Difference between revisions of "Economics Homework Thirteen Answers - Student Nine"
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'''Mark Brown''' | '''Mark Brown''' | ||
| + | '''2.''' Free Trade | ||
| − | + | :Right. | |
'''3.''' It is supposed to protect the banking system from collapse. | '''3.''' It is supposed to protect the banking system from collapse. | ||
| + | |||
| + | :Correct. | ||
'''4.''' Inelastic | '''4.''' Inelastic | ||
| + | |||
| + | :Correct again. | ||
'''6.''' The high short run prices are to encourage people to purchase tickets early. If consumers wait till a few days before the flight they could force the airline to add another airplane to their schedule to carry the load. This increases their variable costs. | '''6.''' The high short run prices are to encourage people to purchase tickets early. If consumers wait till a few days before the flight they could force the airline to add another airplane to their schedule to carry the load. This increases their variable costs. | ||
| + | |||
| + | :Good explanation from the perspective of the seller (airlines). | ||
'''7.''' The firms sell slightly differentiated goods because if the goods were all the same, then they would be very price elastic. If one producer increased his price then many consumers would buy substitutes. | '''7.''' The firms sell slightly differentiated goods because if the goods were all the same, then they would be very price elastic. If one producer increased his price then many consumers would buy substitutes. | ||
| + | |||
| + | :Good analysis. | ||
| + | |||
| + | :Perfect ending to terrific homework throughout the course. 50/50. Congratulations.--[[User:Aschlafly|Andy Schlafly]] 23:26, 19 December 2009 (EST) | ||
| + | |||
| + | [[Category:Economics Homework Thirteen Answers]] | ||
Latest revision as of 17:07, March 13, 2010
Economics homework 13
Mark Brown
2. Free Trade
- Right.
3. It is supposed to protect the banking system from collapse.
- Correct.
4. Inelastic
- Correct again.
6. The high short run prices are to encourage people to purchase tickets early. If consumers wait till a few days before the flight they could force the airline to add another airplane to their schedule to carry the load. This increases their variable costs.
- Good explanation from the perspective of the seller (airlines).
7. The firms sell slightly differentiated goods because if the goods were all the same, then they would be very price elastic. If one producer increased his price then many consumers would buy substitutes.
- Good analysis.
- Perfect ending to terrific homework throughout the course. 50/50. Congratulations.--Andy Schlafly 23:26, 19 December 2009 (EST)