Evaluate the validity of bobs statement in terms of absolute

Assignment Help Microeconomics
Reference no: EM13208090

Consider Bob, he washes his car by hand rather than taking it to the local car wash. When asked why he washes it by hand, Bob explains "you should never pay for something you can do yourself." Evaluate the validity of Bob's statement, especially in terms of absolute and
comparative advantage.

Reference no: EM13208090

Questions Cloud

What is ultimate effect of the study on the price of garlic : Find the flaws in reasoning in the following statements, paying particular attention to the distinction between shifts of and movements along the supply and demand curves. Draw a diagram to illustrate what actually happens in each situation.
Which machine has better performance : Which machine has better performance? By how much? Justify your answers. Instruction Class Cycles needed Instruction Frequency
Display the total and average number of calories burned : Write a condition-controlled while loop that allows the user to enter the calories they burned. Stop looping when the user enters a negative number. Display the Total and Average number of calories burned.
Write a declaration for an enumerated data type : A pet store sells dogs, cats, birds, and hamsters. Write a declaration for an enumerated data type that can represent the types of pets the store sells.
Evaluate the validity of bobs statement in terms of absolute : Consider Bob, he washes his car by hand rather than taking it to the local car wash. When asked why he washes it by hand, Bob explains "you should never pay for something you can do yourself." Evaluate the validity of Bob's statement.
Quasi-experimental designs and functional designs : Describe, compare and contrast factorial research designs, quasi-experimental designs and functional designs.
Explain why the files are not the same size : If three text files contained in Assignment 4 Files.zip each contain the same information; however, the file sizes are not the same. Explain why the files are not the same size.
Randomized subject design-matched subjects design : Compare and contrast the following subject design models for controlling subject variables: randomized subject design, matched subjects design, within-subject design, and repeated measure design-sequence balanced.
Display the total and average number of calories burned : How would you solve the following in C++? Please write code below: Write a condition-controlled while loop that allows the user to enter the calories they burned. Stop looping when the user enters a negative number. Display the Total and Average n..

Reviews

Write a Review

Microeconomics Questions & Answers

  Explain the relationship between the magpie and the eagle

Explain the relationship between the Magpie and the Eagle and explain what would be the effect of a 10% increase in the income of the target market have on the demand for the Magpie

  Positive and negative externalities

Externalities are 3rd-party consequence of some other action. They can be positive or negative externalities and they impose a benefit or cost to a 3rd-party.

  Why initial change in planned aggregate expenditure results

Why does an initial $400 billion annual decrease in consumption spending make income fall by more than $400 billion per year. Explain why an initial change in planned aggregate expenditure results in a much larger change in equlibrium income.

  What annual rate of return must the endowment fund earn?

A permanent endowment at the University of Alabama is to award scholarships to engineering students. The awards are to be made beginning 5 years after the $10 million lump-sum donation is made

  Making decisions in managerial economics

Ongoing United States struggles in Iraq and Afghanistan, political unrest in South America, and civil wars in Africa have driven crude oil values up for the last many years.

  Is the good in question standardized

Choose a market for a good in your area that seems to be a perfectly competitive market. Write four or five substantive paragraphs that describes the market and answers the following questions: Identify the buyers and sellers as well as the goods o..

  What is the monopoly profit at price

Suppose the market discount rate is 20% instead of 5%. Should he now charge the limit price to deter entry or accept the entry? Assume his goal is maximize the PV of long-run profits.

  Efficiency and equity discussion

A competitive market is intended to result in improved efficiency, though it will not necessarily improve equity. That is, a competitive market might encourage efficient production but may not necessarily result in a redistribution of wealth

  Calculate the lerner index

Recently, Pfizer and Warner-Lambert agreed to a ninety billion dollar merger, thus creating one of the world's biggest pharmaceutical firms. Pharmaceutical firms tend to expend a greater percentage (%) of sales on R&D activities than other industries..

  Why highest quantity of lobsters demanded

The highest quantity of lobsters demanded and what is the marginal net utility (consumer surplus) when the market price is $ 4.00 per lbs. why?

  Show the possibility of declining average costs

Give a numerical example to show that a monopolist's marginal revenue can be upward-sloping over part of its range. Hint: The price on the demand curve is the producer's average revenue. Think of the graphic that showed the possibility of declining..

  Draw game tree and find backward induction equilibrium

Draw the game as a table. What are the Nash equilibria of this game? How does this game differ from a prisoner's dilemma, and how can participants achieve the optimal (both hunt Stag) outcome?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd