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We have been looking at just the Additional Marginal Opportunity Costs of our choices. What about the total cost? For example, we see and hear ads all the time about different cell phones and cell phone plans. I spoke with a representative of one phone company the other day. She started off with this is the Price of the Plan per month for 2 years and this is what you get for it. Then she said 'but wait. if you add this feature it is only $10 more a month.' That sounded pretty good and the she said 'but wait. if you add this other feature it is only $7 more a month.' What is I had only paid attention to the Marginal Cost and not asked what the Total Cost would be?
The demand curve for product X is given by QXd = 340 - 4PX.\ a) How much consumer surplus do consumers receive when Px = $45? b) How much consumer surplus do consumers receiv
explanations to the short-run fluctuation and pilicy prescriptions of the schools macroeconomics thought
You make a monthly deposit of $1,000 into a saving account for the next 10 years. How much can you withdraw immediately after your last deposit if your saving account pays 6% per y
Q. Important points about the classic model? The most important points about the classic model are as following: Monetary and fiscal policy can't affect the GDP or unem
What happens to the extraction path if the choke price falls
Listed here are several examples of bad, or at least questionable, decisions. Evaluate the decision maker's approach or logic. In which of the six decision steps might the decision
Which is better meausute of welfare?
Use a diagram of the open economy model (e.g. fig 32.4 from the text) to illustrate and explain the effect of the following event on the market for loanable funds, the level of net
The Budget Line: The Consumer Constraints The consumer would like to maximize his satisfaction by reaching the highest possible indifference curve. But in the process, he faces
If population growth is greater than the growth of real output, A. real per capita Gross Domestic Product (GDP) growth will be less than the growth of real Gross Domestic Product
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