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For each of the following situations, identify the full cost (opportunity cost) involved:
a. A worker earning an hourly wage of $8.50 decides to cut back to part-time to attend Houston Community College.
b. Sue decides to drive to Los Angeles from San Francisco to visit her son, who attends UCLA.
c. Tom decides to go to a wild fraternity party and stays out all night before his physics exam.
d. Annie spends $200 on a new dress.
e. The Confab Company spends $1 million to build a new branch plant that will probably be in operation for at least 10 years.
f. Alex’s father owns a small grocery store in town. Alex works 40 hours a week in the store but receives no compensation.
Could you identify and describe the concepts of scarcity and opportunity costs. Also, explain the laws of supply and demand and how they are related to the concepts of scarcity and opportunity costs in decision-making.
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Discuss advantages and disadvantages of each system and explain how exchange rates are determined under each system.
Consider the demand for mobile phones. Suppose the price elasticity of demand for the market as a whole is .80. A. If all mobile-phone companies simultaneously increased their prices, will total revenue in the industry increase of decrease
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S hould the Australian Commonwealth government and the various Australian state and territory local government grants commissions use matching grants or non-matching grants or both grant mechanisms to fund local government programs?
Determine the defender's lowest EUAC what is the challenger's economic life? When, if at all, should we replace the defender with thechallenger?
You are told that 75 cents out of every extra dollar pumped into the economy goes toward consumption (as opposed to saving). Estimate the GDP impact of a positive change in government spending that equals $25 billion.
Suppose an individual lives two periods. In period 1 she works full time and makes $100. In period 2 she enters partial retirement and makes $20. She can borrow and save at the constant, risk-free interest rate r.
"Since the indirect utility function, under standard assumptions, is quasi-convex in prices, randomization over equilibrium prices can be Pareto improving even if fundamentals are not stochastic." Assess this claim and its implications or compatibi..
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