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Please answer all 5 discussion questions
Should Peyton Manning mow his own lawn? Suppose Peyton can do the job in 2 hours, or he can hire a gardener, Kris, to do it in 3 hours. Kris charges $30 an hour. Who should do the job, Peyton or Kris? Explain. Be sure to use some economic concepts in your post such as supply and demand. And don’t forget to cite any sources you used.
Demand by households is often affected by fluctuation in the economy and income. Think of the relationship between income and demand and discuss the following questions: What are “normal” goods? Define and give an example in our current economy. What are “inferior” goods? Define and give an example in our current economy. Do you think luxury goods have more elastic or inelastic demand? Explain.
Do some research on your own and find at least two sources that discuss the ‘Law of Diminishing Returns’. Then explain what you think this means in your own words using two examples to support your narrative. One example should be related to ‘consumption’ (utility) and the second one should focus on production. Don’t forget to cite the sources you used concerning the ‘Law of Diminishing returns’.
Firms with market power are often able to practice price discrimination. This occurs when the seller can charge different prices for the same good. What are some examples of price discrimination that you have experienced in the market? What are some advantages of price discrimination for the firm? Consumer?
While some of you may not choose to enter economics as a profession, hopefully you have gained some understanding of economic issues from the course. Pick any current event that interests you. Briefly summarize the event for your classmates and then apply one of the economic concepts from the course. What are the implications of this event for our economy?
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