ECN 361 Week 2 Discussions: DQ 1, DQ 2, DQ 3
ECN 361 Week 2 Discussion Question 1, Participation, Responses
Explain the difference between change in quantity … and shift in demand. What causes change in quantity demanded? What causes a shift in demand?
ECN-361 Week 2 Discussion Question 2, Participation, Responses
Adam and Barb go to the store to purchase some lottery tickets. Without looking at the price, Adam says, “I’ll take 10 lottery tickets,” and Barb says, “I’ll take $10 worth of lottery tickets.” What is each person’s price elasticity of demand for lottery tickets? Explain your answer
ECN 361 Week 2 Discussion Question 3, Participation, Responses
Suppose a farmer knows that he will … able to harvest and sell 3,000 bushels of wheat. Would he prefer a market in which conditions are favorable and most farmers harvest large crops or a market in which conditions are unfavorable and many farmers harvest small crops? Why?
