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Use the concept of opportunity cost to explain the following situations:
1) More people choose to get graduate degrees when the job market is poor.
2) More people choose to do their own home repairs when the economy is slow and hourly wages are down.
3) Convenience stores, which have higher prices than supermarkets, cater to busy ?people.
Assume that price level is fixed in the short run so that the economy does not reach general equilibrium immediately after a change in thee economy.
Which professor is better off. The starting salary for a new assistant economics professor was 15000 in 1976 and 80 000in 2005. The value of the CPI for 2005 was 195.3 compared to 56.9 in 1976. In which year did a newly hired professor earn more in..
Analyze the differences and similarities between your personal vision statement and the vision statement of the organization you explored. Rate the organizational vision statement in terms of how motivational or inspirational it is or would be to yo..
choosing a communication mediumintroductionmany companies are using computer mediated communication for training and
explain in detail about gdpinflationunemployment and cpi with graphs respectly and the problems associated with
Identify the profit maximizing quantity for the firm (Q M), price (P M), Marginal Revenue (MR), and Marginal Cost (MC) at this profit maximizing quantity. e. Explain in plain English why a smaller quantity than Q M does not maximize profit.
Suppose past year's real GDP was $7,000 billion, this year nominal GDP is $8,820 billion, and GDP deflator for this year is 120. Determine the growth rate of real GDP? Does this demonstrate an improvement in economic welfare?
What do you refer to agricultural marketing cooperative that helps their members sell their product?
Unfortunately, company headquarters (where all of the firm's records are kept) has been destroyed by fire. So, your first job will be to recreate the firm's cash flow statement for the year just ended. The firm had $100,000 in the bank at the end ..
Take a position on whether or not monopolistic competition works within a healthcare setting. Support for your position should include a discussion of the monopoly model being used to predict the allocation of resources in healthcare markets withi..
The soccer league in 1 community has 5 teams. You are required to predict, in order, the top 3 teams at the end of the season. Ignoring the possibility of ties, calculate the number of different predictions you could make.
Elucidate the economic cost function for this business. What is the economic break even number of units for this operation.
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