Monday, January 10, 2011

Honors Business Economics: HW for M-F

Monday HW
1. p. 118, How does the Law of Supply differ from thje Law of Demand?
2. p. 119, Why are the supply curves upward sloping?
3. p. 120, How might a producer of bicycles adjust supply when prices decrease?

Tuesday HW
1. p. 120, How do change in supply and change in quantity supplied differ?
2. p. 121, What effect does the introduction of new technology have on the supply curve?
3. p. 121, Why does the federal government pay such subsidies?

Wednesday HW
1. p. 123, Why do factors that cause a change in individual supply also affect the market supply curve?
2. p. 124, Which factors determine whether a firm's supply curve is elastic or inelastic?
3. p. 125, How are the elasticities of supply and demand similar? How do they differ?

Thursday HW
1. p. 125, #3-5

Friday HW
1. p. 125, #6-8