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Johns goes to a football game and buys a ticket for $75. He has to take off two hours of work to go to the game. he earns $15/hr at work. His drive to the game requires $7 in gas. Given this information, John's opportunity cost of going to the game is: A. 112 B. 30 C. 37 D. 75 30$ didnt seem correct
Suppose economists observe that an increase in government spending of $10 billion raises the total demand for goods and services by $30 billion. 1. If these economists ignore the possibility of crowding out, what would they estimate the marginal p..
What changes could you make to decrease your energy use? What changes could you make to increase your energy efficiency? ?What do you think would change if your heating oil or coal supply came from Russia?
Analyze how the market will respond in each example (from the perspective of both the supplier and the consumer. Recommend examples in each of the three examples as to how consumer's demand may be satisfied.
Total cost and total variable cost are parallel, yet average total cost and average variable cost are not parallel. Demonstrate mathematically that ATC and AVC are not parallel.
Compute the opportunity cost of an increase in the number of hours spent studying in order to earn a 3.0 GPA rather than a 2.0 GPA. Find out opportunity cost of an increase in income from $100 to $150.00
Examine whether the introduction of the London Living Wage (LLW) has been good for London and for Londoners. Illustrate your answer using a case study focusing on one particular sector or industry.
Assume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit.
Find the reaction functionB)How much does each firm produceC)compute CS ,PS and the deadweight lossD)if firm 1 and 2 leaders and 3 follower (Stackelberg),What are the quantity choices for all three firms?
Disinflation is defined as a reduction in the rate of inflation. B. Policymakers can exploit a trade-off between inflation and unemployment in the short run but not in the long run. C. Unemployment rates below the natural rate of unemployment are di..
explain why the productivity standard for the distribution of income entails rewarding people based on their contribution to societys total output. why does the productivity standard typically fail to yield an equal distribution of income
Who is hurt and who benefits from each of the two types of inflation What is the impact that inflation has on our income List and describe two examples of when inflation may be understated as a result of how the CPI is measured.
Suppose that the Government introduces a labor tax: for each hour of labor hired, the firm needs to pay to the Government. Find the new optimal demand for labor. Is it higher or lower than in the absence of the tax?
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