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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?
Noting that just one or two firms might be able to produce and sell similar products at lower prices than the many firms that sell quite similar products in the US, some people argue that monopolistic competition is wasteful. Why would many consu..
A new contraption to help you eat yogurt easily while driving, autogurt, is now on the market. It costs Justin $2 in equipment per unit, and takes him approximately 6 min to make. Justin charges $20 per hour. Justin additionally pays an electricit..
Because of the change they created for taste and preferences and the higher income market, the gourmet coffee houses had a win-win in a period of falling wholesale prices and increasing retail prices
A company consists of two kinds of employees, tall and short. Each person can work in either of two jobs, honest work or stealing from the company. The wage to honest work for a short person is wS, while the wage for a tall person is wT.
The U.S. imposes a quota of 45 million units per month on this good and what will be the price U.S. consumers will pay for the good now?
Three fans are to be installed at a mine site; one immediately at a price of $260,000, one in five years at an estimated cost of $310,000 and the third in eight years at a cost of $480,000. Find out the total expenditure as a present value if the ..
felix and kim are farmers.each one owns 5 acres of land the following table shows the amount of corn and alfelfa each farmer can produce on any given acre. both farmers can chose wheater to devot 5 acres for producing corn only, alfelfa only,or to..
Determine if the demand for the following products is price elastic or price inelastic, or explian how the necessity of a good and the availability of substitutes affect the price elasticity of demand.
Why would change leaders need to align the organization's people with the change strategy Would it be easier to just tell workers of the change and demand compliance? Or, would integrating workers' ideas and capacities before a change.
Public Choice theorists have emphasized that there is a bias toward growth in government due to the "concentration of benefits" and the "diffusion of burdens" (or costs) from government spending. Some people, like Wilhelm Ropke.
Suppose all iPod owners consider only two options for downloading music to their MP3 players: purchase songs from iTunes or copy songs from friends' CDs. With these two options, suppose the weekly inverse market demand for the Rolling Stones' song..
Which of your current costs are implicit, and which are explicit and suppose The Breakfast Club, Inc. offers to pay $800/month to use the building
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