Changes

Read, and reread, the lecture.  Complete the homework assignments through the level in which you choose to enroll in this course:

Read, and reread, the lecture.  Complete the homework assignments through the level in which you choose to enroll in this course:

1.  The supply of a good, and the demand for that good, determine both the ______ and ______ at which the good is sold (in a free market without interference).

1.  The supply of a good, and the demand for that good, determine both the ______ and ______ at which the good is sold (assuming it is a free market).

2. Suppose the price demand curve is P = $30 - Q, where P is price and Q is quantity.  Also suppose the price supply curve is P = $6 + Q.  At what price and quantity will the good be sold?

2. Suppose the price demand curve for a particular good is P = $30 - Q, where P is the price and Q is the quantity.  Also suppose the price supply curve is P = $6 + Q.  At which price and quantity will the good be sold?

3. When the '''''supply''''' of a good or service increases, such as increasing the number of oil wells, what happens to the market price of oil?  Explain.  When the '''''demand''''' for a good a good or service increases, such more people driving cars that need gasoline (refined oil), what happens to the market price of oil?  Explain.

3. When the '''''supply''''' of a good or service increases, such as increasing the number of oil wells, what happens to the market price of oil?  Explain.  When the '''''demand''''' for a good a good or service increases, such more people driving cars that need gasoline (refined oil), what happens to the market price of oil?  Explain.

4. Why do grocery stores lower the price of their fruit (such as grapes) when they have too many of that fruit and they are on the verge of rotting?  Explain by citing the downward slope of a demand curve, and describe what happens to this fruit after the grocery store lowers its price.

4. Why do grocery stores lower the price of their fruit (such as grapes) when they have too many of that fruit and they are on the verge of rotting?  Explain by citing the downward slope of a demand curve, and describe what happens to this fruit after the grocery store lowers its price.

5. When the New York Yankees built their new $1.5 billion ballpark, they made a decision about how many "obstructed view" bleacher seats to include.  Due to the design of this new stadium, people sitting in these bleacher seats could not see all of the field because something blocks part of their view.  Here is what the supply and demand are for those obstructed-view seats:

5. When the New York Yankees built their new $1.5 billion ballpark, they made a decision about how many "obstructed view" bleacher seats to include.  Due to the design of this new stadium, people sitting in these bleacher seats could not see all of the field because part of the stadium structure blocks part of their view.  Here is what the supply and demand are for those obstructed-view seats:

{| class="wikitable"

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6.  "Time is money."  Explain.  Or, as an alternative, improve on our definition of a "free market."

6.  "Time is money."  Explain.  Or, as an alternative, improve on our definition of a "free market."

7. Suppose you work for a store and its owner arrives one day and tells you that wants to set new prices for every good in the store.  He declares that he is the owner, and he should be able to sell his goods and whatever price he chooses.  Will he succeed in this strategy, or is there another force outside the control of the owner that will determine the sales prices?  Explain to the owner what your opinion is of his approach, using basic concepts in this lecture.

7. Suppose you work for a store and its owner arrives one day and tells you that he wants to set new prices for every good in the store.  He declares that because he is the owner, he should be able to sell his goods and whatever price he chooses.  Will he succeed in this strategy, or is there another force outside the control of the individual owner that will determine the sales prices?  Explain to the owner what your opinion is of his approach, using basic concepts in this lecture.

===Honors===

===Honors===

8.  Discuss the effect of supply and demand and the Tyndale Bible.

8.  Discuss the effect of supply and demand and the Tyndale Bible.

9.  Is there a supply and demand curve for homeschooling, or homeschooling courses?  Discuss.

9.  Is there a supply and demand curve for homeschooling, or homeschooling courses like this one?  Discuss.

10.  Explain your opinion of the Democratic health plans pending in Congress.

10.  Explain your opinion of the Democratic health plans pending in Congress.

11.  How are the forces of supply and demand and the free market helpful to someone who might otherwise be an outcast in a community?  Alternatively, discuss the "free market" more generally.

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?  Alternatively, discuss the social benefits of a "free market" more generally.

12.  Should providers of abortion services be required to fully disclose to mothers the harm that abortion causes?  Discuss in the context of requiring disclosure of information by sellers of goods and services.

12.  Should sellers of goods or services required to fully disclose to mothers the harm that their goods or services causes?  Discuss, providing a specific example of a harmful good or service.

== References ==

== References ==