Text book: Microeconomics A contemporary Introduction (10e) by William A McEachern.
Question #1: Using a product of your choice along with prices and quantities you select, create a tutorial that will teach somebody how to draw a supply curve, a demand curve, and determine the equilibrium point. Also explain the factors that could cause the supply and demand curves to shift up or down.
Question #2: A) Cafe Hola in Fernandina Beach sells cortadito coffee drinks for $4 each and customers buy 200 each day. They raise the price to $6 and sell 180 each day. Calculate the elasticity of demand (show calculations) and explain if they should maintain the new price or change it.
B) The Amelia Tavern sells their Beachside Bilge Beer for $6 a pint and sells 150 each day. They lower the price to $4 and sell 170 pints. Calculate the elasticity of demand (show calculations) and explain if they should maintain the new price or change it.
C) The Amelia Tavern hires you to develop a dinner special that will have an inelastic demand among customers so that they can charge a high price for it. How would you decide on the best way to do this while establishing a healthy profit margin? Assuming this is a free market, why is it difficult to maintain inelastic demand and high profits?
Question #3: Every year gym memberships go up after New Year’s then are back to normal by the end of March. Based on your understanding of utility theory, how would you try to keep demand for gym memberships from dropping off? Next, pick another area where this strategy could be successfully adopted.
Question #4: Say that the Trump administration hires you to develop two alternative approaches to health care reform. One is a free market approach where government provides legal regulation but no funding. The other is a monopoly approach with no competition and the government as the only provider. Based on what we are learning in this course and any additional economics research you choose to do, explain how you would design each alternative for maximum effectiveness and efficiency.
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