Ecn361 dq 1 - Study guides, Class notes & Summaries

ECN 361 Topic 8 DQ 1 Participation & Responses

Topic 3 DQ 1: Consider the market for white athletic socks, which consumers consider to be identical products. If the demand is very elastic and the supply is very inelastic, how would the burden of a new tax on athletic socks be shared between consumers and producers? What if the situation were reversed – a very inelastic demand and a very elastic supply? How would that change the way consumers and producers share the burden of the new tax? Justify your answer.

Topic 1 DQ 1: If the United States could produce five televisions per hour of labor and China could produce three televisions per hour of labor, would it necessarily follow that the United States should specialize in television production? Why or why not?

ECN 361 Topic 7 DQ 1 Participation & Responses

Topic 4DQ1 The creation of knowledge is a public good. Because knowledge is a public good, profit-seeking firms tend to free-ride on the knowledge created by others and, as a result, devote too few resources to the creation of knowledge. How does the U.S. government correct for this apparent market failure?

ECN 361 Topic 7 DQ 1 Participation & Responses

Topic 2 DQ 1: Explain the difference between change in quantity demanded and shift in demand. What causes change in quantity demanded? What causes a shift in demand?

ECN 361 Topic 4 DQ 1 Participation & Responses

ECN 361 Topic 3 DQ 1 Participation & Responses

ECN 361 Topic 6 DQ 1 Participation & Responses