1. In a pure competition market, producers should produce and sell where P=MC. Why?

Why couldn’t they price their product above MC or wherever they want? Explain your reasons.

2. Read Application 6 on page 225.  Why did the wine price go up; what determinant of demand or supply was involved?  Why did it come down later?    Why was supply inflexible in the short run, but not in the long run?

3. Why do Senior citizens pay less than everyone else for admission to a movie, but pay the same as everyone else for movie-popcorn?

4. Critical Thinking: Think about this statement from a wheat farmer to the workers. “The price of wheat is low this year, and the most I can get for the crop is $35,000. If I pay you the same amount as last year ($30,000) I will lose money because I also had to pay $20,000 three months ago for seed and fertilizer. I’d be crazy to pay a total of $50,000 to harvest a crop I can sell for only $35,000. If you will work for half as much as last year ($15,000), my total cost will be $35,000 and I will break even. If you don’t take a pay cut, I won’t harvest the wheat.” Is he bluffing? Does the farmer make economic sense? Why or why not?

5. http://www.cnn.com/videos/tv/2015/01/24/exp-gps-0125-witw-inequality.cnn Inequality here in the US is in the news all the time these days. Politicians of all stripes are discussing the problem. But, what to do about it.  Please watch the video linked above.  It has some startling statistics.  What is your opinion on inequality…important or not??  What are the effects of this phenomena?  What to do about it?  Do a little research on some of the proposed solutions and discuss.

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