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Answer each of the following questions using economic theory. Make sure you back up your answers with a few sentences or a paragraph justifying your answer.
1. You plan a major adventure trip for the summer. You won’t be able to take your usual summer job that pays $6,000, and you won’t be able to live at home for free. The cost of your travel on the trip will be $3,000, film and videotape will cost you $200, and your food will cost $1,400. What is the opportunity cost of taking this trip?
2. The university has built a new parking garage. There is always an available parking spot, but it costs $1 per day. Before the new garage was built, it usually took 15 minutes of cruising to find a parking space. Compare the opportunity cost of parking in the new garage with that in the old parking lot. Which is less costly and by how much?
In 1989 the Detroit Free Press and Detroit Daily News the only daily newspapers in the city obtained permission to merge under a special exemption from the antitrust laws.
Institutional economics, especially applied to metropolitan areas, highlight problems with human capital theory and help us better understand wage differentials. Explain factors that shape wage differentials by metropolitan areas.
Recently, there has been a lot of press about high lead content in toys made in China. This negative press can affect the foreign exchange rate in the United States dollar and Chinese yuan.
How much should the retailer set the camera price at in order to maximize his own profit and what is the most logical explanation to what may have happened assuming that both companies kept doing business afterwards as usual?
In other words, does it matter whether the deficit is caused by lower taxes, increased defense spending, more job-training programs, and so on In your analysis, what role do fiscal and monetary policies have to lead to higher
A manufacturer of outdoor clothing makes wax jackets and trousers. Each jacket requires 1 hour to manufacture, whereas each pair of trousers takes 40 minutes.
For Karr Company, the predetermined overhead rate is 140% of direct labor cost. During the month, Karr incurred $90,000 of factory labor costs, of which $80,000 is direct labor and $10,000 is indirect labor. Actual overhead incurred was $119,000.
If a firm in a perfectly competitive market experiences a technological breakthrough, A. other firms would find out about it eventually B. other firms would find out about it immediately C. other firms would not find out about it D. s..
Lawn mowing services are supplied by host of individuals in suburb of Westbrook. Demand and supply conditions in the perfectly competitive domestic for lawn mowing services are:
Consider three consumer goods: 100 of Good A, 100 of Good B, and 100 of Good C. In the base year, Good A sold at a price of $1, Good B sold at a price of $1, and Good C sold at a price of $1. In the current year, Good A sold at a price of $3, Go..
The chair-making industry currently consists of 90 producers, all of whom operate with the identical short-run total cost curve STC(Q)=500+3Q2, where Q is the annual output of a firm. Only $200 of each firm's fixed cost is sunk. The market demand cur..
What difference does it make, if any, if technology is moving very fast in the market so that this game proves to be one-time-only simultaneous play?
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