1. In a three or four paragraph essay begin with the following:
“Before I studied this course module I thought ___________________. Now I think __________________ because _________________. This is important because _________________;
2.
Given the following bids to buy and to sell a used book, what price will maximize sales. Explain why.
Bids to buy: $16. $16 . $18 . $18 . $18 . $20 . $22 $22 . $23 . $24
Bids to sell $18 . $18 . $20 . $22 . $23 . $23 . $23 . $23 . $24 $24
3. Based on the following information which goods are complements and which goods are substitutes. For each each explain why
| Good A | Good B | Good C | |
| Initial price | $5 | $8 | $3 |
| Later price | $5 | $7 | $3 |
| Initial quantity | 200 | 200 | 100 |
| later quantity | 150 | 300 | 150 |
4. At the college you notice that there is a shortage of parking. If parking is provided in a market, how would the demand/supply diagram look (you don’t need to draw it). How could the shortage be reduced by using: 1) demand 2) supply 3) price?
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