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ECON 201 Study Guide - Final Guide: Economic Equilibrium, Demand Curve, Opportunity Cost

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turquoisegnu128
1 Oct 2018
School
Concordia University
Department
Economics
Course
ECON 201
Professor
All

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ECON 201 Full Course Notes
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ECON 201 Full Course Notes
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Document Summary

Please, also write the version of the exam on the computer scan- sheet. For part ii, write all your answers on this exam. Do not use additional booklets: you are allowed to use a non-programmable calculator and a paper dictionary, provided that they are approved by the invigilator(s). You may use either pen or pencil to provide your answers for part ii: you are not allowed to tear any pages out of this exam. Write your answers on the computer sheet in. Pencil. (total=100 marks: refer to figure 1. The movement from point c to point d was most likely caused by (a) unemployment. (b) a decrease in society"s preferences for bananas. (c) fewer resources available for production. (d) all of the above are correct. The opportunity cost of moving from point b to point a is the ______ laptop computers that must be forgone to produce. _______ additional desktop computers. (a) 10; 20. (b) 10; 60.

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Uber is a ride-sharing business that is revolutionizing the taxi-market. First, make sure you understand how Uber works by going to their website (Uber.com) and their competitors (Lyft and Sidecar). Then answer the following questions:

http://www.economist.com/news/finance-and-economics/21599766-microeconomics-ubers-attempt-revolutionise-taxi-markets-pricing-surge

http://economicstudents.com/2014/08/the-economics-of-uber/

http://www.bruegel.org/nc/blog/detail/article/1445-the-economics-of-uber/

http://www.nytimes.com/2015/06/28/upshot/in-an-uber-world-fortune-favors-the-freelancer.html?_r=0

1. Explain the economics of the taxi medallion system. This is discussed in the text and numerous places on the web. Why did cities start the medallion system? Do you think it is a good idea?

2. Explain the economics of ride-sharing firms such as Uber. There's a lot of resources on the web, such as:

3. Should the government regulate Uber? Explain your answer.

Uber is a ride-sharing business which is revolutionizing the taxi-market. First, make sure you understand how Uber works by going to their website (Uber.com) and their competitors (Lyft and Sidecar). Then answer the following questions:

http://www.economist.com/news/finance-and-economics/21599766-microeconomics-ubers-attempt-revolutionise-taxi-markets-pricing-surge

http://economicstudents.com/2014/08/the-economics-of-uber/

http://www.bruegel.org/nc/blog/detail/article/1445-the-economics-of-uber/

http://www.nytimes.com/2015/06/28/upshot/in-an-uber-world-fortune-favors-the-freelancer.html?_r=0

1. Explain the economics of the taxi medallion system. This is discussed in the text and in numerous places on the web. Why did cities start the medallion system? Do you think it is a good idea?

2. Explain the economics of the ride-sharing firms such as Uber. There’s a lot of resources on the web, such as:

3. Should government regulate Uber? Explain your answer.

Uber is a ride-sharing business that is revolutionizing the taxi-market. First, make sure you understand how Uber works by going to their website (Uber.com) and their competitors (Lyft and Sidecar).

Then answer the following questions: Explain the economics of the taxi medallion system. This is discussed in the text and in numerous places on the web. Why did cities start the medallion system? Do you think it is a good idea? Explain the economics of ride-sharing firms such as Uber. There's a lot of resources on the web, such as http://www.economist.com/news/finance-and-economics/21599766-microeconomics-ubers-attempt-revolutionise-taxi-markets-pricing-surge (Links to an external site.) http://economicstudents.com/2014/08/the-economics-of-uber/ (Links to an external site.) http://www.bruegel.org/nc/blog/detail/article/1445-the-economics-of-uber/ (Links to an external site.) http://www.nytimes.com/2015/06/28/upshot/in-an-uber-world-fortune-favors-the-freelancer.html?_r=0 (Links to an external site.) 3. Should the government regulate Uber? Explain your answer. Each of the following questions will involve your analysis of the advantages of a competitive market to both producers and consumers. Use the concepts learned in the chapters on perfect competition, monopoly, and imperfect competition to answer the questions.