Economics Homework Three Answers - Student Two - Revision history

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Karajou: Reverted edits by Cukuplz (talk) to last revision by Taj

2011-08-31T01:08:29Z

Reverted edits by Cukuplz (talk) to last revision by Taj

Cukuplz at 01:06, August 31, 2011

2011-08-31T01:06:28Z

Taj: categorizing

2010-01-29T20:43:25Z

categorizing

Aschlafly: well done

2009-09-26T04:13:47Z

well done

Seth9000: Created page with 'Seth P. 1.Pizza is an example of a good that has a large price elasticity, meaning that a small decrease in price causes a big increase in demand. 2.An example of the concept ...'

2009-09-24T02:39:01Z

Created page with 'Seth P. 1.Pizza is an example of a good that has a large price elasticity, meaning that a small decrease in price causes a big increase in demand. 2.An example of the concept ...'

New page

Seth P.

1.Pizza is an example of a good that has a large price elasticity, meaning that a small decrease in price causes a big increase in demand.

2.An example of the concept of income elasticity is, if someone had a job making $7.50 an hour. Then if they get a promotion to $8 an hour they could buy more stuff or save that extra .50 for later. So income elasticity is if you get more money you have a choice to make.

3.A nearly perfectly elastic demand curve is nearly horizontal line in shape; a nearly perfectly inelastic demand curve is nearly vertical line in shape.

4.A necessity is something you have to buy no matter what the price is because you can't live with out it like clothes, food, housing, gas. A luxery is stuff you can get but you don't really need. You can live without them, like video games, a beach front house, eating out.

5.At McDonald's a substitute for french fries would be apple fries. A compliment for french fries is a hamburger.

6.A normal good is something that people buy more of when their income is high like steak. An inferior good is something people buy less of when their income is high like beans.

7.A price ceiling that is set below the equilibrium price would cause a shortage, because the demand exceeds the supply. A price ceiling made the price really cheap so people are going to rush to buy. So the supply is going to run out way quicker than the demand.

11.There are so many factors to minimum wage, it is pretty much impossible to say that it is a good thing or a bad thing because on one side its a good thing because the person that gets the job will have enough money to live on in some cases. Then again on the other hand, it's also bad because store owners can't hire as many people because they can't afford to give out that much money to employees. So it lessens the amount of jobs. So this is a hard subject and there is not any right answer or wrong answer. But in my opinion, minimum wage being a good thing or a bad thing depends on how old you are and what your living conditions are. So for someone like a teenager to young adult, it would be a great thing and make their life easier. But someone else like an older adult, would find it being not enough to live on. I guess my view on minimum wage is right now it would be a good thing for me and I like it but when I get older I'm not going to like it as much because I'm going to need more to live on.

← Older revision		Revision as of 19:59, April 17, 2013
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	:Good answers and overall high quality homework. Score: 67/70 + 38/40 = 105/110. Well done!		:Good answers and overall high quality homework. Score: 67/70 + 38/40 = 105/110. Well done!
		+
		+	==See Also==
		+	[[Economics Model Answers Three - 2013]]

	[[Category: Economics Homework Three Answers]]		[[Category: Economics Homework Three Answers]]

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	Seth P.		Seth P.

← Older revision		Revision as of 01:06, August 31, 2011
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← Older revision		Revision as of 20:43, January 29, 2010
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	:Good answers and overall high quality homework. Score: 67/70 + 38/40 = 105/110. Well done!		:Good answers and overall high quality homework. Score: 67/70 + 38/40 = 105/110. Well done!
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		+	[[Category: Economics Homework Three Answers]]

@@ Line 2: / Line 2: @@
 .Pizza is an example of a good that has a large price elasticity, meaning that a small decrease in price causes a big increase in demand.
 .An example of the concept of income elasticity is, if someone had a job making $7.50 an hour. Then if they get a promotion to $8 an hour they could buy more stuff or save that extra .50 for later. So income elasticity is if you get more money you have a choice to make.
 .A nearly perfectly elastic demand curve is nearly horizontal line in shape; a nearly perfectly inelastic demand curve is nearly vertical line in shape.
 .A necessity is something you have to buy no matter what the price is because you can't live with out it like clothes, food, housing, gas.  A luxery is stuff you can get but you don't really need.  You can live without them, like video games, a beach front house, eating out.
 .At McDonald's a substitute for french fries would be apple fries.  A compliment for french fries is a hamburger.
 .A normal good is something that people buy more of when their income is high like steak. An inferior good is something people buy less of when their income is high like beans.
 .A price ceiling that is set below the equilibrium price would cause a shortage, because the demand exceeds the supply. A price ceiling made the price really cheap so people are going to rush to buy. So the supply is going to run out way quicker than the demand.
 .There are so many factors to minimum wage, it is pretty much impossible to say that it is a good thing or a bad thing because on one side its a good thing because the person that gets the job will have enough money to live on in some cases. Then again on the other hand, it's also bad because store owners can't hire as many people because they can't afford to give out that much money to employees. So it lessens the amount of jobs. So this is a hard subject and there is not any right answer or wrong answer. But in my opinion, minimum wage being a good thing or a bad thing depends on how old you are and what your living conditions are. So for someone like a teenager to young adult, it would be a great thing and make their life easier. But someone else like an older adult, would find it being not enough to live on. I guess my view on minimum wage is right now it would be a good thing for me and I like it but when I get older I'm not going to like it as much because I'm going to need more to live on.