What are the production costs of a face-to-face economics

Reference no: EM133439384

Question 1. What are the production costs of a face-to-face economics class in the short run? (Production costs - NOT Consumer costs!) Consider the fixed costs and the variable costs in the short run. What is the marginal cost of enrolling more students in one class? What does that say about classroom size (number of students?) Based on your analysis, would a college prefer to have two economics classes with 25 students each, or one class with 40 students?

Remember, I am asking about the costs to produce the face-to-face class, not the cost to students.

2. Respond to this classmate. Do you agree with the economic principles they chose to justify their answer? Tell us why or why not using principles from the text. Below is the student's response.

The price elasticity of demand is considered perfectly elastic. This means that consumers will receive a set price when they are ready to purchase their tickets and if there is any slight increase in price it decreases the quantity demanded. Since the price elasticity of demand is considered perfectly elastic the quantity demanded is infinite. In this example, the demand for tickets is infinite as people would wait in line days in advance but also there would be people who would never be able to even get tickets. The price elasticity of supply is considered perfectly inelastic. This is because even though there is a demand for tickets there is no change in the price. This also means that the quantity supply is fixed meaning there is only a certain amount of tickets that are able to be sold according to how much the stadium can hold, in our case 65,000.

Reference no: EM133439384

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