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Master Card has a series of cute commercials that list a series of accounting items and costs leading to a priceless product. Cell phones are often advertised as being free. In economics, it is said that nothing of value is either free or priceless, everything has a price. Take something from your experience, that is allegedly free or priceless and use the concepts of accounting costs, economic costs, explicit costs, implicit costs, opportunity costs and sunk costs to explain why it is neither priceless nor free. Respond to at least two of your fellow students' postings.
Why is productivity related to the standard of living In your answer be sure to explain what productivity an standard of living mean. Make a list of things that determine labor productivity.
decrease in your real income that results when photographic equipment you purchase increases in price because of increased demand by others for these items. cost you bear when your neighbor has a noisy party and does not compensate you for your dis..
The price of Burger King's Whopper hamburger declines and mcDonald's distributes coupons for $1.00 off the purchase of a Big Mac.
An economy's production possibilities frontier is also its consumption possibilities frontier. under all circumstances,under no circumstances or else.
The technology of a company making high end, solid gold bracelets in Soho (NYC) is explained through the production function;
Suppose you manage an agency that provides Meals on Wheels to infirm elderly residents in the county. The agency operates three kitchens. Each kitchen is producing one-third of the total meals every day.
Politicians who support the green movement often argue that it is profitable for firms to pursue a strategy that is "environmentally friendly" (for example, by building factories that do not pollute and are not noisy), because workers will be will..
Find out the price p0 = S(q0) at which q0 units will be supplied and compute the corresponding producers' surplus PS. Sketch the supply curve y = S(q) and shade the region whose area represents the producers' surplus.
Because agricultural demand is inelastic, a technological advance which lowers production costs will reduce total revenue. Thus, farmers have no incentive to introduce such a technique.
"I see that your shoes are ‘buy one, get one free - limit one free pair per customer.' Will you sell me one pair for half-price" The clerk answered, "I can't do that." When the customer started to leave the store, the clerk hastily offered,
Consider the following information in the table for Pat's Pizza Restaurant
What is the current unemployment rate (hint: the update on the unemployment rate is usually released the first friday of each month) Do you think this unemployment rate is generally considered to be above, below or equal to NAIRU
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