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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?
Tom and Jerry are both enterpreneurs and are producing hats and scarfs. Tom is producing 1 hat and 3 scarfs per hour whereas Jerry is currently producing 2 hats and 5 scarfs
consider two ways to protect your car from theft. The Club ( a steering wheel lock ) makes it difficult for a car thief to take your car. Lojack ( a tracking system) makes i
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Suppose the FBI only keeps the required amount of reserves, what is the total amount of money (M1) on the island? Hint: this will be the maximum amount of money given the re
What are the total revenue (TR), total costs (TC) and total profits when the monopolist practices price discrimination?Compare these profits with b. In words, explain what h
Fill in the missing data for price (P), total revenue(TR), marginal revenue (MR), total cost (TC), marginal cost (MC), profit (π), and marginal profit (Mπ) in the following
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Summarize the view of American critics of global firms that import products purchased from developing country factories that have bad working conditions and pay very low wag
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