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If your tuition is? $20,000 this? semester, your books cost? $1,000, you can only work 20 rather than 40 hours per week during the 15 weeks you are taking classes and you make? $10 per? hour, and your room and board is? $5,000 this? semester, what is your opportunity cost of attending college this? semester? Assume that the board and lodging expenses will remain the same even if you do not go to college.
A. $24,000.
B. $26,000.
C. ?$21,000.
D. ?$29,000.
If a 5 percent change in the price of a good leads to a 10 percent change in the quantity? supplied, then the supply of the good is? ________ and the elasticity of supply is? ________.
A. elastic; 0.5
B. ?inelastic; 2.0
C. ?inelastic; 0.5
D. ?elastic; 2.0
Assume that in a private closed economy consumption is $240 billion and investment is $50 billion, both at the $280 billion level of domestic output.
What Marx called "underconsumption" is very similar to Keyne's concept of
A rightward shift of the long-run aggregate supply curve is caused by
What is price of an additional dollar of local spending in each case. Which of two methods do you think would lead to higher levels of local spending on roads. Explain your answer.
TQM by Facts or Intuition Based either on your work experience or on the readings in this course or both, discuss the following: 1. What should prevail in a company, TQM by facts or intuitive decisions that are made without regard to facts? 2. What i..
Find a purely/perfectly competitive industry. State why this industry is a purely competitive market. Give examples as to why. Please use the drop box to submit your extra credit assignment.
q.in a particular monopoly the demand equation is given by yp 5p1. what is the price elasticity of demand?2. what is
Does one who kills another "deserve" to die? Why or why not? Are there circumstances that would change your answer? Make two lists (perhaps using a table with two columns). Calculations of the likely consequences of assigning that particular penalty ..
Stadium has commissioned a study that showed the demand by fans for stadium seats (per playing date) to be P = 22 - 0.2Q, where P is the price of a ticket and Q represents the number of seats (expressed in thousands). The local stadium seats a maximu..
The price demand function for 100 packs of whiteboard erasers is x = (360-4p)1/2. p is the price of one 100 pack of erasers. What is the elasticity of p = $18? Is the demand elastic, inelastic, or unit elasticity at this price? What price should the ..
Weisbro and Sons purchase their inventory one quarter prior to the quarter of sale. The purchase price is 60 percent of the sales price. The accounts payable period is 60 days. The accounts payable balance at the beginning of quarter one is $27,000. ..
The cross-elasticity of demand between American eagle and Hollister is 2.3. What does that tell us about the relationship between these two stores?
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