ECON1160 Assignment 1
Your answers should be submitted from the quizzes page of the course. The link from the quizzes
page is: Assignment 1.
Though your answers are submitted through the quizzes link, this is not a test.
This assignment is due Aug 31 by 1
1. Which of the following illustrates the law of demand?
e. a and c
2. If Max's demand for hot dogs falls as his income rises, then for Max hot dogs are
b. an inferior good.
3. As the price of good A rises, the demand for good B rises. Ther
What business did you select?
What type of financing did you choose?
Own money (first time bank loan)
How many stations did you have?
8 stations throughout the entire game, though they changed
- 5 3D
- 2 robot comics
- 1 video game
4 video ga
Laundry Shop Game
a). Fixed Costs Rent, Business loan, Insurance, Supplies
b). Variable costs- Electricity, Water, Sewer, and Gas
c). Staff was added at level 2 and level 5
Production items added- A washing machine at leve
Market: Labor Force
Right shift in demand
Change in demand
The labor force was affected, due to seasonal layoffs and employers are experiencing a
rightward shift in demand, while trying to find applicants to fill current p
Discussion 2 - shift/changes in supply or demand. Find an example in an online article of one of the
following four possible initial shift or change in supply/demand:
1. Shift of the demand curve and which direction
2. Shift of the supply curve and which
For years now Japan has faced problems with the popular ore-ore sagi (Its me! Its me!) scam.
A man will make phone calls, say Hey, its me! and if they get lucky the victi
This article is about something that is related to the earthquake and flood that happened on
March 11, 2011.
In the Fukushima prefecture in Japan a nuclear plant spewed out more radiation than the at
"What has the Diet been doing as 70,000 people are forced to evacuate and wander
outside of their homes?"
But his expression became grave when discussing the 20-km no-go zone in Fukushima,
Market Failure a situation in which the market does not provide the ideal or optimal amount of a good
Externality a side effect of an action that affects the well-being of third parties
Negative Externality the condition when
Antitrust Law - legislation passed for the stated purpose of conrolling monopoly power and preserving and
Sherman Act (1890), Clayton Act (1914), Federal Trade Commission Act (1914), RobinsonPatman Act (1936), Wh
Market Structure The environment of a firm, whose characteristics influence the firms pricing and output
There are many sellers and many buyers, none of which is large in relation to a total sales or
Price Elasticity of Demand A measure of the responsiveness of quantity demanded to changes in price.
More specifically, it addresses the percentage change in quantity demanded for a given percentage
change in price. (Keep in mind percen
The willingness of buyers to purchase different quantities of a good
At different prices
During a specific time period (per day, week, etc.)
Market any place people come together to trade
Law of Demand as the price of a
Good anything from which individuals receive utility or satisfaction
Ex. Computer, car, watch, TV set, friendship, love, smoking
Can be tangible or intangible
Bad anything from which individuals receive disutility or dissatisfaction