1. If you're taking Econ 301, then you are probably majoring on minoring in an academicprogram housed inside the Strome College. Suppose that the typical business majorrequires 12 three-hour courses. (a) Is the 12thcourse more, or less, valuable to you thanthe 1stcourse you took for the major? What determines this? (b) Would a 15-coursemajor be 25% more valuable to you than a 12-course major? Explain your reasoning.

2. Consider the production and sale of computer software. (a) What is there about softwaresuch as Microsoft Office that results in a falling LRAC curve with respect to itsproduction? (b) How is this related to "first mover" advantage? (c) How does it explain why, for many kinds of popular software such as Office or Quicken, only one or two or three producers exist?

3. StubHub is an intermediary that connects those who already own tickets to major eventswith those who might wish to buy those tickets. For example, StubHub had available forsale several hundred tickets to a December 2019 basketball game between the Miami Heat and the Atlanta Hawks (that I attended). The prices of these tickets ranged from about $15 to about $500. Most of these prices were higher than their face value and the tickets were owned by individuals who apparently did not care to attend the game. StubHub, of course, earns a fee for its efforts. (a) Are consumers (those who might wishto attend the game) better off or worse off if they decide to utilize StubHub? What aboutthose who own the tickets and are selling them? Explain. (b) Suppose we are talkingabout an NBA finals basketball game and the price of the tickets might be $5,000. Does this change your answer? Why or why not?