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Explain what role opportunity cost plays in the following situations:
a. You are deciding between buying a high-priced flat screen TV vs. a moderately- priced one. (You must include both opportunity cost of high-priced screen and opportunity cost of low priced screen.)
b. You are deciding whether to buy a gift online or go to an actual store to buy it. What is the opportunity cost of buying the gift online? What is the opportunity cost of going to the actual store?
c. Your firm is trying to decide whether to allocate part of its budget to prototyping and testing and new product X. What is the opportunity cost of doing this?
A kinked demand curve is most likely to occur when other firms. The difference between the price firms would be willing to accept for their goods and the price they actually receive is called. Under conditions of perfect competition, maximum profit o..
State Porters five forces. Give an example along with a brief explanation of a real life business situation in which the business has been about to act strategically to sustain a competitive advantage.
All firms in a Cournot monopolistically competitive industry have the same cost function C(q) = 25 + 40q. Market demand is Q(p) = 140 − p. Calculate the equilibrium price, firm output, total output, and number of firms in the industry.
In September 1995, Patrick Buchanan, a Republican candidate for U.S. president, proposed a 10 percent tariff on Japanese imports to the United States, a 20 percent tariff on Chinese imports to the United States, and an unspecified “social” tariff on ..
Assume m=200$, px=2$, and py=1$. assume income is constant, Px decrease to $1.50, and Py decreases to $.75.
The pavement will cost $2.5 million, and it has a much shorter life of 20 years. If the discount rate is 9%, find the project's capitalized cost.
Consider three consumers indexed by i = {1, 2, 3} with the following demand functions for a public good G: P1 = 100 - 10G, P2 = 200 - 15G, P3 = 300
Consider a world with two countries (US and China) and two products (Computer and iPhone). In the US it takes 1 worker to make one computer or 1 worker to make
Do you think that "Gaia Theory" or "Earth System Theory" is a better name for communicating with non-scientific
Which of the following is not an example of private costs?
In short-run, I see the question on slide 10 (Firm supply) used MC=SAVC to find the crossing point between MC and AVC, so does it mean that we can also take derivative of AVC with respect to Q and set it equal to zero to find minimum or maximum and t..
Fifteen batteries are tested to determine whether the battery life is as long as advertised. Four batteries fail the test. From all fifteen
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