Transfer Credit

1.1 Scarcity: Limited Resources and the Economic Problem

Quiz 1.1

1.2 Resource Allocation and Economic Systems: Markets, Command, and Mixed

Quiz 1.2

1.3 The Production Possibilities Curve: Opportunity Cost, Efficiency, and Growth

Quiz 1.3

1.3 Interactive Lab: Lakeland PPC Lab

1.4 Comparative Advantage and Trade: Specialization and Terms of Trade

Quiz 1.4

1.4 Interactive Lab: Trade Table Lab

1.5 Cost-Benefit Analysis: Deciding by Comparing Total Costs and Benefits

Quiz 1.5

1.6 Marginal Analysis and Consumer Choice: Choosing at the Margin

Quiz 1.6

1.6 Interactive Lab: Margin and Utility Spreadsheet Lab

2.1 Demand: The Law of Demand, Determinants, and Shifts

Quiz 2.1

2.1 Interactive Lab: Demand Detective

2.2 Supply: The Law of Supply, Determinants, and Shifts

Quiz 2.2

2.2 Interactive Lab: Supply Shifter

2.3 Price Elasticity of Demand: Measuring Responsiveness and Total Revenue

Quiz 2.3

2.3 Interactive Lab: Elasticity Calculator

2.4 Price Elasticity of Supply: Time, Inputs, and the Polar Cases

Quiz 2.4

2.4 Interactive Lab: Supply Stretch Test

2.5 Other Elasticities: Income and Cross-Price Elasticity

Quiz 2.5

2.5 Interactive Lab: Elasticity Sorting Desk

2.6 Market Equilibrium and Surplus: Consumer and Producer Gains

Quiz 2.6

2.6 Interactive Lab: Surplus Finder

2.7 Market Disequilibrium and Changes in Equilibrium: Shortages, Surpluses, and Shifts

Quiz 2.7

2.7 Interactive Lab: Four-Step Market Tracker

2.8 Government Intervention in Markets: Price Ceilings, Floors, Taxes, and Subsidies

Quiz 2.8

2.8 Interactive Lab: Policy Workbench

2.9 Tax Incidence: Who Really Pays When Government Taxes a Good

Quiz 2.9

2.9 Interactive Lab: Who Pays the Tax?

2.10 International Trade and Public Policy: Tariffs and Quotas

Quiz 2.10

2.10 Interactive Lab: Trade Policy Desk

3.1 The Production Function: Marginal Product and Diminishing Returns

Quiz 3.1

3.1 Interactive Lab: Bakery Product Table

3.2 Short-Run Production Costs: Fixed, Variable, Marginal, and Average Costs

Quiz 3.2

3.2 Interactive Lab: Cost Curve Lab

3.3 Long-Run Production Costs: Economies and Diseconomies of Scale

Quiz 3.3

3.3 Interactive Lab: The Long-Run Cost Curve

3.4 Types of Profit: Accounting, Economic, and Normal Profit

Quiz 3.4

3.4 Interactive Lab: Two Kinds of Profit

3.5 Profit Maximization: Marginal Revenue Equals Marginal Cost

Quiz 3.5

3.5 Interactive Lab: Find the Best Quantity

3.6 Short-Run Decisions and Long-Run Entry and Exit: Shutdown and Break-Even

Quiz 3.6

3.6 Interactive Lab: Profit, Loss and Shutdown

3.7 Perfect Competition: Price Takers and Efficient Outcomes

Quiz 3.7

3.7 Interactive Lab: Market and Firm Side by Side

3.8 Average Product, Marginal Cost, and the Link Between Production and Cost

Quiz 3.8

3.8 Interactive Lab: From Production to Cost

3.9 Perfect Competition Over Time: Demand Shifts and Constant, Increasing, and Decreasing Cost Industries

Quiz 3.9

3.9 Interactive Lab: Trace a Demand Shock

4.1 Imperfectly Competitive Markets: Market Power, Barriers, and Concentration

Quiz 4.1

4.2 Monopoly: Pricing, Output, and Deadweight Loss

Quiz 4.2

4.2 Interactive Lab: Read the Monopoly Graph

4.3 Price Discrimination: Charging Different Customers Different Prices

Quiz 4.3

4.3 Interactive Lab: One Price or Many

4.4 Monopolistic Competition: Differentiated Products and Zero Long-Run Profit

Quiz 4.4

4.4 Interactive Lab: Pizza Shops in the Long Run

4.5 Natural Monopoly and Regulation: Average-Cost Pricing and Fair-Return Pricing

Quiz 4.5

4.5 Interactive Lab: Regulate the Water Company

4.6 Oligopoly: Interdependence, Collusion, and Concentration

Quiz 4.6

4.7 Game Theory: Payoff Matrices, Dominant Strategies, and Nash Equilibrium

Quiz 4.7

4.7 Interactive Lab: Solve the Payoff Matrix

5.1 Factor Markets: Derived Demand and Marginal Revenue Product

Quiz 5.1

5.1 Interactive Lab: MRP Spreadsheet Lab

5.2 Changes in Factor Demand and Supply: Wages, Rents, and Interest

Quiz 5.2

5.2 Interactive Lab: Labor Market Shifts Lab

5.3 Least-Cost Input Combinations: Substituting Labor and Capital

Quiz 5.3

5.3 Interactive Lab: Least-Cost Mix Spreadsheet Lab

5.4 Profit-Maximizing Hiring: The MRP = MRC Rule in Competitive Factor Markets

Quiz 5.4

5.4 Interactive Lab: Hiring Decision Spreadsheet Lab

5.5 Monopsony: A Single Buyer of Labor, Wages, and Employment

Quiz 5.5

5.5 Interactive Lab: Monopsony Graph Lab