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Suppose you have just paid a nonrefundable fee of $1,000 for your meal plan for this academic term. This allows you to eat dinner in the cafeteria every evening.
(a) You are offered a part-time job in a restaurant where you can eat for free each evening. Your parents say that you should eat dinner in the cafeteria anyway, since you have already paid for those meals. Are your parents right? Explain why or why not.
(b) You are offered a part-time job in a different restaurant where, rather than being able to eat for free, you receive only a large discount on your meals. Each meal there will cost you $2; if you eat there each evening this semester, it will add up to $200. Your roommate says that you should eat in the restaurant since it costs less than the $1,000 that you paid for the meal plan. Is your roommate right? Explain why or why not.
What are heuristic models and how do they differ from models such as Expected Utility Theory?
Paul owns a home on the top of a hill and enjoys an unobstructed view of a large wooded area.
What types of decision errors might this cause the firm to make? Be specific, using personal workplace examples if you have any.
You run a small business that uses both capital and labor to produce your output. The machinery (capital) has a marginal cost equal to $25 per hour and a marginal product equal to 50 units per hour. The marginal cost and marginal product of capital a..
Suppose we are given the firm’s marginal rate of technical substitution of labor for capital at the combination of labor and capital firm currently uses. Can we determine the Firm’s marginal product of labor and the margianl product at that combinati..
For utility maximization, consumers will purchase different consumption bundles until their marginal utility per dollar are equal.
State how each of the following affects the ADI curve, and EXPLAIN.
Compare and contrast internal and external validity. Describe and give examples of research questions for which external validity is a primary concern. Describe and give examples of research questions in which internal validity is a primary concern. ..
Since the end of WWII, international relations have been framed by the conflict between liberal governments and communists ideals. Compare and contrast the features of these systems and assess their continued impact on the global community. Please be..
You set a goal to double in the future. If your salary increases at an average annual rate of 9.72 percent, how low will it take to reach your goal?
Before entry, an incumbent earns a monopoly profit of Pm = 10 million. If entry occurs, the incumbent and an entrant each earn the duopoly profits Pd = 3 million. Suppose the incumbent can induce the government to require all firms to install polluti..
Contract law requires proof that the offeree 'intended' to accept the offer. It is not an uncommon defense for the offeree to allege that she did not intend to accept the offer. How would an offeror prove that the offeree did was bound by the offer a..
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