Warm up 3/18/13 p.108-114 1.What are total cost? 2.What are variable cost? 3.What are operating cost?

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Presentation transcript:

Warm up 3/18/13 p What are total cost? 2.What are variable cost? 3.What are operating cost?

Warm up 3/19/13 p Speculate how an artist might react if the cost of oil paints were to skyrocket? 2.What is a subsidy? 3.What is an excise tax?

Warm up 3/20/18 p How is an increase in supply shown by in the graph of the supply curve? 2.How will an increase in the price of inputs affect supply of a product? 3.How will a decrease in subsidies affect supply of a product?

Warm up 3/21/13 p What do sellers do if they expect the price of goods they have for sale to increase dramatically in the near future? 2.What is an example of a good with an inelastic supply? 3.What factor has the greatest influence on elasticity and inelasticity of supply?

Warm up 3/22/13 p Do you believe that current salaries for athletes are justified on the basis of supply and demand, why? 2.Should salaries be based instead on the importance of the job to society? 3.What are some other examples of jobs for which salaries are driven up on the basis of supply and demand?