Reference no: EM132272276
Assignment
1. (Definition of economics) what determines whether or not a resource is scarce? What is the concept of scarcity importance of the definition of economics?
2. ( Rational Self-Interest) discuss the impact of rational self-interest on each of the following decisions:
A. Whether to attend college full-time or answer the workforce for time
B. Whether to buy a new textbook or a used one
C. Whether to attend a local college or in out-of-town college
4. ( Marginal Analysis) The owner of a small pizzeria is deciding whether to increase the radius of delivery area by one mile. What considerations must be taken into account if such a decision is to increase probability?
Chapter 2.
1. ( Sunk Cost and Choice) supposed to go to a restaurant and buy an expensive meal. Halfway through, Despite feeling quite full, you decide to clean your plate. After all, you think, you pay for the meal, so you're going to eat all of it. What's wrong with this thinking?
2. (Opportunity Cost) you can spend spring break either at home working for $80 per day for five days or go to Florida for the week. If you stay home, your expenses were a total about $100. If you go to Florida, the airfare, hotel, food, and miscellaneous expenses will total about $700. What's your opportunity cost of going to Florida?
4 (Specialization) provide some examples of specialization markets of retail outlets. What makes the web so conductive to specialization?
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