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Q1. You have a part-time work-study job at the library that pays $10 per hour, 3 hours per day on Saturdays and Sundays. Some friends want you to join them on a weekend ski trip leaving Friday night and returning Monday morning. They estimate your share of gas, motel, lift tickets, and other expenses to be around $30.
What is your total cost for the trip? Consider - and list - both explicit and implicit costs.
Q2. Explain how the circular flow diagram relates to the current economic situation. Using the circular flow diagram, explain a way that your family interacts in the factor market and a way that it interacts in the products market.
Assuming that land and labour are complements in a farming production function, what would happen to the wages earned by workers and the rents earned by landowners in Texas.
If the returns of the risky portfolio are normally distributed, what is the probability of returns being less than 29%.
The difference between the cost to produce the CDs and the price you paid for them spending $30 on two new CDs spending $30 on dinner and a movie with your friends.
In an effort to provide tax relief for households while still balancing the budget, Congress votes to raise business taxes and decrease personal taxes.
What is output that should be produced to achieve economic efficiency and the value to society for correcting the externality.
Who has the comparative advantage in what product. Once they specialize, how much does output increase. What are the terms of trade if the United States trades 1 can of soda for 5 units of clothing.
One day you realize you're tired of smelling like refried beans all the time and begin thinking about starting your own business. After doing some investigation you decide to spend 15 hours per week running a photocopy service in your dorm.
Suppose the point of tangency that characterizes long-run equilibrium for a monopolistically competitive firm occurs at Q1 units of output.
Use supply and demand model to explain the dramatic rise in the price of a college education.
A competitive firm that is profit maximizing pays a wage. The firm has started marketing its new product.
Susie's boss offers her $100 to come to work instead. In considering what to do, which of the above would be considered a sunk cost.
She is considering quitting her job and going to university full time for four years.
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