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1. Distinguish between explicit and implicit costs, giving examples of each. What are the explicit and implicit costs of attending college? Why does the economist classify normal profit as a cost? Is economic profit a cost of production?
2. What is a sunk cost? Provide an example of a sunk cost other than one found in the text. Why are such costs irrelevant in making decisions about future actions?
Suppose the problems that hinder growth in developing economies are poor infrastructure, lack of financial institutions and a sound of money supply.
Are natural disasters occurs of inflation or deflation. Where might the public see the evidence.
Elucidate possible consequences of failing to properly disclose certain items in financial statements.
Is the GDP measure underestimating or overestimating national production and total income in the economy? Why? What are the impacts of the shortcomings of the GDP as a measure of the national product and national welfare.
Use our discussion of price discrimination to justify this argument. What problems do you envisage in implementing the policy?
which country has the greater opportunity cost of producing olive oil b)the country which would end up exporting wine and which would export olive oil after the elimination of trade barriers.Olive Oil yield 40 barrels 30 barrels
Consolidated Drugs, Inc. has spent $4 million developing and testing a new anti-aging drug. Management now estimates that it will cost $2 million to produce and market this new product.
Suppose two methods for achieving less water use in a community. The 1st method includes trying to convince people to apply water conservation measures and to use less water at current prices.
Explain how do high inflation rates affect the exchange rate of a country in the short and the long run.
Gabriella often faces a trade-off between time at the beach and time working as a model. She earns $40 per hour as a model and values going to the beach at the same price. When explaining this to her parents she says.
Explain in briefly about two paragraphs the supply and demand analysis and the impact of government regulations at McDonalds.
How does an economy achieve macroeconomic equilibrium? What affect does a high level of inflation have on macroeconomic equilibrium?
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