{"id":9389,"date":"2020-02-02T19:58:17","date_gmt":"2020-02-02T19:58:17","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/?post_type=chapter&#038;p=9389"},"modified":"2024-04-25T23:18:54","modified_gmt":"2024-04-25T23:18:54","slug":"problem-sets","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/problem-sets\/","title":{"raw":"Problem Sets","rendered":"Problem Sets"},"content":{"raw":"<h3><img class=\"aligncenter wp-image-244\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/05\/29140610\/puzzle-e1509574823899.png\" alt=\"icon of two puzzle pieces\" width=\"200\" height=\"200\" \/><\/h3>\r\nThe problem sets in this course are openly licensed, and are available as-is, or can be modified to suit your students\u2019 needs.\u00a0In these problem sets, students are given an opportunity to apply the quantitative-reasoning skills they learned throughout the module.\r\n\r\nAnswer keys are available to faculty who adopt Waymaker, OHM, or Candela courses with paid support from Lumen Learning. This approach helps us protect the academic integrity of these materials by ensuring they are shared only with authorized and institution-affiliated faculty and staff.\r\n\r\nThis course contains problem sets that accompany each module. In these problem sets, students are given an opportunity to apply the quantitative-reasoning skills they learned throughout the module.\r\n\r\nThe problem sets are derivatives from the practice questions that are scattered throughout the course for practice--sometimes housed within a content page or sometimes found on a separate page titled \"Learn By Doing.\" If students complete the practice questions, which allow unlimited attempts with various numbers, they may have already encountered the majority of the questions in the problem sets.\r\n\r\nThese will come automatically loaded into your assignment tool in your LMS, but may be downloaded, adjusted, deleted, or personalized to fit your class needs.\r\n<table style=\"height: 322px;\">\r\n<tbody>\r\n<tr style=\"height: 15px;\">\r\n<td style=\"height: 15px; width: 317.585px;\"><strong>Module<\/strong><\/td>\r\n<td style=\"height: 15px; width: 388.494px;\"><strong>Problem Set<\/strong><\/td>\r\n<\/tr>\r\n<tr style=\"height: 59px;\">\r\n<td style=\"height: 59px; width: 317.585px;\">\r\n<h2><strong>1: Economic Thinking<\/strong><\/h2>\r\n<\/td>\r\n<td style=\"height: 59px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-economic-thinking\/\">Assignment: Economic Thinking Problem Set<\/a><\/td>\r\n<\/tr>\r\n<tr style=\"height: 68px;\">\r\n<td style=\"height: 68px; width: 317.585px;\">\r\n<h2><strong>2: Choice in a World of Scarcity<\/strong><\/h2>\r\n<\/td>\r\n<td style=\"height: 68px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-choice-in-a-world-of-scarcity\/\">Assignment: Choice in a World of Scarcity Problem Set<\/a><\/td>\r\n<\/tr>\r\n<tr style=\"height: 59px;\">\r\n<td style=\"height: 59px; width: 317.585px;\">\r\n<h2><strong>3: Supply and Demand<\/strong><\/h2>\r\n<\/td>\r\n<td style=\"height: 59px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-supply-and-demand\/\">Assignment: Supply and Demand Problem Set<\/a><\/td>\r\n<\/tr>\r\n<tr style=\"height: 68px;\">\r\n<td style=\"height: 68px; width: 317.585px;\">\r\n<h2><strong>4: Applications of Supply and Demand<\/strong><\/h2>\r\n<\/td>\r\n<td style=\"height: 68px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-applications-of-supply-and-demand\/\">Assignment: Applications of Supply and Demand Problem Set<\/a><\/td>\r\n<\/tr>\r\n<tr style=\"height: 53px;\">\r\n<td style=\"height: 53px; width: 317.585px;\">\r\n<h2><strong>5: Elasticity<\/strong><\/h2>\r\n<\/td>\r\n<td style=\"height: 53px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-elasticity\/\">Assignment: Elasticity Problem Set<\/a><\/td>\r\n<\/tr>\r\n<tr style=\"height: 82px;\">\r\n<td style=\"height: 82px; width: 317.585px;\">\r\n<h2>6: Utility<\/h2>\r\n<\/td>\r\n<td style=\"height: 82px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-utility\/\">Assignment: Utility Problem Set<\/a><\/td>\r\n<\/tr>\r\n<tr style=\"height: 82px;\">\r\n<td style=\"height: 82px; width: 317.585px;\">\r\n<h2>7: Production and Costs<\/h2>\r\n<\/td>\r\n<td style=\"height: 82px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-production\/\">Assignment: Production\u00a0and Costs Problem Set<\/a><\/td>\r\n<\/tr>\r\n<tr style=\"height: 82px;\">\r\n<td style=\"height: 82px; width: 317.585px;\">\r\n<h2>8: Perfect Competition<\/h2>\r\n<\/td>\r\n<td style=\"height: 82px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-perfect-competition\/\">Assignment: Perfect Competition Problem Set<\/a><\/td>\r\n<\/tr>\r\n<tr style=\"height: 82px;\">\r\n<td style=\"height: 82px; width: 317.585px;\">\r\n<h2>9: Monopoly<\/h2>\r\n<\/td>\r\n<td style=\"height: 82px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-monopoly\/\">Assignment: Monopoly Problem Set<\/a><\/td>\r\n<\/tr>\r\n<tr style=\"height: 105px;\">\r\n<td style=\"height: 105px; width: 317.585px;\">\r\n<h2>10: Monopolistic Competition and Oligopoly<\/h2>\r\n<\/td>\r\n<td style=\"height: 105px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-monopolistic-competition-and-oligopoly\/\">Assignment: Monopolistic Competition and Oligopoly Problem Set<\/a><\/td>\r\n<\/tr>\r\n<tr style=\"height: 58px;\">\r\n<td style=\"height: 58px; width: 317.585px;\">\r\n<h2>11: Public Goods and Externalities<\/h2>\r\n<\/td>\r\n<td style=\"height: 58px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-public-goods-and-externalities\/\">Assignment: Public Goods and Externalities Problem Set<\/a><\/td>\r\n<\/tr>\r\n<tr style=\"height: 58px;\">\r\n<td style=\"height: 58px; width: 317.585px;\">\r\n<h2>12: Labor Markets<\/h2>\r\n<\/td>\r\n<td style=\"height: 58px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-labor-markets-and-income-distribution-2\/\">Assignment: Labor Markets Problem Set<\/a><\/td>\r\n<\/tr>\r\n<tr style=\"height: 58px;\">\r\n<td style=\"height: 58px; width: 317.585px;\">\r\n<h2>13: Income Distribution<\/h2>\r\n<\/td>\r\n<td style=\"height: 58px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-labor-markets-and-income-distribution\/\">Assignment: Income Distribution Problem Set<\/a><\/td>\r\n<\/tr>\r\n<tr style=\"height: 58px;\">\r\n<td style=\"height: 58px; width: 317.585px;\">\r\n<h2>14: Globalization and Trade<\/h2>\r\n<\/td>\r\n<td style=\"height: 58px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-globalization-and-trade\/\">Assignment: Globalization and Trade Problem Set<\/a><\/td>\r\n<\/tr>\r\n<tr style=\"height: 82px;\">\r\n<td style=\"height: 82px; width: 317.585px;\">\r\n<h2>15: Exchange Rates and International Finance<\/h2>\r\n<\/td>\r\n<td style=\"height: 82px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-exchange-rates-and-international-finance\/\">Assignment: Exchange Rates and International Finance Problem Set<\/a><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>","rendered":"<h3><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-244\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/05\/29140610\/puzzle-e1509574823899.png\" alt=\"icon of two puzzle pieces\" width=\"200\" height=\"200\" \/><\/h3>\n<p>The problem sets in this course are openly licensed, and are available as-is, or can be modified to suit your students\u2019 needs.\u00a0In these problem sets, students are given an opportunity to apply the quantitative-reasoning skills they learned throughout the module.<\/p>\n<p>Answer keys are available to faculty who adopt Waymaker, OHM, or Candela courses with paid support from Lumen Learning. This approach helps us protect the academic integrity of these materials by ensuring they are shared only with authorized and institution-affiliated faculty and staff.<\/p>\n<p>This course contains problem sets that accompany each module. In these problem sets, students are given an opportunity to apply the quantitative-reasoning skills they learned throughout the module.<\/p>\n<p>The problem sets are derivatives from the practice questions that are scattered throughout the course for practice&#8211;sometimes housed within a content page or sometimes found on a separate page titled &#8220;Learn By Doing.&#8221; If students complete the practice questions, which allow unlimited attempts with various numbers, they may have already encountered the majority of the questions in the problem sets.<\/p>\n<p>These will come automatically loaded into your assignment tool in your LMS, but may be downloaded, adjusted, deleted, or personalized to fit your class needs.<\/p>\n<table style=\"height: 322px;\">\n<tbody>\n<tr style=\"height: 15px;\">\n<td style=\"height: 15px; width: 317.585px;\"><strong>Module<\/strong><\/td>\n<td style=\"height: 15px; width: 388.494px;\"><strong>Problem Set<\/strong><\/td>\n<\/tr>\n<tr style=\"height: 59px;\">\n<td style=\"height: 59px; width: 317.585px;\">\n<h2><strong>1: Economic Thinking<\/strong><\/h2>\n<\/td>\n<td style=\"height: 59px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-economic-thinking\/\">Assignment: Economic Thinking Problem Set<\/a><\/td>\n<\/tr>\n<tr style=\"height: 68px;\">\n<td style=\"height: 68px; width: 317.585px;\">\n<h2><strong>2: Choice in a World of Scarcity<\/strong><\/h2>\n<\/td>\n<td style=\"height: 68px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-choice-in-a-world-of-scarcity\/\">Assignment: Choice in a World of Scarcity Problem Set<\/a><\/td>\n<\/tr>\n<tr style=\"height: 59px;\">\n<td style=\"height: 59px; width: 317.585px;\">\n<h2><strong>3: Supply and Demand<\/strong><\/h2>\n<\/td>\n<td style=\"height: 59px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-supply-and-demand\/\">Assignment: Supply and Demand Problem Set<\/a><\/td>\n<\/tr>\n<tr style=\"height: 68px;\">\n<td style=\"height: 68px; width: 317.585px;\">\n<h2><strong>4: Applications of Supply and Demand<\/strong><\/h2>\n<\/td>\n<td style=\"height: 68px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-applications-of-supply-and-demand\/\">Assignment: Applications of Supply and Demand Problem Set<\/a><\/td>\n<\/tr>\n<tr style=\"height: 53px;\">\n<td style=\"height: 53px; width: 317.585px;\">\n<h2><strong>5: Elasticity<\/strong><\/h2>\n<\/td>\n<td style=\"height: 53px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-elasticity\/\">Assignment: Elasticity Problem Set<\/a><\/td>\n<\/tr>\n<tr style=\"height: 82px;\">\n<td style=\"height: 82px; width: 317.585px;\">\n<h2>6: Utility<\/h2>\n<\/td>\n<td style=\"height: 82px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-utility\/\">Assignment: Utility Problem Set<\/a><\/td>\n<\/tr>\n<tr style=\"height: 82px;\">\n<td style=\"height: 82px; width: 317.585px;\">\n<h2>7: Production and Costs<\/h2>\n<\/td>\n<td style=\"height: 82px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-production\/\">Assignment: Production\u00a0and Costs Problem Set<\/a><\/td>\n<\/tr>\n<tr style=\"height: 82px;\">\n<td style=\"height: 82px; width: 317.585px;\">\n<h2>8: Perfect Competition<\/h2>\n<\/td>\n<td style=\"height: 82px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-perfect-competition\/\">Assignment: Perfect Competition Problem Set<\/a><\/td>\n<\/tr>\n<tr style=\"height: 82px;\">\n<td style=\"height: 82px; width: 317.585px;\">\n<h2>9: Monopoly<\/h2>\n<\/td>\n<td style=\"height: 82px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-monopoly\/\">Assignment: Monopoly Problem Set<\/a><\/td>\n<\/tr>\n<tr style=\"height: 105px;\">\n<td style=\"height: 105px; width: 317.585px;\">\n<h2>10: Monopolistic Competition and Oligopoly<\/h2>\n<\/td>\n<td style=\"height: 105px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-monopolistic-competition-and-oligopoly\/\">Assignment: Monopolistic Competition and Oligopoly Problem Set<\/a><\/td>\n<\/tr>\n<tr style=\"height: 58px;\">\n<td style=\"height: 58px; width: 317.585px;\">\n<h2>11: Public Goods and Externalities<\/h2>\n<\/td>\n<td style=\"height: 58px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-public-goods-and-externalities\/\">Assignment: Public Goods and Externalities Problem Set<\/a><\/td>\n<\/tr>\n<tr style=\"height: 58px;\">\n<td style=\"height: 58px; width: 317.585px;\">\n<h2>12: Labor Markets<\/h2>\n<\/td>\n<td style=\"height: 58px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-labor-markets-and-income-distribution-2\/\">Assignment: Labor Markets Problem Set<\/a><\/td>\n<\/tr>\n<tr style=\"height: 58px;\">\n<td style=\"height: 58px; width: 317.585px;\">\n<h2>13: Income Distribution<\/h2>\n<\/td>\n<td style=\"height: 58px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-labor-markets-and-income-distribution\/\">Assignment: Income Distribution Problem Set<\/a><\/td>\n<\/tr>\n<tr style=\"height: 58px;\">\n<td style=\"height: 58px; width: 317.585px;\">\n<h2>14: Globalization and Trade<\/h2>\n<\/td>\n<td style=\"height: 58px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-globalization-and-trade\/\">Assignment: Globalization and Trade Problem Set<\/a><\/td>\n<\/tr>\n<tr style=\"height: 82px;\">\n<td style=\"height: 82px; width: 317.585px;\">\n<h2>15: Exchange Rates and International Finance<\/h2>\n<\/td>\n<td style=\"height: 82px; width: 388.494px;\"><a href=\"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/assignment-problem-set-exchange-rates-and-international-finance\/\">Assignment: Exchange Rates and International Finance Problem Set<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-9389\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Problem Sets. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><li>Puzzle Pieces. <strong>Authored by<\/strong>: LAFS. <strong>Provided by<\/strong>: Noun Project. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/thenounproject.com\/term\/puzzle-pieces\/963732\/\">https:\/\/thenounproject.com\/term\/puzzle-pieces\/963732\/<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":17,"menu_order":7,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Problem Sets\",\"author\":\"\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"original\",\"description\":\"Puzzle Pieces\",\"author\":\"LAFS\",\"organization\":\"Noun Project\",\"url\":\"https:\/\/thenounproject.com\/term\/puzzle-pieces\/963732\/\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-9389","chapter","type-chapter","status-publish","hentry"],"part":8552,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/9389","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/users\/17"}],"version-history":[{"count":2,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/9389\/revisions"}],"predecessor-version":[{"id":10293,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/9389\/revisions\/10293"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/parts\/8552"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/9389\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/media?parent=9389"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapter-type?post=9389"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/contributor?post=9389"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/license?post=9389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}