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- Supply as a function of the price of inputs and technology? CommentDescribe a microeconomic variable for Dairy products?In many areas, the cost of real estate is increasing at an increasing rate. Many homes are being sold at prices higher than the asking price. Using your economic lens, why is this happening? Will this trend continue?
- A gasoline station very near a professional football stadium parks car on its lot to make money on game days. Last year it charged $4.00 per car and parked 1000 cars. This year it raised the parking price to $5.00 and parked 850 cars. Did the station owner make a good economic decision in raising the parking prices from one year to the next? Explain.In your own words, why isn't the cost of producing a product sufficient to predict its market price?Then graph the supply curve for the data set you chose.
