Experiments with Economic Principles, Volume 1This workbook aims to get students involved with and excited about economic concepts. Based on the interactive classroom trend in economics education, the text includes 13 experiments, each designed to teach a major topic by encouraging active student participation. Each experiment involves the student in reading an introduction, collecting data and filling out a laboratory report, discussing findings, and completing coursework designed to reinforce key concepts. Learning objectives, worked examples, self-test exercises, and a key terms list are also included. |
Contents
Supply and Demand | 3 |
A Minimum Wage | 5 |
Graphing the Time Sequence of Prices | 15 |
Copyright | |
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accept adverse selection average price bicycle bidder bushel of apples buy a bushel buyer's profit buyers and sellers cars cartel competitive equilibrium price demand curve Dutch auction English auction equal experiment Figure firms first-price auction fixed costs graph high-cost suppliers high-value demanders highest Buyer Value laborers last round lawn ornament lemons low-cost suppliers low-value demanders market manager maximize meals minimum wage monopolist number of fish number of units open a restaurant outcome output pay the tax payoff pollution costs pollution permit Poorlander Price of Apples price paid producing bread production possibility frontier production possibility set Profit Profit profit-maximizer profits of buyers record reservation price Richland round of Session sales tax sealed-bid sealed-bid second-price auction second offer sell a bushel Seller Cost sold supply and demand supply curve Suppose tickets total amount total cost total number total profits trade ultimatum game units of bread units of fish want to buy workers