ECO 112 WA 3
1. Why is the concept of elasticity important? What does it tell economists? Tell whether you
would classify automobile production as either elastic or inelastic in the short run and long run.
(Keep in mind that we are talking h
Written Assignment 8
1. In your textbook (Chapter 17, Figure 4), you see a common resources game that
asks, "Should we drill another well or not?" Consider this game and describe what the
dominant strategy is (as per the textbook). Consider
Written Assignment 5
1. Describe both quotas and tariffs. How do they impact domestic prices and deadweight
An import quota is a trade restriction that sets limits on the quantity of a
good that can be imported into a country d
Written Assignment 7
1. In order to determine whether time is being spent optimally, a commercial fisherman has
recorded the following information over the past year: hours spent fishing and quantity of fish
caught. What is the margi
1. Answer each of the following questions on supply and producer surplus.
a. What is producer surplus, and how is it measured?
Producer surplus measures the benefit to sellers of participating in a market. It is
measured as the
1. Define Scarcity. Provide examples of goods that are not scarce.
Scarcity is the basic economic issue that arises because people have unlimited things they
want tbut the means to which to get them is limited. Scarcity makes various ec
ECO 112 - WA 2
Gary and Diane must prepare a presentation. As part of their presentation, they must do
a series of calculations and prepare 50 PowerPoint slides. It would take Gary 10 hours
to do the required calculations and 10 hours to pre
ECO 112 WA 6
Written Assignment 6
1. Why do salmon populations face the threat of extinction while goldfish populations are in no such
No one owns the wild salmon while private individuals own goldfish. The profit motive leads to
Written Assignment 9
1. Describe the process by which the market for capital and the market for labor reach
equilibrium. What happens to each if demand for the final product were to increase? Why?
The market for capital and the market for la
Written Assignment 10
1. Describe each of the four properties of indifference curves.
No two distinct indifference curves can cross. indifference curves are downward sloping
between two indifference curves, the one that is above the other ha