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Economics
Economics
Third Lecture – Elasticity
<br>Third Lecture – Elasticity
Instructor, Andy Schlafly
<br>Instructor, Andy Schlafly
Outline of Lecture:
Outline of Lecture:
2. A good that is addictive often has (elastic or inelastic) demand for it. Choose the correct answer.
2. A good that is addictive often has (elastic or inelastic) demand for it. Choose the correct answer.
3. Give examples of a complement and a substitute for breakfast eggs.
3. Give examples of a complement and a substitute for breakfast eggs.
Intermediary:
Intermediary:
4. Describe a perfectly elastic demand curve, and a perfectly inelastic one.
4. Describe a perfectly elastic demand curve, and a perfectly inelastic one.
5. If the demand curve is a straight line having negative slope (i.e., increasing quantity as price decreases), then draw or describe the shape of its curve for price elasticity of demand:
5. If the demand curve is a straight line having negative slope (i.e., increasing quantity as price decreases), then draw or describe the shape of its curve for price elasticity of demand:
6. Describe what a negative income elasticity of demand means. Give an example of a good or service that might have a negative income elasticity of demand.
6. Describe what a negative income elasticity of demand means. Give an example of a good or service that might have a negative income elasticity of demand.
Honors:
Honors:
7. Suppose the demand for a special type of colored corn is inelastic. Suppose there was a disease that uniformly killed 20% of all the cornstalks, but did not affect demand at all (i.e., the public was not scared by the disease). Explain if corn farmers are better or worse off due to the disease, and why.
7. Suppose the demand for a special type of colored corn is inelastic. Suppose there was a disease that uniformly killed 20% of all the cornstalks, but did not affect demand at all (i.e., the public was not scared by the disease). Explain if corn farmers are better or worse off due to the disease, and why.
Write an essay of about 200 words total on one or more of the following topics:
Write an essay of about 200 words total on one or more of the following topics:
8. Should there be a minimum wage law?
<br>8. Should there be a minimum wage law?
9. Does free trade add value or simply redistribute wealth?
<br>9. Does free trade add value or simply redistribute wealth?
10. Is economics almost always determinative of the outcome on political issues, such as elections?
<br>10. Is economics almost always determinative of the outcome on political issues, such as elections?