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1. Distinguish between explicit and implicit costs, giving examples of each. What are the explicit and implicit costs of attending college? Why does the economist classify normal profit as a cost? Is economic profit a cost of production?
2. What is a sunk cost? Provide an example of a sunk cost other than one found in the text. Why are such costs irrelevant in making decisions about future actions?
Lockheed Martin management is considering your proposal to purchase a new water jet machine for cutting 14 gauge aluminum sheets into C-130 fuselage parts. This is a much cleaner method than the current method of using an oxyacetylene cutting torc..
c) Summarize your findings in a short paragraph d) Test the null hypothesis that there is no association between gender and lying to teachers. Give the test statistic, the P-value and summarize your conclusion. Be sure to include numerical and gra..
In national income accounting identity showing the equality between national saving and investment, what is the representation of private saving and what is the representation of public saving?
Illustrate what would you like to see done by the Federal government which would be of help to your organization
Explain the effect of such a shock on the equilibrium of the DAD-DAS model - Suppose that at time t-1 inflation is zero and there were no shocks in the economy.
suppose that in a given period, 9% of the unemployed people will find jobs and 3% of employed people will lose their jobs. In the U.S, unemployment is at 8.1%, 1% of employed people will lose their job, and 19% of unemployed will find jobs.
What is the difference between a traditional monopoly and a natural monopoly. Include the following points Identify the incentives to produce and price the product for a traditional monopoly and natural monopoly.
The stronger the US dollar is relative to the rest of the world, all else constant, the larger the net exports in the US and Consumption is positively related to stock market wealth but negatively related to taxes and tax rates.
The question is what is the maximum probability of last thing happening (-$10 million) that will induce the person to vote for action.
Elucidate the dispute resolution options available to Bobbie Sue and Suzy Q and the primary differences between each option.
All economics textbooks give examples that show diminishing marginal utility as consumption rises-However, it could be argued that a rational buyer should never experience negative marginal utility. Why?
Consider a Stackelberg game with three firms (1, 2 and 3) where firm 1 moves first and firm 3 moves last. What quantities will they choose if they have zero costs and the demand curve is p = 100 - q
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