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Economics: Sunk Costs and Utility
1. People join tennis clubs for a fixed fee per year, which entitles them to play as much as they want without charge. Because people who pay these fees play more tennis than others (who can use free public courts), this means sunk costs matter for decisions. True or False?
2. When discussing the maximization of utility, regardless of whether you chose to work more hours or fewer when offered a higher hourly wage, you could not be worse off than you were at a lower hourly wage. Explain.
Many home improvement retailers like Home Depot and lowes have low-price guarantee polices. Do these types of pricing strategies result in cutthroat competition and zero economic profits?
Illustrate recommendations would you make to Congress and the President for the management of fiscal policy.
Taiwan Electronics produces 3 models of the CB radios, A, B, and C-Employ the transportation model to find out the best production schedule.
Suppose you are running a photo copy center that makes illegal copies of the textbook. An illegal copy of the book sells for $10 and you only have one copy machine.
Let the market demand for rye bread be given by Q = 500 + I - 250P rye + 400P wheat , where Q is monthly demand in number of loaves, I is average monthly income in dollars
Suppose that yi receives $ 60 per day as interest on inheritance and her wage is $25 per hour, and she can work a maximum of 16 hours per day at her job. draw her daily budget constraint.
Calculate the price elasticity of demand for the product below using average values for the prices and quantities in your formula.
Illustrate what percentage of the CEO's total earnings is tied to profits of the firm.
Suppose two nations are considering specializing in either calculators or personal computers. If solely producing calculators, country A can produce 300 and country B can produce 400.
Find out the price elasticity of demand regarding to the money price using "arc elasticity."
Elucidate a monopoly which formed naturally or through vertical or horizontal mergers.
Elastic with respect to its own cost and whether Good Y is a substitute or a complement with respect to Good X.
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