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If you receive a free ticket to a concert, what, if anything, is your opportunity cost of attending the concert? How does your opportunity cost change if miserable weather on the night of the concert requires you to leave much earlier for the concert hall and greatly extends the time it takes to get home afterward?
Do consumers of public goods have the same incentives to reveal their true valuations of Public goods as they do of Private goods? Why or why not?
Does this production function exhibit constant, increasing, or decreasing returns to scale and find the marginal product of each factor and the marginal rate of technical substitution.
The present value of the gain from employing the new factory must be less or equal to $50 million and the rate of return from the new factory must be greater than 7%.
Explain why the price elasticity of demand is generally a negative number, except in the cases where the demand curve is perfectly elastic or perfectly inelastic. What would be implied by a positive price elasticity of demand
Research the current demand for a good or service of your choice. Collect information that will affect the demand for the good or service.
The City Symphony presents three open-air concerts in the city park pavilion during the spring and summer. Many who attend make donations for symphony expenses, but the donation is not required. Some who attend make no contributions.
Suppose that the one-period rate is 4% and that the two-period rate is 6%. What sort of expectation for the one-period rate next period makes this situation an equilibrium?
In March 2004, Ireland was the first country in the world to introduce an outright ban on smoking in workplaces. In the analyses below, when drawing your diagrams assume that workers can choose among only two products to consume at work, namely tobac..
Which statement best characterizes Adam Smith’s concept of the “invisible hand”. Those who don’t work shouldn’t eat or else.
Describe the industry and explain the general pattern of change of the particular market model and hypothesize the basic short-run and long-run behaviors of the model in the industry you have chosen in a "market economy."
Night Timers Co. manufactures glow-in-the dark products in 10 ft. rolls. At present the company's maximum production capacity is 140,000 rolls per year. The cost is stated as: C= $50,000 + 0.25 Q.
Suppose initially that the demand supply for premium coffees is in equilibrium. Now suppose Starbucks introduces the world premium blends, demand increase substantially.
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