The table below gives the production schedule of caramel candy popcorn at different levels of labor. Suppose the price at which a bag of popcorn is sold is $1.50 and the hourly wage paid to workers is $11. Popcorn data Labor (workers) Popcorn  (bags per hour) MPL VMPL 0 0     1 12 [mpl1]  [vmpl1]  2 23 [mpl2]   [vmpl2]   3 33 [mpl3]   [vmpl3]   4 40 [mpl4]   [vmpl4]   5 45 [mpl5]  [vmpl5] 

Provide an explanation for why you chose rival or non-rival; and excludable or non-excludable for beer/alcohol.  Your explanation should incorporate the good or service and not simply restate a definition.

An airline selling lower priced tickets when a consumer purchases at least one month before the travel date would be an example of ____________ price discrimination. 

Tom pays a daily fee of $300 to occupy a pretzel stand in the mall. He pays his workers $100 per day to make and sell pretzels.  What are Tom’s fixed costs? Explain why these costs are fixed.

The table below gives the production schedule of caramel candy popcorn at different levels of labor. Consider the table and an hourly wage paid to workers of $11. Popcorn data Labor (workers) Popcorn  (bags per hour) MPL VMPL 0 0     1 12 12 18 2 23 11 16.5  3 33 10 15  4 40 7 10.5  5 45 5  7.5 How many workers should the firm hire if its goal is to maximize profits?

The figure shows the market for potato chips. Suppose the government introduces a price control at 70 cents per bag.   Alt Text: market for chips Is this a price floor or price ceiling? Why do you think the government decided to set this price control?

The figure shows the market for a winter jackets. Alt Text: winter jackets  What is the initial equilibrium price [price] and quantity [quantity] of jackets? Suppose the government imposes a price control at $100 per jacket. How many jackets are purchased after the price control is imposed? [pricecontrol] Will there be a shortage or surplus after the price control? [impact]

The figure shows the market for sports drinks. Consider this statement:  “If the price falls from $3 to $1 per bottle, quantity demanded changes from 10 to 25 bottles.” Which of the following states the same idea? Alt Text: sport drink

The table below shows the supply and demand schedules for the market for bottles of a prescription drug. Data table Price ($ per bottle ) Quantity Demanded Quantity Supplied 6 32 18 7 26 26 8 20 34 9 14 42 10 8 50   The initial market equilibrium is [price] and [quantity] bottles of the prescription drug. At what price(s) would there be a surplus in the market for the prescription drug? [surplus].

What is the most likely for mosaic flow represent?