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Calculate your opportunity cost of going to a movie premiere at the theatre with your friend Spencer on Saturday night in the following scenarios:
(a) Your neighbor is offering you $100 to baby-sit her 4-year old, and you would have to pay $10 for the movie ticket.
(b) Your neighbor is offering you $100 to baby-sit her 4-year old, and Spencer is paying for your ticket.
(c) You have no other plans for the night, and Spencer is paying for your ticket.
(d) You have already bought your $10 movie ticket, and you can resell it for $8 dollars.
(e) You have already bought your $10 movie ticket, but the showing is sold out and tickets are now selling for $30 on the black market.
Many maximum problems have an associated dual minimum problem. An imperfectly firm wishes to minimize the cost of producing a given level of output Q^0. Output is produced according to the production function: Q=(AK^1/2)(L^3/4)
Nonmarket work includes time spent
Consider a Solow model where the production function no longer exhibits diminishing returns to capital accumulation. This is not particularly realistic, for reasons discussed in Chapter 4. Draw the Solow diagram in this case. Suppose the economy begi..
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Assuming that there are no variable costs associated with the wind farm, the capacity factor CF=40%. What is the fixed charge rate FCR?
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q.you are the owner of a fast food restaurant. given a new item that you recently advertised you experience additional
Talk about the ramifications involved in conducting business under both/either scenario.
Which of the following conditions allows a monopoly to exist?
The U.S. Department of Commerce has estimated that if U.S. manufacturers use metric measures, their increased ability to compete on world markets should increase by about $600 million and thus benefit the U.S. economy by between $1.2 billion and $1.8..
If the number of suppliers in the micro calculator industry increases, illustrate what would we expect to happen.
The great 18th century economist Adam Smith wrote, "Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice: all the rest being brought abo..
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