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You won a ticket to a hockey playoff game by having your name drawn from a hat at a charity event. You were excited about? going, but on the day of the? game, a major snowstorm has hit and conditions are miserable. Would you be more likely to go if you had bought the ticket yourself instead of winning? it? Relate your answer to opportunity costs and sunk costs.
Compared to if you had bought the? ticket, the effect of the snowstorm on whether you use the ticket you won should be
A. the same because the opportunity cost of the free ticket is higher.
B. smaller because the ticket has no opportunity cost.
C. greater because a purchased ticket has a larger sunk cost.
D. the same because the cost of the ticket is a sunk cost.
Consider the two good utility function: U(x,y) = y\sqrt{}x . Does this consumer believe that more-is-better for good X? Does this consumer believe that more-is-better for good Y? Does this consumer’s preferences exhibit diminishing marginal utility o..
Tim is offered two gambles. With gamble A, he either gains $2 or loses $1 with a 50 percent probability. With gamble B, he either gains $3 or loses $2 with a 50 percent probability. Tim prefers gamble B to gamble A. What can we conclude?
Explain the basis of one of the Leading Economic Indicators. What local indicators of improved economic conditions might one see in his or her local community, town or city?
Gary has two children, Kevin and Dora. Each one consumes "yummiest" and nothing else. Gary loves both children equally.
Suppose the MWTP in periods 1 (now) and 2 (one year from now) is given by P = 8-0 4q Marginal extraction cost = $2, r = 10%. The available supply is 20 units Suppose 12 units are consumed in period 1 and 8 units in period 2 Calculate the present valu..
Discuss the impacts and effect(s) on the world price of corn as a result of the increased use of corn to produce biofuels in the United States and Europe. How does this impact on trade; the production decisions of farmers; and the world food supply?
You arrange for a legal document to be written. You believe there is a 50% prior probability that the document is correctly written. You then go to 10 lawyers, the probability of seeing an expert lawyer is the same as the probability of seeing a novi..
2) We analyzed the collision counts of the hubs. Can you analyze the collision count of the"switch"? Explain your answer.
Janice really likes potatoes. At best any other goods are worth less than a dollar to her, potatoes cost $1.00 per pound, and she has $5.00 that she could possibly spend on potatoes or other items. Suppose she feels that the first pound of potatoes i..
Your book describes the increase in the money supply as being analogous to giving people more money. If the output of goods and services is not growing at a similar rate, inflation will eventually occur. According to PPP Theory, what will happen to t..
How can the Economic Order Quantity affects inventory for surpluses and shortages as well as discounts.
In the late 1990s, several East Asian countries used limited flexibility or currency pegs in managing their exchange rates relative to the U.S. dollar.
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