Resources Types
The heating system in the yoga studio is an example of what type of resource?
What is Capital?
Students making the choice to come to yoga exemplifies which economic system?
What is the Market economic system?
Are the wages that Sean and Karen pay their instructors an implicit or explicit cost?
What is Explicit?
If Pilates are a substitute for hot yoga, and the price of going to pilates falls, should Amazing Yoga expect more or less business?
What is less business?
Amazing yoga cannot offer classes at all times throughout the day because of what fundamental economic problem that everyone experiences?
What is scarcity?
The water used to clean the studio is what type of natural resource?
What is renewable?
Karen teaches the Saturday morning class because she has always taught the Saturday morning class. This is an example of which economic system?
What is a Traditional System?
In the short run, is the insurance policy that Sean and Karen pay a fixed or a variable cost?
What is fixed?
Harry Styles was recently spotted at an Amazing Yoga class. What is going to happen to the demand for Amazing yoga?
What is demand will increase?
Fewer people attend yoga classes because of the Covid-19 pandemic. If the cost of producing yoga classes is the same, should Sean and Karen expect to have the same profit as before the pandemic?
What is no?
What type of resource is the yoga studio?
What is a Capital Resource?
The total cost to teach 3 classes per day at Amazing Yoga is 120 dollars. The fixed cost to operate the studio for one day is 20 dollars. What is the variable cost of producing 3 classes?
What is 100 dollars?
When calculating their economic profit, Sean and Karen would not include which of the following? Their forgone salaries from their previous job, their rent, the price of cleaning services, the total revenue from other studios in the area
What is the total revenue from other studios in the area?
If people in the neighborhood want to attend two classes per day instead of one, but the number of people who are interested in yoga is the same, is this a change in demand or quantity demanded?
What is a change in quantity demanded?
During the month of December, Amazing Yoga’s marginal revenue was lower than its average total costs. Did Amazing Yoga make a profit or a loss?
What is a loss?
If the instructors need more essential oil to run their business than is available in Pittsburgh, and essential oil is nonrenewable, essential oil is ------.
Daily Double!!!!
Sean and Karen find that hosting a fifth class per day results in more cost to them than it does profit. This pattern follows which law from Unit 3?
What is the Law of Diminishing Returns?
Sean and Karen would shut down Amazing Yoga when…
What is they cannot cover their average variable costs?
If a new yoga studio opens up in the area, and a new population of yogis moves to Pittsburgh, what will happen to the price of classes at Amazing Yoga?
What is the price will be indeterminate?
Would the demand curve for Amazing Yoga be more or less elastic than the curve for a perfectly competitive firm?
What is less elastic?
Karen took a risk by bringing a new style of yoga called "candle-lit flow" to Pittsburgh. No other studio in Pittsburgh had used this method. What is Karen an example of?
What is an entrepreneur?
What type of Market structure is Amazing yoga if they sell a differentiated product, they are a price maker, there is easy entry/exit into the market, and there are many small firms?
What is monopolistic competition?
If Amazing Yoga is a small firm with only 1 location and has no intention of growing, does it take advantage of economies of scale?
What is no?
If Allegheny County puts a price ceiling on Yoga Classes, this will cause a … of yoga classes in the area?
What is a shortage?
Does Amazing Yoga achieve allocative efficiency?
What is no?