1. Explain Elasticity of Demand and its practical importance when government imposes a tax on a commodity.
2. What is your understanding of behavioral economics?
3. Is it possible to get so much of a good that it turns into a bad? If so, give an example.
4. Discuss “the short-run vs. the long-run in” in measuring costs.
5. Provide and discuss a good example of price elasticity of demand
6. Explain why earning zero economic profit is not as bad as it sounds.
7. Explain the requirements in a perfectly competitive market.
8. Explain competition as a market structure.
9. Under what condition will a monopoly firm incur losses?
10. Discuss the advantages and disadvantages of regulation (as you see it).
Additional questions for Econ 1N.
11. Do you think land monopoly is a hindrance to economic development and national industrialization? Explain.
12. Why is land reform a centerpiece program of every regime?