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1. Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and implicit costs of attending college?
2. Distinguish between accounting profit, economic profit, and normal profit. Does accounting profit or economic profit determine how entrepreneurs allocate resources between different business ventures?
Efficiency is a hot topic in the media regarding transportation, energy, and many other industries. Elucidate how perfectly competitive markets use or do not use resources efficiently.
What is Nash Equilibrium output for his supposing that the two firms choose their production quantities simultaneously?
Illustrate what are the impacts of innovation and technology on the cost of production.
Perform them following: Compute the price elasticity of demand for paint and show your calculations.
Assume x and y are the only two goods a person consumes. If after a rise in p x , the quantity demanded of y decreases, one could say
Illustrtae what were the challenges that these policy makers perceived at the time in terms of both the Business Cycle and broader social policy.
Fill in the missing data for price (P), total revenue(TR), marginal revenue (MR), total cost (TC), marginal cost (MC), profit (π), and marginal profit (Mπ) in the following table:
Illustrate the stated direction of recent monetary policy. What recent actions have the Federal Reserve taken to confirm that direction
Ellucidate how does technology affect the dissemination of information throughout the market.
Assume that a given set of resources can be used to make either handbags or wallets. The MC of a handbag is $19 and MC of a wallet is $10.
Define scarcity and Opportunity cost. Scarcity is the fundamental economic difficulty of having seemingly unlimited human needs and desires, in a world of limited resources.
How do you think the check tax affected the currency-deposit ratio and use the model of the money supply under fractional reserve banking to discuss how this tax affected the money supply.
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