DISCUSSION:

Substitutes

How does the number of substitutes affect the price elasticity of demand for a product or resource?

What does a higher number of substitutes mean for the slope of the demand curve?

What does a smaller number of substitutes mean for the slope of the demand curve?

ASSIGNMENT:

Marginality

After reading chapter 7 and Special Topic 6, In one page describe the concept of marginality and diminishing marginality.

What happened to marginal tax rates of individuals during the Great Depression, and how did that affect unemployment during that time?

Why do you suppose?

 Cite your sources as needed. Attempt to use APA formatting.

MIDETERM:

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