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When asked in a television interview what she felt she was missing out on because she spent most of her time training for the Olympics, a rower answered, “A normal social life.” She also revealed that she had given up a job that paid $20,000 per year in order to train full-time. She was fortunate to receive a grant from Sport Canada of $10,000 per year, but this was not enough to cover all of her expenses. Her food and rent were $5,000 per year and training expenses (coach’s fee, equipment costs etc.) were$16,000 per year.
a. What is the annual opportunity cost of “going for Gold” for this rower?
b. What is the annual opportunity cost to Canada of training this rower?
c. In general, what is the annual opportunity cost to Canada of sending this rower and other athletes to the Olympics?
By mid-2009, U.S. investment expenditure had fallen to $1.5 trillion and the real interest rate had risen to 4.5% per year. What caused the collapse of investment and the rise in the real interest rate?
In which of the three market arenas is each of the following goods traded?
Two division managers at King Size Manufacturing have been in a long discussion with top management about allocation of capital spending over the next three years. His bonus is based on total sales and he wants a larger bonus for himself and his mana..
Market structure has implications for a firm's profitability.
Provide a response to Case 9: Lowe's Companies, Inc. (p. 451). Answer the 5 questions at the bottom of textbook page 459 (last paragraph). Do not "Design a three year strategic plan..." as outlined in the final statement. Should Lowe’s expand into C..
Median length of stay was 1.1 days shorter when a hospitalist cared for a Medicare patient. Median cost per case was $853 less (excluding physician fees). There were no significant differences in mortality, 30-day readmissions, or transfers. Hospital..
Tom gains utility from consumption C and leisure L. The most leisure she can consume in any given week is 112 hours. His wage is $20. His utility function is U(C,L) = C^3/4*L^1/4. Tom receives 640 each week from her great-grandmother. What is the mar..
Suppose that the production function for Hannah and Sam’s home remodeling business is Q = F(L, K) = 10L0.2K0.3. If the wage rate is $1,500 per week and the cost of renting a unit of capital is $1,000 per week, what is the least-cost input combination..
Suppose that two units of X and eight units of Y give a consumer the same utility as four units of X and two units of Y. Over this range: If the consumer obtains one more unit of X, how many units of Y must be given up in order to keep utility consta..
First, compare fares and product offerings of low-cost-carrier and a comprehensive network carrier from either the U.S. or Europe. Compare and contrast the ticket prices and product offerings of the two airlines. Use care that the fares are comparabl..
Write a four- to five-page paper that answers the following questions. List six main objectives of public relations efforts. Using a company that sells a product you purchase or provides a service you use, explain how it could try to achieve each of ..
Suppose a firm uses both labor L and capital K as inputs to production. Its production function is of the Cobb-Douglas form, i.e. F (K,L) = K^1/3 L^2/ 3. Express the firm’s real revenues, real costs and real profits in terms of the variables defined ..
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