### Illustrate the implicit opportunity cost of foregone income

##### Reference no: EM13831585

The classic example of opportunity cost is the costs of going to college. Illustrate the implicit opportunity cost of foregone income as well as tuition, books, etc. Think about whether room and board should be considered a cost of college. Calculate (in \$\$\$) your opportunity costs of going to college.

#### If pasta is inferior good and if price of pasta increases

If pasta is an inferior good and if the price of pasta increases, the income effect _____________ the quantity demanded, and the substitution effect ___________ the quantity d

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In general, the marginal cost (MC) curve is U-shaped as you learned in the lectures and the textbook. However, exception exists. Please provide at least one industry as an exa

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Consider a game that awards \$30 worth of prize. There are three contestants: A, B, and C. Each of them decide to pay \$15 or \$30 for a ticket, or decide to buy no ticket at all

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In an industry there are two firms with the following cost functions: c1(q1) = 2 (q1)2, and c2(q2) = (q2 )2, where q1 and q2 denote the production level of every firm. The mar