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The concept of opportunity cost is an important one in economics. It is essential to understand the distinction between explicit and implicit costs. For this assignment, consider an event at work that you company is considering doing, such as a new product, adding more employees, etc. their opportunity cost of going to school is. Include all implicit and explicit costs of this venture. In addition, analyze the value of this project and how the costs will be short run and the long run.
Elucidate, with the aid of demand and supply curves, the impact of increased crime on the demand for private security services. On your diagram, show the changes in the equillibrium price and quantity.
Two ice-cream stands are deciding where to set up along a 1-mile beach. The people are uniformly located along the beach, and each person sitting on the beach buys exactly 1 ice-cream cone per day from the nearest stand. Each ice-cream seller wants t..
Part Two of your textbook covers chapters four through seven and is titled "International Sales, Credits, and the Commercial Transaction." Describe the Convention on Contracts for the International Sale of Goods (CISG) and explain why it is importan..
Using your knowledge of utility and consumer behavior and the data below, show exactly how you would spend your income, on which goods and why. Be sure to calculate the MU/P for good X and good y, and then proceed. (20 pts) Q MU x MU y 1 90 150 2 84 ..
He starts this year with nothing in the bank and ends next year with nothing in the bank. Draw his budget constraint in E1 - E2 space.
q.the news reports which the exchange rate for the dollar just hit its lowest value in a decade it also reports which
Jim produces and sells $1100 worth of flowers. Jim uses no intermediate inputs. He pays his workers $700 in wages, pays $100 in taxes and pays $200 in interest on a loan. What is Jim's contribution to GDP? What are Jim's profits?
If you had to give a short lecture on Native american history, what 9 passages from the book "Lies my teacher told me" by James Loewen, would you include( 3 passages from each chapter i.e "1493", "Red Eyes", and the "Truth about first thanksgiving" a..
If the quantity of steel workers demanded falls from 30,000 to 20,000 when the equilibrium wage increases from $9.00 per hour to $11.00 per hour, then the own-wage elasticity of demand for these workers is/
A large Corporation constructed a small office building for their firm approximately 5 years ago. They financed it with a bank loan for $450,000 over 15 years at 6% interest with quarterly payments and quarterly compounding. The loan can be repaid at..
Whether a tax is shifted forward or backward depends on the price elasticities of demand and supply. The effect of a tax is the same thing as the incidence of the tax. The principle of comparative advantage is associated with
Illustrate what are the advantages of using capital in the production process. What is meant by the term "division of labor".
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