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

Assignment Help Macroeconomics

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

Questions Cloud

Advantages and disadvantages of different research methods : What are some of the advantages and disadvantages of different research methods such as experiments vs. analyzing past situations?

Review new york mandated reporter statute : Review new york mandated reporter statute. Provide details about this in your post. If faced with a mandated reporter issue, what are the steps in reporting

Discuss the effects on future generations : Discuss the effects on future generations resulting from an increase in G in the present (financed by borrowing in a closed economy)

Define and discuss the pathophysiology of esophageal varices : Define and discuss the pathophysiology of esophageal varices and portal hypertension. What do Mr. Eggert's laboratory tests indicate about his current health

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

Discuss the macroeconomic policies that can be adopted : Discuss the macroeconomic policies that can be adopted by Malaysia to mitigate the macroeconomic problems. (Please provide the link for article)

What will happen to the percentage of your income : if your household's income increases and you are subject to a progressive tax system, what will happen to the percentage (or rate) of your income that is taxed

How do you plan to apply the dmaic in a multidisciplinary : How do you plan to apply the DMAIC in a multidisciplinary team to improve the outcome? can you provide examples of your application?

Why was cotton gin important in the scientific revolution : What is the cotton gin? Who invented the cotton gin? Why was the cotton gin important in the scientific revolution?

User Account

All Pages