ECON QUESTIONS

2

1. Provide examples of a variable that affect the supply curve and a variable that affects the demand curve. 

2. Think of a product or service that use in your everyday life or workplace. Describe how the supply or demand of this product might be changed.

3

Movie theaters, airlines, and many other businesses like to charge customers different prices based on time of the day, age, and purchase dates. Why? Provide an example of a price discrimination for a good or service that you thought it to unfair. Do you still believe that the discrimination is unjustifiable?

4

For this week’s discussion, come up with an example of diminishing marginal utility you’ve encountered recently.

5

https://www.coolmathgames.com/0-lemonade-stand

Complete the following  simulation  and answer the questions below.

· What factors affected demand for your product?

· What pricing strategies did you use?

· Describe your most successful day and your least successful? Why were they successful or unsuccessful?

· What was your total # of cups sold at the end of the week?