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a) Explain how opportunity cost differs from accounting cost. (b) Does every economic choice in business have an opportunity cost? Explain. (c) Provide an example of a business practice with an opportunity cost that is different than its accounting cost. (d) Why do businesses use accounting costs, rather than opportunity costs, in recording their business expenses? (e) Could the opportunity cost of a given business decision be different for different companies and/or be different for the same company at different times? Explain.
Suppose that the following equations describe an economy, where C, I, G, T, and Y are measured in billions of dollars, and r is measured in percent (i.e. r=10 means r=10%). C = 170 + 0.6(Y-T) T = 200 I = 100 – 4r G = 350 Money demand L = 0.75Y – 6r M..
List who you think were the top 5 players (whose ideas were most influential) through Chapter 12. For each, provide a well-written sentence or two describing their contributions to the development of our economic thought.
What is the rationale for government to regulate the activities to businesses? How is our economic and social existence shaped by government regulations?
Describes the market structures of oligopoly and monopoly in terms of number of producers, types of products produced, barriers to entry, and whether profit can be made in the short or long run. Also, be sure to note whether oligopolies and monopolie..
How do the following activities contribute to the US Economy?
Graphically show the income and substitution effect using indifference curves and budget constraints and discuss why it is important to look at this when the price of a good changes.
Costs are very important not only to us as individual consumers, but also to businesses who must control costs in make the desired profit. We should have learned that in this chapter (if we did not already know that). In this discussion answer the fo..
If a major sports star were to move into your neighbourhood, what would you expect to happen to the neighbourhood's "average" income?
Illustrate what is the opportunity cost of a potholder for Martha. What is the opportunity cost of a potholder for Stewart.
Determine the effect of expansionary monetary policy in the AS/AD model when the economy.
Briefly elucidate why magnification effect plays an important role in predicting where various groups in economy will support or oppose international trade.
Choose one country that has an undervalued or overvalued currency and explain a possible reason for this. Supply a counter response to a fellow student regarding the previous questions and provide your reason for why that country's currency is under ..
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