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Brian is training for a triathlon, a timed race that combines swimming, biking, and running.
Consider the following sentence: Because his pool sessions are helping him swim more quickly, Brian plans to reduce by 1 hour per week the time he spends training on the bike and increase by 1 hour the time he spends in the swimming pool; however, his wife says that he should stop doing any biking and running and spend all 20 hours per week in the pool.
Which basic principle of individual choice does Brian's plan illustrate that his wife's advice does not?
All costs are opportunity costs.
Resources are scarce.
Many decisions are made on the margin.
People usually exploit opportunities to make themselves better off.
Based on the NYT article offered below about natural gas fueled long-haul trucking, use the market model (the supply and demand model) to predict what would happen to the equilibrium price and quantity of natural gas, crude oil, and gasoline. After c..
Suppose that the cost of a unit of capital is r and the price of a unit of labor is w and the level of output is y. Write down the long-run total cost as a function of w, r, and y.
Pat and Kris are roommates. They spend most of their time studying (of course), but they leave some time for these favourite activities. Making pizza and brewing root beer they decide to aside 6 hours for these activities. What is the opportunity cos..
Suppose we have a game G with an epistemic background such that (1) every player has beliefs consistent with knowledge, (2) every player is rational and (3) every player knows the type of every other player. Then such a game has a Nash Equilibrium.
When interest rates (IRs) decrease, how might businesses and consumers change their economic behavior? If there is a decline in the money growth, what might you expect to happen to real GDP (real output) and inflation rate?
q1. a community wants to construct a hazardous waste incinerator for household hazardous waste. the cost of the
Alex took clothes to the cleaners three times last month. First, he brought 4 shirts and 1 pair of slacks and paid $14.45. Then he brought 6 shirts, 4 pairs of slacks, and 1 sports coat and paid $40.39. Finally, he brought 3 shirts and 1 sports coat ..
Suppose the US. Unemployment rate at the start of 2010 had been 6% instead of 9.7%. How many more people would have been working (assuming the labor force remained the same)?
q. the gop deflator in econoland is 200 on january 1 2005. the deflator rises to 242 by january 1 2007 and to 266.2 by
q.suppose you elasticity of demand for your parking lot spaces are -0.5 and price is 20 per day. if your mc is zero
The movement in the direction of a market-based system with freely determined prices, competition, profits, private ownership, and other features of capitalism is not simple. Discuss some of the challenges associated with an economy transitioning fro..
For the Portfolio Project, conduct an analysis of a recent article and provide your evaluation and outcome expectations in an articulate and informative paper that discusses: A minimum of three general economic principles related to the article. Iden..
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