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1. You are standing in line. Think about what you would be doing if you are not in this line. The alternatives are infinite and computing the cost of them all is impossible. However, since you could only be doing one thing (not all of them) if you are not in this line, determining the opportunity cost requires only knowing the one thing you would be doing. Calculate (in $$$) your opportunity costs of standing in line.
2. Think about what you would be doing if you weren’t in class. The alternatives are infinite and computing the cost of them all is impossible. However, since you could only be doing one thing (not all of them) if you were not in class, determining the opportunity cost requires only knowing the one thing you would be doing. Calculate (in $$$) your opportunity costs of sitting in class.
3. The classic example of opportunity cost is the costs of going to college. Illustrate the implicit opportunity cost of foregone income as well as tuition, books, etc. Think about whether room and board should be considered a cost of college. Calculate (in $$$) your opportunity costs of going to college.
4. Discuss the opportunity costs of natural disasters. Calculate (in $$$) your opportunity costs of natural disaster.
5. Read the articles and create your own example of opportunity costs. Your ideas should be supported by calculation (in $$$) of opportunity costs.
Suppose both product and factor markets are competitive, why is the labour demand curve downward sloping? How does technological progress shift the labour demand curve? Professors, lawyers and doctors receive similar amounts of education, why are pro..
A firm is said to have excess capacity when:
The following graph shows a decrease in aggregate supply (AS) in a hypothetical economy where the currency is the dollar. Specifically, aggregate supply shifts to the left from AS1 to AS2, causing the quantity of output supplied at a price level of 1..
Oregon has an income tax but no state sales tax, while Washington has no state income tax but does have a state sales tax. Oregon residents can deduct the state taxes they pay (the income tax payments) from their federal income taxes, while Washingto..
Ten people have dinner together at an expensive restaurant and agree that the total bill will be divided equally among them. What is the additional cost to any one of them of ordering an appetizer that costs $20? Explain why this may be an inefficien..
If the tax elasticity of supply is 0.35, by how much will the quantity supplied decrease when the marginal tax rate increases from 34 to 38 percent?
Bradley collects historic memorabilia, and one of his prized possessions is the pistol used by Aaron Burr in his duel with Alexander Hamilton. After reading an article in a magazine, Bradley discovers that Sam owns the matching pistol, used by Hamilt..
Let X ∈ [0, 10] and y = f(x) = cx with c > 0. What is the slope of f(x)? Is it constant or it depends on x? What is the value of f(x) when x = 3?
Show what would in the market for unskilled labor if Congress were to raise the federal minimum wage to $9.00 per hour. The value of the Syrian pound has dropped
Each potential bidder writes down a bid on a piece of paper. buyer with highest bid gets item and has to pay third highest bid. Is there dominant strategy equilibrium for this auction. Make sure you exhaust all possibilities.
FastWash is a new service that allows businesses, such as restaurants and hotels, to send out linens to be washed, dryed, and folded. They are new to the market and the first business of their kind to enter. After some initial research, FastWash has ..
Illustrate what is the maximum amount your firm should be willing to spend on lobbying efforts to prevent the cost from being regulated at the socially optimal level.
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