ECON 545 Business Economics Week 1 Discussions Devry

ECON 545 Business Economics

Week 1

Week 1 DQ 1 Supply and Demand (Graded)

Let's discuss the tutorial Understanding and Applying Supply and Demand in our Lecture this week. What is the difference between a change in demand versus a change in quantity demanded? A change in supply versus a change in quantity supplied? Why is it so important to differentiate between these similar-sounding terms?

Week 1 DQ 1  Elasticity and the Minimum Wage (Graded)

What are your thoughts about minimum wage legislation? What kind of a price-control policy is this? Who gains? Who loses? Are there alternatives to this legislation for achieving the same policy objectives? What role do demand and supply elasticities play in determining outcomes?

 What are your thoughts about minimum wage legislation? What kind of a price-control policy is this? Who gains? Who loses? Are there alternatives to this legislation for achieving the same policy objectives? What role do demand and supply elasticities play in determining outcomes?