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1. Give two personal examples where you made a decision based on sunk costs. What would an economist have done in those situations? Explain.
2. Explain the ideas of faulty framing and cognitive dissonance in your own words.
give an example of a government created monopoly. is creating this monopoly necessarily bad public policy?explain two
Which of the following payment terms should a professional athlete prefer in a “ten million dollar” five-year contract if the athlete wants to obtain the greatest present value of income?
Illustrate what is the effect on equilibrium price and quantity in the market for oranges if a new orange picking machine is developed.
Tom earns $15 per hour for up to 40 hours of work each week. He is paid $30 per hour for every hour in excess of 40. Tom faces a 20% tax rate and pays $4 per hour in child care expenses for each hour he works. Tom receives $80 in child support paymen..
Which of the following factors is most likely to worsen (make more negative or less positive) a (home) country's net international investment position?
determine the effects of an increase in the capital stock on current equilibrium output, employment, the real wage, the real interest.
What is the NPV break-even level of sales assuming a tax rate of 35%, a 10-year project life, and a discount rate of 12%? (Do not round intermediate calculations. Round your answer to the nearest whole number.)
An important factor in selling a residential property is the number of people who look through the home. A sample of 17 homes recently sold in the Buffalo, New York, area revealed the mean number looking through each home was 26 and the standard devi..
This means that an individual firm's marginal cost is given by MC = 4q.Also, the market demand is given by how much output will each of them produce?
A monopolist faces the following demand curve: P = 120 - .02Q . The firms cost function is given by C = 60Q + 25; 000: Assume that the firm maximizes prots. What is the level of production, price, and total profit per week? What will be the level of ..
What are the three functions of money? In your own words, explain why money is needed in a modern economy. Why would it be very difficult to get by without money?
a disgruntled college graduate sues her school on grounds that her tuition payments did not land her the good job she was expecting when she started there. Courts invariably throw out cases like hers.
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