- Define Opportunity Cost. What is your opportunity cost for taking this class?
- Define positive economics and normative economics. Explain if each of the following statement is positive economics or normative economics:
- Minimum wage should be $15.00 an hour
- The average compensation package of a sample of 10 Fortune 500 companies was estimated to be $13.5 million
- Drafts for professional sports like NBA, NFL and MLB is a market solution
- Compared to a History Major an Accounting Major is expected to make significantly more
- With appropriate examples, explain change in quantity demanded and change in demand. (Bonus point for graphical explanation).
- Refer to the following graph. Define and identify demand price, supply price, consumer’s surplus and producer’s surplus. Note: for full credit, you must define each term and then identify the point or area on the graph.
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