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Every time we have to make a choice we are faced with an opportunity cost. Using an example in your professional life, identify a situation where you were presented with a choice, the opportunity cost of the choice you made, and the process you used to make your choice. As part of your discussion, explain whether or not responsible stewardship played a role in your choice. Remember to use the appropriate economic concepts and terminology that are applicable to your answer.
The owner of a new health spa estimates the avg customer's monthly demand for visiting the spa as Q-50-.25P. The cost of operating is C(Q)=3Q, where Q is the # of visits. The owner has been charging a $20/month membership fee and a $5 per-visit fee. ..
A 4-year annuity of eight $8,200 semiannual payments will begin 9 years from now, with the first payment coming 9.5 years from now. a) If the discount rate is 14 percent compounded monthly, what is the value of this annuity five years from now? If th..
Why does a newspaper dispenser open to a stack of newspapers and essentially “trusts” a consumer to take just one copy whereas a soft drink vending machine does not “trust” consumers and dispenses one can for each purchase? Describe how marginal util..
In at least three well composed paragraphs, please describe the effect that changes in business taxes, personal income, and transfer payments have on a country’s gross domestic product (GDP).
Assume that VCRs continue to be sold at $200 per unit while average income increases from $30 thousand to $50 thousand. Assume also that the price for DVD players remains steady at $500. Using the midpoint method, what is the income elasticity of dem..
Using a graph for each team and a few well-chosen sentences, show how the Phillies and Eagles may both be profit maximizing if the Phillies are not selling out Citizen’s Bank Park (45,000 seats) while the Eagles do sell out Lincoln Financial Field (9..
Jennifer buys a piece of costume jewelry for $33 for which she was willing to pay $42. The minimum acceptable price to the seller, Nathan, was $30. Jennifer experiences:
distinguishing feature of monopoly. average revenue (For a monopolist) is. true of the profit earned by a monopilist. Which of the following factors explain the difference in long-run profits earned by a monopolist and a perfectly competitive firm
If there were only one seller, illustrate what would be the equilibrium price and quantity.
If the demand for a domestic currency decreases in a country using a fixed exchange rate system, what must the central bank do to keep the currency value steady?
How did Jeffersonians deal with the difficult problems of party politics and slavery? Additionally, discuss the achievements and disappointments of the Jefferson Administration. Would you consider Jefferson one of our greatest presidents why or why n..
Growth rates of per capita GDP: Compute the average annual growth rate of per capita GDP in the each of the cases below. The levels are provided for 1980 and 2010, measured in constant 2005 dollars.
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