Informational Festival 2

FARM ESCAPE ROOM - Informational Festive 2

Help on the farm with daily chore

start

Chickens and their eggs

Collect chicken eggs for each correct answer

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question 1/4

Consumers want to maximize their satisfaction when choosing goods and services. What is this satisfaction called?

Utility

Demand

Collect

Elasticity

question 2/4

What happens to marginal utility when a person keeps consuming more of the same good?

It stays the same

Collect

It increases forever

It decreases

question 3/4

Why do demand curves slope downward?

Because consumers buy randomly

Because marginal utility decreases as quantity increases

Collect

Because prices always rise

question 4/4

When marginal utility becomes zero, what happens to total utility?

Total utility becomes zero

Collect

Total utility reaches its maximum

Total utility becomes negative

Well done! Happy chickens

Cluck, Cluck...

continue

Cows and their milk

Milk the cows for each correct answer

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QUESTION 1/4

What does price elasticity of demand measure?

How much quantity demanded changes when price changes

How much profit a company earns

Milking

How much supply changes

QUESTION 2/4

If elasticity is greater than 1, demand is considered:

Milking

Unitary

Elastic

Inelastic

question 3/4

If a product has many substitutes, its demand is usually:

Perfectly fixed

Milking

More inelastic

More elastic

question 4/4

Which demand curve represents elastic demand?

The flatter curve

Milking

The steeper curve

Both curves

Well done! Happy cows

Mmoooo...

continue

Pigs and their food

Feed the pigs for each correct answer

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QUESTION 1/4

What is the formula for profit?

Profit = Total Revenue − Total Cost

Feed

Profit = Cost − Revenue

Profit = Price × Cost

QUESTION 2/4

Which cost requires an actual payment of money?

Implicit cost

Feed

Opportunity cost

Explicit cost

QUESTION 3/4

What is the goal of most firms in economics?

Maximize profit

Feed

Maximize costs

Maximize workers

QUESTION 4/4

Show the production function graph (workers vs output)

Perfect competition

Feed

Law of diminishing returns

Increasing productivity

Well done! happy pigs

OinK, oink...

continue

Sheep and their wool

Shearing sheep wool for each correct answer

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question 1/4

What is the additional satisfaction gained from consuming one more unit of a good called?

Marginal Utility

Total Revenue

Shearing

Elastic Demand

question 2/4

If the price of a product increases by 10% and quantity demanded decreases by 20%, demand is:

Inelastic

Shearing

Unitary

Elastic

question 3/4

Which type of profit includes both explicit and implicit costs?

Economic profit

Shearing

Accounting profit

Total revenue

question 4/4

Why must prices decrease for consumers to buy more of a product?

Because supply always increases

Because marginal utility decreases

Shearing

Because firms lower costs

Well done! Happy sheep

Beeeehehe...

continue

All right, daily chores done!

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FInalize

CONGRATULATIONS!

start over?

It got dark and you haven't finished your daily chores!

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