PLEASE ANSWER ONLY ONE OF THE QUESTIONS!!! DO NOT ANSWER BOTH!!
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QUESTION 1:
What are the production costs of a face-to-face economics class in the short run? (Production costs – NOT Consumer costs!) Consider the fixed costs and the variable costs in the short run. What is the marginal cost of enrolling more students in a single class? What does that say about classroom size (number of students?) Based on your analysis, would a college prefer to have two economics classes with 25 students each, or one class with 40 students?
Remember, I am asking about the costs to produce the face-to-face class, not the cost to students.
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QUESTION 2:
Let’s look at economics classes again… Valencia offers over 100 sections of Macro and Micro economics, not including the courses offered on High School Campuses.. Considering the number of other higher education choices students have locally that also teach micro and macro economics (Seminole State, Keiser, Rollins,UCF, and many others), in what ways is the market for the single product called “micro economics” a purely competitive industry?
Be sure to consider the characteristics of a perfectly competitive market as outlined in this chapter. At least 4-5 thoughtful sentences. cite your sources