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For each of the following situations, identify the full cost (opportunity cost) involved:
a. A worker earning an hourly wage of $8.50 decides to cut back to part-time to attend Houston Community College.
b. Sue decides to drive to Los Angeles from San Francisco to visit her son, who attends UCLA.
c. Tom decides to go to a wild fraternity party and stays out all night before his physics exam.
d. Annie spends $200 on a new dress.
e. The Confab Company spends $1 million to build a new branch plant that will probably be in operation for at least 10 years.
f. Alex’s father owns a small grocery store in town. Alex works 40 hours a week in the store but receives no compensation.
Suppose that the most popular car dealer in your area sells 10 percent of all vehicles. If all other car dealers sell either the same number of vehicles or fewer, what is the largest value that the Herfindahl index could possibly take for car deal..
Suppose that a 20 percent increase in the price of normal good Y causes a 10 percent decline in the quantity demanded of normal good X. The coefficient of cross elasticity of demand is:a.negative and therefore these goods are substitutes
How does the resulting change in the slope of the aggregate demand curve help stabilize inflation when the economy is hit with a temporary negative supply shock?
Suppose there is a surge in demand for olive oil after researchers discover that olive oil consumption reduces heart disease. Analyze the short and long run effects of this increased demand on you firm.
Provide a brief critique of the CEO's use of your analysis to arrive at her decision to keep the tuition reimbursement program. Assume that she has no additional information on the relationship between employee happiness and participation in the t..
Provide a cost-benefit analysis for a company which has to decide whether to hire more staff or hire temporary workers to meet production schedules. Determine how managers would use your cost-benefit analysis to make this decision.
Recent health reports indicate that calcium is asorbed better in natural forms as milk, and at the same time, the cost of milking equipment rises. Examine the probable effects on the market.
Suppose there is a permanent fall in private aggregate demand for a country's output (a downward shift of the entire aggregate demand schedule). What is the effect on output? What government policy response would you recommend?
Economic and political stability are most important factors to be considered when finalizing an international investment.
Describe the market equilibrating process and compare the demand for food with demand for Starbuck's coffee. Include academic research to support your ideas.
What is the opportunity cost of working at the internship and it is unreasonable that companies must pay an average of $15,000 per year to provide health insurance for an employee and their family.
Suppose that virtually everyone in the United States decides to take life a little easier, and the length of the average workweek falls by 25%. How will that affect GDP Per capita GDP How will it affect economic welfare
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