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Master Card has a series of cute commercials that list a series of accounting items and costs leading to a priceless product. Cell phones are often advertised as being free. In economics, it is said that nothing of value is either free or priceless, everything has a price. Take something from your experience, that is allegedly free or priceless and use the concepts of accounting costs, economic costs, explicit costs, implicit costs, opportunity costs and sunk costs to explain why it is neither priceless nor free. Respond to at least two of your fellow students' postings.
For each of following changes, show/explain the effect on DEMAND CURVE and state what will take place to market equilibrium price and quantity (in the short run).
Perform residual analysis using time series plots, autocorrelation analysis, histogram and a normality plot to determine if the residuals are random. Show the graphs.
Given the Production Function: Q = 21X + 9X2 - X3, where Q = Output, and X = Input . At what value of X does Stage II of the production function begin?
utility if a function of income (I), given by: \(U = 101\) as long as I is less than or equal to 300. If I is greater than 300, your utility is a constant equal to 3,000. Suppose you have a choice between having an income of 300 with ce..
Consider a perfectly competitive market. Analyze and explain in detail using graphical tools to show what you expect to happen to the number of firms and firm profitability in the short run and long run a) if demand for the product falls and b) if..
The price elasticity of demand for senior citizens purchasing coffee from McDonald's is -5 while non senior citizens have a price elasticity of demand equal to -1.25.
David is horrified to see that the value of his favorite beverage has raised. Determine which of the following would unequivocally be responsible for this value raise?
Would warehouse operators insist on owning their own trucking companies What coordination and control problems and contractual hazards would these companies encounter What organizational form would warehouse operators and truck hauling companies a..
Assume the normal production process for beet sugar uses high sulfur oil for fuel and releases two units of sulfur dioxide to the air for every ton of beet sugar manufactured.
Almost all of the fossil fuels that we are now currently using were formed during the Carboniferous period. (b) There seems to be a strong correlation between increases in the availability of food energy per person and increases in human populati..
Calculate the elasticity of demand and elasticity of supply at each price change in the market for financial calculators
Calculate marginal pdf's of both variables and calculate the probability that Bobo has fun if Bobo studies economics.
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