What is the opportunity cost of the economics profession

Assignment Help Microeconomics
Reference no: EM131824313

Question: 1. This chapter emphasized the ability of an orderly system to emerge without someone explicitly designing the entire system. How does the evolution of language illustrate a type of spontaneous order?

2. Are you in favor of "price gouging" during natural disasters? Why or why not?

3. What is the opportunity cost of the economics profession?

Reference no: EM131824313

Questions Cloud

Different roles that price system plays in creating order : In The Fatal Conceit, economist Friedrich A. Hayek, arguing against central planning, wrote: "The curious task of economics is to demonstrate to men.
Determinate the remaining balance in the accumulated earning : Determinate the remaining balance in the Accumulated Earnings and Profits and the Accumulated Adjustments Account.
Write a five page research summary of the article : Write a five page research summary of the article "Do Alcohol and Marijuana Use Decrease the Probability of Condom Use for College Women".
What is the aggregate misstatement : What is the aggregate misstatement? Show all calculations and explain why you believe each potential misstatement is either a misstatement or is not a misstatem
What is the opportunity cost of the economics profession : This chapter emphasized the ability of an orderly system to emerge without someone explicitly designing the entire system.
Classes that used the different delivery types : The table below shows the scores on final exams from several randomly selected classes that used the different delivery types.
Preparing the balance sheet from a trial balance : Preparing the Balance Sheet from a Trial Balance, and Evaluating the Current Ratio - The balances at the end of 2014 have been entered as beginning balances
How does a free market eliminate a shortage : As we noted, Assar Lindbeck once said that short of aerial bombardment, rent control is the best way to destroy a city.
Calculate the total standard cost of one widget : Overhead is allocated based on the number of direct materials parts. Calculate the total standard cost of one widget (include the fixed cost component)

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd