaps even competing with yourself, to motivate you to achieve more. | + | 2. Describe how you might use competition, perhaps even competing with yourself, to motivate yourself to achieve more. |
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| − | 3. We are going to have our midterm in two weeks. Think of a question that you would like to see answered or clarified at the next class. | + | 3. What concept in economics have you had the most difficulty understanding so far? Describe what you did not, or do not, understand about it. |
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| | 4. Do you think the converse of Gresham's Law is true with respect to speech and conversation, such that good speech or conversation (such as discussing the Bible) drives out bad? Explain. | | 4. Do you think the converse of Gresham's Law is true with respect to speech and conversation, such that good speech or conversation (such as discussing the Bible) drives out bad? Explain. |
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| | 5. Explain the difference between total cost, average cost, and marginal cost. | | 5. Explain the difference between total cost, average cost, and marginal cost. |
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| − | 6. Suppose you decide you could profitably set the price for a homeschool dance at $15 per ticket, and it would have attracted 150 people. You also determine that 50 out of the 150 people who would have attended would have paid $20 per ticket and 10 out of the 150 would have paid $25 per ticket, and 5 out of the 150 would have paid $30 per ticket, because they would have enjoyed and benefited so much from it. However, the homeschool dance was never held because no one "got around to it." What is the loss in wealth or consumer surplus due to the fact that the event was ''not'' held? | + | 6. Suppose you decide you could profitably set the price for a homeschool dinner event at $15 per ticket, and it would have attracted 150 people. You also determine that 50 out of the 150 people who would have attended would have paid $20 per ticket and 10 out of the 150 would have paid $25 per ticket, and 5 out of the 150 would have paid $30 per ticket, because they would have enjoyed and benefited so much from it. However, this homeschool dinner event was never held because no one "got around to it." What is the loss in wealth or consumer surplus due to the fact that the event was ''not'' held? |
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| | 7. Is there perfect competition between homeschooling and public schools? If not, explain the imperfections. | | 7. Is there perfect competition between homeschooling and public schools? If not, explain the imperfections. |