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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 an inferior good and if the price of pasta increases, the income effect _____________ the quantity demanded, and the substitution effect ___________ the quantity d
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
Standard Industry Classification codes (SIC) are used for financial statement “benchmarks” analysis. Your company’s financial results would need to be compared to others. SICs
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
What would happen to the size of the cattle population if Americans decided to eat substantially less beef? Explain the logic underlying your answer. Does private ownership en
How would you describe in factor notation the present worth of a cash flow that gives you $10 in periods zero through 20, then in period 21 gives you $8, in period 22 gives $6
A gardener can use one of the three brands of fertilizers during the next growing season. The following decision table shows the expected gross income per acre for each fertil
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
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