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Question 1. Describe what is meant by implicit alternatives.
Question 2. Provide two examples of opportunity cost
Question 3. how does Andrea Caceres-Santamaria define opportunity cost?
Question 4. How does scarcity relate to opportunity cost?
Convert the following nominal GDP numbers into real GDP using the CPI that is given. Plot both real and nominal GDP putting the years on the horizontal axis and GDP on the vertical axis. Comment upon why it is misleading to compare nominal GDP acro..
Which price and which quantity will this firm choose if it wants to maximize profit? How large will the profit be?
The country of Simpleland produces only Widgets. What is the productivity of labor in Simpleland and What is GDP per capita in this economy
Which would you take and why? Assume that the appropriate discount rate is 10 percent and all amounts would be received at the end of the year.
Why does the assumption of independence of risks matter in the examples of insurance? What would happen to premiums if the probabilities of houses burning.
Identify an organization not previously selected and recommend methods to reduce costs. What effects do technologies have on costs? What are some lower-cost sources the organization can utilize to reduce costs?
What are the challenges such technological improvement will have on our ability to ensure equitable prosperity? Discuss.
According to the model, in what year (tM) would peak production occur? Approximately how much would be produced during that year?
Can you think of examples of public goods whose consumption would increase more than proportionally to the increase in the income?
Determine the profit if 500 specialty pizzas are sold. Interpret your result and how many specialty pizzas would need to be sold to make a profit of $1,100? Interpret your result.
A firm is producing 1,000 units of output with 40 units of labor and 30 units of capital. The marginal product of the last units of labor and capital are, respectively, MPL = 60 and MPK = 120. The prices of labor and capital are, respectively, w = 30..
Draw a monopolist's demand curve, marginal revenue, and marginal cost curves. Identify the monopolist's profit-maximizing output level.
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