Reference no: EM131240547
Read the statement below carefully, and decide whether it is true or false. And then explain your answer (whether “true “ or “false”).
a) Tim, a high school senior, decided to sign up with a professional baseball team, instead of going to college. This implies that, to Tim, the benefit of going to college is more than the opportunity cost of doing so.Explain
b) Read the statement below carefully, and decide whether it is true or false. And then explain your answer (whether “true “ or “false”).
As a manager, if you want to discourage your staff-members from doing a certain thing, then you’d arrange it so that -- from their perspective -- the cost of doing that thing would be greater than the benefit of doing it. Explain
c) Read the statement below carefully, and decide whether it is true or false. And then explain your answer (whether “true “ or “false”).
In a command-system farm economy, the head of each household decides what crop to produce in the family farm. Explain.
d) Read the statement below carefully, and decide whether it is true or false. And then explain your answer (whether “true “ or “false”).
In the Circular Flow model of the market system, households are the ones who demand resources in the resource markets. Explain.
e) Read the statement below carefully, and decide whether it is true or false. And then explain your answer (whether “true “ or “false”).
The Law of Demand states that if gold becomes more expensive, then the demand for gold will increase and the D curve shifts to the right. Explain.
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The effect of change in t on the equilibrium price
: Where a, b , c, e and f are positive constants and t is the average temperature in month. show how the equilibrium quantity and price vary with temperature. The effect of a change in t on the equilibrium price (p) is dp/dt = ?
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The justifications given for the law of supply
: Which of the following is one of the justifications given for the law of supply?
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Divided customers into two groups for examination purposes
: Mississippi Delta, Inc. has been selling switching equipment to computer companies on net 30 terms, in which payment is expected by 30 days from invoice data. Concerned about deteriorating collection patterns, the credit manager has divided customers..
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If firm is earning positive accounting profits
: Suppose that you own STL Burgers at the airport. If another shop (Macro Burgers) opens at the airport, then you’d expect that the absolute-value of Ed for your product would decrease. If a firm is earning positive accounting profits, then it must als..
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The law of demand states that if gold becomes more expensive
: Tim, a high school senior, decided to sign up with a professional baseball team, instead of going to college. This implies that, to Tim, the benefit of going to college is more than the opportunity cost of doing so. Explain The Law of Demand states t..
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Firm competitive advantage influence the nature of returns
: What are above average returns? How does firm competitive advantage influence the nature of returns?
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Calculate the utility maximizing bundle
: Suppose John has an income of $120 per period and faces prices Px=2 and Pz=3. His goal is to maximize his utility, described by the function U = 10x^0.5 * Z^0.5. Calculate the utility maximizing bundle (X*,Z*) using the Langrangian method. Derive the..
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One of the criticisms of fiscal policy
: Which of the following is not one of the criticisms of fiscal policy?
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What is the income elasticity of demand for coffee
: INCOME QUANTITY PURCHASED Automobiles Coffee Tea $45,000 4 8 5 $30,000 2 10 10 Refer to table above. What is the income elasticity of demand for coffee?
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