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When measuring costs, it is important to keep in mind of one of the Ten Principles of Economics: The cost of something is what you give up to get it. The opportunity cost of an item refers to all those things that must be forgone to acquire that item. When economists speak of a firm's cost of production, they include all the opportunity costs of making its output of goods and services.
Economists are interested in studying how firms make production and pricing decisions. Because these decisions are based on both explicit and implicit costs, economists include both when measuring a firm's costs.
If John operates a pizza restaurant in a shop he owns in New York. Similar shops nearby rent for $2000 per month. John is considering selling his shop and renting a similar shop in the countryside for $1000 per month. Eventually, he decides not to make the move. He reasons,I would like to have a restaurant in the countryside, but I pay no rent for my restaurant now, and I don't want to see my costs rise by $1000 per month. Is John's reasoning valid in an economic sense?
Two identical countries, Nation A and Nation B, can each be described by a Keynesian-cross model. MPC is .9 in each nation. How much is government purchases multiplier for each nation.
Suppose that the inflation rate in the United State and japan are 4 percent and 2 percent, respectively and that the current spot rate is $.0083333 per Japanese yen or 120 Japanesse yen per one percent dollar.
Evaluate the effect of each of these four changes on demand based on the estimates provided and what is the net effect of all the changes taken together
The clinic can't recruit and retain enough nurses to keep up with its growing patient population. How will you find out more qualified nurses, and how will you keep them once you have hired them?
What is the relationship between bowed out shape of production possibilities frontier and increasing opportunity cost of the good as more of it is produced?
On Friday, New York foreign currency market closed with a quote of $1.0900 per Euro. To stimulate economic activity the Federal Reserve hints that interest rates will be lowered by fifty basis points
It has already decided to use the Windows Server 2003 network operating system. What type of LAN will your team design for this company?
What actions can we take collectively and individually to correct these kinds of portrayals in the media?
How to interpret estimated coefficient and How to count tendency ratio between one category of certain independent to or category.
Develop an entity-relationship model representing the data that manager wants to store in database, based on following assumptions.
Aztec Enterprises depends heavily on advertising to sell its products. Management at Aztec is allowed to spend $2 million monthly on advertising, but no more than this amount.
How does competition affect profits and prices? What causes some firms to enter an industry, and others to leave it?
You're in Management for IBX Steel Components. J. D. Brotsky is a top labor leader and just announced that her union will go on strike against management unless you grant the workers a significant pay raise.
What key economic concepts underlie the employ of discount coupons by businesses?
Set up the Lagrangian for a cost minimization problem, then use it to derive the Hicksian demands for goods X and Y when the utility function has the Cobb-Douglas form
Why is it significant for managers to understand both short run and long run supply and demand? Please give one hypothetical or real life example which illustrates your response.
Assume the government sets an effective price floor in market for oranges and agrees to buy all oranges that go unsold at that price. The oranges bought by the government are discarded.
Early this year, thousands of Americans flocked to Apple's outlets to purchase iPad 2 sold by iconic brand. Long queues snaked outside many of Apple's outlets dotted over the states.
What are equations for IS and LM curves? What is equilibrium level of income and interest rate? What if mix of fiscal and monetary policies is changed. Te money supply is increased by 100 while government spending reduced by 250:
What happens to the student's budget line? Illustrate the change with new books on the vertical axis. Is the student worse off or better off after the price change. Explain.
Explain how GDP would return to equilibrium if it was above or below equilibrium GDP. Whenever there is change in spending, there will be a change in real GDP. Explain why this is so.
Airlines practice price discrimination by charging leisure travelers and business travelers different prices. Different customers pay varying prices for essentially the same coach seat because some passengers qualify for discounts and others do no..
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