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Valerie is training for a triathlon, a timed race that combines swimming, biking, and running. While Valerie usually practices swimming for two hours per day, she decides to continue for an additional hour because the pool is less crowded than usual today allowing her practice time to be more productive.
Which basic principle of individual choice does Valerie's plan illustrate that her husband's advice does not?
a. Resources are scarce.
b. All decisions involve opportunity costs.
c. Decisions are made at the margin.
d. People usually exploit opportunities to make themselves better off.
Given the following information for the Macro Economy answer the following questions. In this economy we have an MPC equal to 0.80, Autonomous Consumption equal to $800 billion and a Planned Investment equal to $200 billion. Fill in the Consumption, ..
Based on absolute advantage and comparative advantage, explain the effect of global economic conditions on the choices available to that country. Include the current exchange rate of the country's monetary unit.
Suppose that the demand for cantaloupes is p=120-3Qd , where is the price per pound (in cents) of cantaloupe and Qd is the quantity demanded per year (in millions of pounds). Suppose that the supply curve for cantaloupes is P=5Qs where Qs is the quan..
Draw Lorenz curves and calculate the Gini coefficient and the coefficient of variation for the income distributions (a)–(f). In each situation, the first set of numbers represents the various incomes, whereas the second set of numbers represents the ..
In jury selection, one cannot exclude potential jurors on the basis of race or other discriminatory criteria. One question is if this prohibition against discrimination should extend to potential jurors that have physical or mental disabilities. How ..
If they currently at point B, what is the opportunity cost of 100 additional cups? if they currently at point D, what is the opportunity cost of 100 additional cups?
Second-degree price discrimination occurs when
About one out of every ten dollars of federal government spending goes toward interest on the national debt. The most important source of local tax revenue is income tax. The most important source of state tax revenue is the sales tax.
Explain the shape of a monopolist’s marginal revenue curve and draw it on a graph. Use intuition, math or both in your explanation.
Explain whether the demand for following goods is relatively elastic or relatively inelastic:
How popular notion of business profit is is different from the economic profit concept? What role does the idea of normal profit play in this difference? "In the long run, profit maximizing firm will never knowingly market unsafe products. However, i..
The table below shows the cost of a fixed basket of goods that a typical urban consumer would buy in the economy of Kindleberger, where the base period for the consumer price index (CPI) is the year 2000.
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