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Point out which costs (sunk cost, incremental cost, fixed cost, variable cost, marginal cost, opportunity cost, out of pocket cost) are considered "relevant" and which are considered "irrelevant" to a business decision. Explain why.
Calculate the equilibrium level of income or real GDP for this economy. b. What happens to equilibrium Y if I changes to 10? What does this outcome reveal about the size of the multiplier?
A typical policy will pay the replacement cost of $2500 if the boat is a total loss.
If we can get foreigners to give us real goods and services and talk them in to taking pieces of paper in return why should we want anything different?" Do you agree or disagree with this statement?
one laborer can only produce either 5 unots of necessity per month or 10 units of luxury per month. On a graph draw the ppf. where does the ppf intersect on thy axis and where does the ppf intersect on the x aaxis.
Mining is proposed for a wilderness area that provides two benefits: recreation due to backpacking opportunities and biodiversity there are endangered wildlife and plants.
If average total cost of producing wheat is $8 and cost of wheat is $6, illustrate what would you advise farmer to do.
His uncertainty about total sales of the book can be represented by a random variable with a mean of 30,000 and a standard deviation of 8,000. Find the mean and standard deviation of the total payments he will receive.
Elucidate the production combinations society would like to choose. the boundary that divides all production combinations into attainable ones.
Starting with the estimated demand function for Chevrolets given in problem suppose the average value of the independent variables
Assume that the industry is monopolized by only one company. Write the equation of the TR curve and then plot the TR curve(with Q along the horizontal axis and TR along the vertical axis) for this company. Comment on the shape of the TR curve.
The publisher sold the textbooks to university bookstores nationwide for 3 million euros. The university bookstores received 4 million euros from students in exchange for the books.
Compute the MRS of other goods for airline miles; i.e., the MRS that represents the slope of the indifference curves when x1 is on the horizontal and x2 is on the vertical axis.
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