Individual supply curves generally slope _ because _.
a. downward; individual's become more efficient with practice
b. upward; profits increase with quantity
c. downward; inputs are cheaper when purchased in high volume
d. upward; th
This is the first Problem Set covering Chapters 1, 3 and 4 of the text.
It is Open Notes and Open Book.
You will be able to stop and start and take as many attempts as you
want. I will use the last attempt for grading purposes.
1. (25 pts) A popular restaurant charges lower prices for alcoholic drinks in the late afternoon (46pm), but offers no such discounts at lunchtime or on weekends. What is different about
demand characteristics for the same product at the same location but
1. (15) pts) You are in the market for a new refrigerator for your companys lounge. You have
narrowed the search down to 2 models. The energy efficient model sells for $700 and will save
you $45 at the end of each of the next 5 years in electricity costs.
I usually start my work from 6am to 2pm, In the past couple days I had to make decision
between giving my best friend a ride to airport at 1pm and going to work, given that my friend
always give a ride in case of going to the airport or when my car break
Introduction and Purpose of Assignment
This assignment is designed to test your knowledge of the material covered this week and your
understanding of budget constraints, opportunity costs, and supply and demand.
Upon completion of this assignme