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Question: Suppose your favorite band is on tour and coming to your area. Tickets are $100, and you take a day off from work for which you could have earned $60. What is your opportunity cost of going to the concert?
Now suppose that the promoters offer attendees at this concert first chance to buy tickets for the same band's concert the next day, also for $100. Assume that to attend the concert, your would miss work the next day, and that your pay would also have been $60. What is your opportunity cost of attending the second concert?
Compare the opportunity costs of attending the first and the second concerts.
If you sell it in May, you will only get $100. If you keep it, you'll have to pay $25 to move it to the city of your new job (where you interned last summer). There is no convenient gym at the new location. What costs and irre..
The nation passes a law requiring all employers to give their employees 16 weeks of paid vacation each year. Prior to this law, employers were not legally required to give employees any paid vacation time.
Calculate the changes in consumer surplus, producer surplus and deadweight loss. Analyse the impact of the drought and bush fires on the supply of coffee.
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In the packaging department of a large aircraft parts distributor, a fairly reliable estimate of packaging and processing costs can be determined.
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.
is there good reason to believe that evening customers purchase on average more than day customers? support your
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Professor Jones has just been hired by the economics department at a major university. The president of the board of regents has stated that the university is com- mitted to providing top-quality education for under- graduates. Two months into the..
Referring to the 10-year historical period 1980-1990 discuss an example of a change in autonomous spending. Researches a government policy implemented during that time and discuss the multiplier effect it had on the economy.
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