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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.
The relationship between marginal revenue and elasticity is when demand is elastic marginal revenue is positive and when demand is inelastic marginal revenue is negative
Plot the goods in a graph with realness on the horizontal axis and (relative) exclusion cost on the vertical axis. (1) 1000 pounds of compacted scrap steel; (2) 1/2 ton of compacted scrap steel; (3) a mahogany tree in an inaccessible Central American..
If the actual price level exceeds the expected price level reflected in long-term contracts, real GDP equals __________ and the actual price levels equals _________ in the short run. List three factors that can change the economy’s potential output. ..
Suppose which Sam is now growing wheat on enough land to produce 7,000 bushels of wheat. Illustrate what is the opportunity cost.
Use the aggregate expenditure model to explain the following statements from the opening news article.
Which of the following would not occur as a result of a monopolistically competitive firm suffering a short-run economic loss?
A research engineer invests $5,000 at the end of every year for a 32-year career. If this teacher wants to have $1,524,240 in savings at retirement, what interest rate must the investment earn? Consider the following two mutually exclusive alternati..
Illustrate what are the explicit, implicit, and total economic costs of the firm. How much economic profit does the firm earn.
Assume that he marries her the subsequent year. Other things equal, which of the following would be true concerning the reported official GDP the following year.
If one producer is able to produce a good at a lower opportunity cost than some other producer, then the producer with the lower opportunity cost is said to have an absolute advantage in the production of that good.
Illustrate what would be the opportunity cost of x had the economy efficiently produced 10 units of y? Can the economy efficiently produce these quantities.
Illustrate what is the equilibrium to this game.
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