Problems (Microeconomics)

Criteria

Points

Possible

Points

Earned

Instructor’s

Comments

Question 1

a. Equilibrium wage

5

b. Will this increase the number of people entering the market and why?

5

c. With this increase the number of people hired and why?

5

Question 2

a. Graph

8

b. Explain the Outcome

7

Question 3

a. Graph

8

b. Explain problems with determining the new price

7

Question 4

Explanation (must include characteristics of a public good)

15

Total

60