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Every time we have to make a choice we are faced with an opportunity cost. Using an example in your professional life, identify a situation where you were presented with a choice, the opportunity cost of the choice you made, and the process you used to make your choice. As part of your discussion, explain whether or not responsible stewardship played a role in your choice. Remember to use the appropriate economic concepts and terminology that are applicable to your answer.
As weekend prices skyrocket more people will play golf during the week and eventually the weekend prices will drop and weekday prices. Differentiate among weekday and weekend prices.
Which of the following is not a potential drawback of nationalized health care or? single-payer systems relative to privately delivered and financed health? care?
A country which does not tax cigarettes is considering the introduction of a $0.40 per pack tax. The economic advisors to the country estimate the supply and demand curves for cigarettes as: QD = 140,000 25,000P QS = 20,000 + 75,000P, where Q = daily..
Suppose that rice is pays out $1000 per hectare while quinoa also pays out $1000 per hectare if the rainy season is short. If the rainy season is long, rice pays out $400 per hectare while quinoa also pays out $400 per hectare. In this scenario, to w..
what should you do when the manager of a perfectly competitive firm whose short run cost is TC = 100 + 160Q + 3Q2. If the market price is $196.
Subjective definition of probability is:Select one:A. a weighted average of different peoples' degrees of certainty of an event's occurringB. a theoretical probability distributionC. a person's degree of certainty of an event's occurringD. an expecte..
A new municipal power plant is being built in Highfill, AR. The initial installation will cost $25 million. Experience shows that major repair and renovation will have to occur every 5 years (beginning at year 5) at a cost of $7.5 million. Annual ope..
Discuss the differences between unemployment and underemployment and give examples of each. Which do you think is a more serious “problem” for the economy? How might underemployment be addressed through government policy?
Widgets R Us uses a variety of different items to produce their world-class widgets. For each item listed, place it in the appropriate bin according to whether it would generate an implicit or explicit cost for the firm.
Economic freedom is a precondition for economic growth. Which of the following is a characteristic of economic ?freedom?
Many states are creating law that makes the sale and use of marijuana for medicinal purposes legal, yet at a federal level, this is still illegal. How is this possible? Isn't state law supposed to be inline with federal law? perform some research on..
Illustrate what happens to the demand curve for turkey in the u.s. In November. What happens to the curve after the holiday. Why do these changes occur.
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