ECO 2252 – Principles of Microeconomics Discussion Question.
View the videos found in Module 2 Discussion & LearnLiberty/Stossel Videos then answer the following questions.
Video one: “Why are gas prices so high?” l
If the price of gas were to reach $6 a gallon would the demand for bicycles increase or decrease? At even higher prices of gas, would we achieve flying cars sooner than expected?
video link: https://www.youtube.com/watch?v=65KWksO-NDA
Video two:”This Professeor Slays Zombies with Economics” (Note: You may want to find a new video as some find this offensive)
1.A zombie apocalypse is expected to make paper money worthless. In your opinion what would be the item with the highest relative price (the price of a good in terms of another)? Explain why?
2.Explain how an increase in human capital (knowledge and skills acquired) would effect a change in or movement along the supply curve of bullets during the zombie apocalypse.