EC 111 Honors
1. Say half of the cost of producing wheat is the rental cost of land (a fixed cost) and half
is the cost of labor and machines (a variable cost). If the average total cost of producing
wheat is $8 and the price of whe
December 5, 2013
Should College be Free?
The price of tuition at public colleges has [increased] 25 percent since 2008 [and] students
increasingly face a choice: take on crippling debt or forgo colleg
Private Cost (cost borne by the producer of a g/s).
Social Cost (total cost of producing a g/s, including private and external).
Private Benefit (benefit received by consumer of a g/s).
Social Benefit (total benefit from consuming a g/s, including privat
October 29, 2013
Should Public Universities Offer Differential Tuition?
According to the Cornell Higher Education Research Institute, 29 percent of four year
public colleges had differential undergraduate tuiti
September 19, 2013
Is College Too Expensive?
Prices for undergraduate tuition, room, and board at public institutions rose 42 percent
from 2000 to 2011. (U.S. Department of Education). What causes the price of
Chapter 6: Elasticity The Responsiveness of Demand and Supply
September 12, 2013
Elasticity (measure of how much one economic variable responds to changes in another
economic variable ex: quantity demanded and price.
Price Elasticity of
Chapter 4: Economic Efficiency, Government Price Setting, Taxes
September 11, 2013
Price Ceiling (legally determined maximum price that sellers may charge).
Price Floor (legally determined minimum rice that sellers may receive).
Chapter 3: The Demand Side of the Market
September 3, 2013
Perfectly Competitive Market (meets conditions of buyers/sellers, firms selling same products, no
barriers to new firms entering market).
A. Demand Schedules and Demand Cur
EC 111H 01
August 29, 2013
Chapter 2: Trade-Offs, Comparative Advantage, and the Market System
Scarcity (when unlimited wants exceed the limited resources available).
As a result, there are trade-offs for time, g/s, and factors o