Econ 1-18 Marginal Analysis, Elasticity, Roller Coasters

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STANDARD:
E.2.5 Describe how price elasticity of supply and price elasticity of demand send signals to buyers and sellers. (E)
E.2.1 Define supply and demand, and explain the causes of the Law of Supply and the Law of Demand. (E)
E.2.2 Provide examples of how consumers ultimately determine what is produced in a market economy.
E.2.3 Provide examples of how supply and demand determine equilibrium price and quantity.
E.2.4 Identify factors that cause changes in market supply and demand and how these changes affect price and quantity in a competitive market. (E)
E.2.6 Analyze the earnings of workers in different industries using factors such as product value, worker productivity, and market structure. (E)

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Lance Hiles

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Econ 1-18 Marginal Analysis, Elasticity, Roller Coasters


Econ 1-18 Marginal Analysis, Elasticity, Roller CoastersOnline version STANDARD: E.2.5 Describe how price elasticity of supply and price elasticity of demand send signals to buyers and sellers. (E) E.2.1 Define supply and demand, and explain the causes of the Law of Supply and the Law of Demand. (E) E.2.2 Provide examples of how consumers ultimately determine what is produced in a market economy. E.2.3 Provide examples of how supply and demand determine equilibrium price and quantity. E.2.4 Identify factors that cause changes in market supply and demand and how these changes affect price and quantity in a competitive market. (E) E.2.6 Analyze the earnings of workers in different industries using factors such as product value, worker productivity, and market structure. (E) by Lance Hiles A B C D E F G I J L M N O P R S T U W Y Contains A You can tell on a graph if the demand is elastic. An elastic demand curve is more ____ than an inelastic demand curve. Starts with B The marginal ____ curve is also the demand curve, downward sloping. (From the seller's perspective, when consumers demand products, it [same] the seller) Contains C Gas stations don’t have sales because of substitutes & because of the _____ of demand, which shows how sensitive quantity is to a change in price. e.g. When gas prices rise, people don’t buy less. They need it & there are few substitutes. Starts with D The Law of ____ ____ Utility argues that, the more of something you add, the less utility you get from that something. e.g. the difference between 100 candy bars & 101 candy bars is insignificant. Contains E You can tell on a graph if the demand is inelastic. A inelastic demand curve is ____ than an elastic demand curve. Contains F A graph of marginal benefits & costs explains why markets are ____ . When companies don't make enough candy, the marginal benefit of the last unit is larger than the marginal cost. The market tells companies to make more. Contains G You weigh the ____ ____ of eating a Snickers bar against the marginal cost of walking 5 miles to the store. A Snickers yields the highest [same], but it's not worth a 5 mile hike. A plain Hersey bar offers less [same] but its right next door. Contains I When the price of groceries goes up, we don't buy less. This is because the demand for food is _____ . A giant change in price causes minimal change in demand. There is no substitute for food. Contains J Scarcity contributes to value, but just because something is scarce doesn't make it valuable. Panda boogers are super-rare, but we don't pay an outrageous price for one. The point is, utility is ____ , and demand depends on the taste and preference. Contains L The the most important concept in microeconomics is marginal analysis. For economists, the word marginal is the same as ____ . Marginal analysis looks at how individuals make decisions. They're interested in [same] benefits and [same] costs. Starts with M Companies decide to hire employees based upon whether the ____ revenue outweighs the [same] cost (benefits, wages). If it does, that hire the person. Contains N Marginal Analysis applies to how people feel about things. e.g. Citizens get more ____ from 4 parks than from 3. But that doesn't mean the government should build 4. The government will use marginal analysis. Contains O An increase in price gives producers an incentive to produce more, so the supply curve is a marginal ____ curve. (seller's perspective: when supply drops, it [same] seller more to produce) Starts with P The fact that water is so ____ , negates the fact that it is so useful. We have more than enough to drink & shower, so additional happiness from more water is minimal. Thus, the price is low. Contains R The fact that diamonds are so ____ , negates the fact that they have no use. Diamonds must be extracted from dangerous mines, & since there are so few, the additional happiness of one more is high. Thus, the price is high. Contains S We hope the additional benefits of watching this video was greater than the additional cost. I’d say it was at least 50 ____ for me. (word to help quantify satisfaction) Contains T Marginal analysis explains the ____ ____ . A rollercoaster charges $5, but you get less utility each time, so you're not paying for a third ride. Seller gets this & charges less for the third ride, offering a buy two & get the third half off. Contains U I producers raise prices for Snickers bars, we might buy Reeses or Milky Ways instead. This is the ____ effect & it influences the demand curve. Contains W The ____ ____ paradox: [same] won't keep us alive, but are expensive. While [same] keeps us alive, but is cheap. To understand why, we use the law of diminishing utility.& marginal analysis. Contains Y To economists, the word _____ means happiness or satisfaction, which we get when consuming a service or good.

Econ 1-18 Marginal Analysis, Elasticity, Roller Coasters

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Econ 1-18 Marginal Analysis, Elasticity, Roller CoastersOnline version

by Lance Hiles

Contains A

You can tell on a graph if the demand is elastic. An elastic demand curve is more ____ than an inelastic demand curve.

Starts with B

The marginal ____ curve is also the demand curve, downward sloping. (From the seller's perspective, when consumers demand products, it [same] the seller)

Contains C

Gas stations don’t have sales because of substitutes & because of the _____ of demand, which shows how sensitive quantity is to a change in price. e.g. When gas prices rise, people don’t buy less. They need it & there are few substitutes.

Starts with D

The Law of ____ ____ Utility argues that, the more of something you add, the less utility you get from that something. e.g. the difference between 100 candy bars & 101 candy bars is insignificant.

Contains E

You can tell on a graph if the demand is inelastic. A inelastic demand curve is ____ than an elastic demand curve.

Contains F

A graph of marginal benefits & costs explains why markets are ____ . When companies don't make enough candy, the marginal benefit of the last unit is larger than the marginal cost. The market tells companies to make more.

Contains G

You weigh the ____ ____ of eating a Snickers bar against the marginal cost of walking 5 miles to the store. A Snickers yields the highest [same], but it's not worth a 5 mile hike. A plain Hersey bar offers less [same] but its right next door.

Contains I

When the price of groceries goes up, we don't buy less. This is because the demand for food is _____ . A giant change in price causes minimal change in demand. There is no substitute for food.

Contains J

Scarcity contributes to value, but just because something is scarce doesn't make it valuable. Panda boogers are super-rare, but we don't pay an outrageous price for one. The point is, utility is ____ , and demand depends on the taste and preference.

Contains L

The the most important concept in microeconomics is marginal analysis. For economists, the word marginal is the same as ____ . Marginal analysis looks at how individuals make decisions. They're interested in [same] benefits and [same] costs.

Starts with M

Companies decide to hire employees based upon whether the ____ revenue outweighs the [same] cost (benefits, wages). If it does, that hire the person.

Contains N

Marginal Analysis applies to how people feel about things. e.g. Citizens get more ____ from 4 parks than from 3. But that doesn't mean the government should build 4. The government will use marginal analysis.

Contains O

An increase in price gives producers an incentive to produce more, so the supply curve is a marginal ____ curve. (seller's perspective: when supply drops, it [same] seller more to produce)

Starts with P

The fact that water is so ____ , negates the fact that it is so useful. We have more than enough to drink & shower, so additional happiness from more water is minimal. Thus, the price is low.

Contains R

The fact that diamonds are so ____ , negates the fact that they have no use. Diamonds must be extracted from dangerous mines, & since there are so few, the additional happiness of one more is high. Thus, the price is high.

Contains S

We hope the additional benefits of watching this video was greater than the additional cost. I’d say it was at least 50 ____ for me. (word to help quantify satisfaction)

Contains T

Marginal analysis explains the ____ ____ . A rollercoaster charges $5, but you get less utility each time, so you're not paying for a third ride. Seller gets this & charges less for the third ride, offering a buy two & get the third half off.

Contains U

I producers raise prices for Snickers bars, we might buy Reeses or Milky Ways instead. This is the ____ effect & it influences the demand curve.

Contains W

The ____ ____ paradox: [same] won't keep us alive, but are expensive. While [same] keeps us alive, but is cheap. To understand why, we use the law of diminishing utility.& marginal analysis.

Contains Y

To economists, the word _____ means happiness or satisfaction, which we get when consuming a service or good.

The Law of Utility argues that, the more of something you add, the less utility you get from that something. e.g. the difference between 100 candy bars & 101 candy bars is insignificant.

You weigh the of eating a Snickers bar against the marginal cost of walking 5 miles to the store. A Snickers yields the highest [same], but it's not worth a 5 mile hike. A plain Hersey bar offers less [same] but its right next door.

Marginal analysis explains the . A rollercoaster charges $5, but you get less utility each time, so you're not paying for a third ride. Seller gets this & charges less for the third ride, offering a buy two & get the third half off.

The paradox: [same] won't keep us alive, but are expensive. While [same] keeps us alive, but is cheap. To understand why, we use the law of diminishing utility.& marginal analysis.