Money Hungry Schools
At the prom, everyone danced themselves out to the point that they were incredibly dehydrated. Pine Crest, being as money hungry as they can be, wants to know if they can raise the prices. They found that they can charge more and people will still buy it, this is because the demand for the product can be classified as this
Inelastic
I spent 20 mins walking on the treadmill and gained 20 utils. I spent 10 mins lifting weights and gained 15 utils. I should make this change to maximize my time in the gym.
Less treadmill, more weights
With the US constantly raising tariffs on countries, according to AP Macroeconomics, this will happen to the dollar, even it is in reality more complicated.
Appreciate
In the Marvel world, superheroes became privatized. While they did save the people they needed, their mass destruction caused the SOKOVA Accords to limit them. This is because their existence caused, in economic terms, this
Negative Externality
If widget A has a cross price elasticity of -.5 with widget B and an income elasticity of 2, this means that widget A is this when compared with good B and will do this when incomes rise.
Compliments, Increase in demand
The student union charges ridiculous amounts for food and drinks that could otherwise be purchased elsewhere for cheaper. They can charge these prices because there are ____ barriers to entry, making this similar to this type of firm.
High, Monopoly
People who are seniors are willing to pay less for the gym's lifetime membership pass because they have less years left. In order to get seniors to buy, they offer them a discount. What is this an example of?
Price discrimination.
Depreciation
In the movie Interstellar, the government had to fund space exploration to discover no planets, because the people had no incentive to do it. In effect they made space travel this type of good.
Public Good
Milk and Cereal classic complements must have a cross price elasticity that is this
negative
When parents decide to send their kids to Pine Crest, they are balancing the benefits they gain against the cost. While the expensive tuition plays a role, the family is also considering the pain of having to move and the 1-hour drive to school they would have to make each day. Costs like these that aren’t directly monetary are an example of these types of costs.
implicit costs
The local gyms in the area are earning a profit. Since the gym industry is this type of industry, the cost to get inputs like weights will go up as firms enter.
Increasing Cost Industry
The growth in technology, like self driving cars, has led to a lot of benefits in society, even to those who don't use it directly. This means technology can be said to cause this, and means we are producing ____ of it to be optimal.
Positive externality, too little
BaBa Black Sheep is the only sheep with black wool. This makes the supply of his wool this
relatively inelastic
Da Vinci's paintings have a set supply, as Da Vinci died long ago, which means the supply for his paintings is this.
perfectly inelastic
Pine Crest, American Heritage, and Saint Andrews, all private schools, have decided to collude to keep tuition high. This can be done because they are operating as these types of firms
oligopolys
During a Crisis like COVID-19, the economy experiences a recession. These are what happens (like stimulus, or cuts of taxes) automatically without new government intervention as an attempt to lower the effects of the recession.
Automatic Stabilizers
Entered the market, Economic Profits to 0
Having this type of demand means that the consumers will bear more of a tax burden.
Inelastic demand
A student at Pine Crest decides to start selling homework to the students around them. However, his plans are quickly foiled when one student who buys his work ends up sharing it with other people who did not purchase from him. This is an example of this problem in economics.
The Free-Rider Problem
In microeconomics, profit-maximizing firms will keep ‘pumping’ out units until these two measures meet—what rule is this?
MR = MC
Booking a flight to Chicago urgently, the day before, may cost more than the family booking it months in advance. This is an example of an airline doing this.
Price Discriminating.
In the movie I, Robot, one company was the sole producer of all the robots. Because of this, they were able to scale to a point where it was best for the government to allow this one firm to produce all the robots. This makes this firm this type of monopoly.
natural monopoly
If the income elasticity of demand for steak is 1.5. Steak is this type of good and this will happen to its demand if incomes fall?
Normal, Demand Will Fall