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Give an example of how the Principle of Opportunity Cost applies to your life. Think of a recent decision you made. It could be a decision as simple as whether to eat out or cook your own dinner, or it could be a decision to quit your job and go back to school. What alternatives did you consider?
Sketch a supply and demand graph to explain this change. Be sure to label your graph and clearly indicate the change of the curve.
Suppose an economy characterized by the following equations; Assume W=10,000. Draw the aggerate expenditure function on a scale diagram along the 45 degree line.
The Fed sells $100,000 in Treasury Bonds to Chase Bank in the secondary market. a) What happens to the monetary base as a result b) If the reserve requirement is 20%, c=0.5 and e=0.001, what happens to the money supply as a result
Studies indicate that the price elasticity of demand for cigarettes is about -0.4.If a pack of cigarettes currently costs $2.0 and the government wants to reduce smoking by 20%, by how much should it increase the price?
To determine the average typing speed of 700 students who just finished word processing 101, a group of 20 students is randomly selected. It is determined that the average typing speed is 47 words per minute.
Calculate the point price elasticity of demand and point income elasticity for peaches at the equilibrium. Also calculate the point cross price elasticity between peaches and apricots at the equilibrium.
Determine What situation would our economy be presently in and what type of stimulus and healthcare package would we be seeing if, through a silly quirk of fate:
Consider the following infinitely repeated model between two firms. Each period, the firms earn profits of 10 if they successfully collude. If a firm deviates from the agreement, it earns 15 in the period in which it cheats. In each period that th..
As an economist, you have been asked to address a meeting of a group of international professionals to explain the differences between microeconomics and macroeconomics and to provide real-world examples.
Use the total cost (TC) schedule that is presented in the table below to determine the optimal rate of production when the firm can sell all of the output it produces at a price of $6.50 per unit. Also determine the level of profit (or loss) that the..
Elucidate unequivocally why the foundation of trade has nothing to do with absolute advantage and only the law of comparative advantage is relevant.
What is the firm's average variable cost as a function of its output level, y? What is the firm's average total cost as a function of its output level, y? What is the firm's profit maximizing level of output, and what is the resulting profit?
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