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opportunity cost is a subtle concept that requires careful analysis to implement even trained economists can make
1 which costs are pertinent to economic decision making which costs are not relevant2 a noted economist was asked what
the solace company has an inventory of steel that it originally purchased for 20000 it currently has an offer to sell
suppose that you have 900 and want to invest the money for one year there are three ex- isting optionsa the city of
suppose juans utility function is given by u fc where f and c are the two goods avail- able for purchase food and
a briefly describe the five models of behavior presented in this chapterb what are the implications of these models
employees in a plant in minnesota are observed to be industrious and very productiveemployees in a similar plant in
employees at a department store are observed engaging in the following behavior a they hide items that are on sale from
one of the main tenets of economic analysis is that people act in their own narrow self-interest why then do people
a company recently raised the pay of employees by 20 percent employee productivity remained the same the ceo of the
one physician who worked for a large health maintenance organization was quoted as sayingone day i was listening to a
insurance companies have to generate enough revenue to cover their costs and make a normal profit-otherwise they will
1 critically evaluate the following statement risk-averse people never take gambles2 suppose that an investment can
in order to spur consumer spending in 1998 the japanese government considered an 85 bil- lion voucher system whereby
people give to charitya is this action consistent with the economic view of behavior explainb suppose there is a
the japanese are very good at returning lost property to local police stations if you lose a wallet filled with cash in
some states in the united states allow citizens to carry handguns citizens can protect them- selves in the case of
1 discuss the following statement sunk costs matter people who pay 20000 to join a golf club play golf more frequently
accounting problems at enron ultimately led to the collapse of the large accounting firm arthur andersen when the enron
according to a recent article in the atlanta journal-constitution january 29 2004 ma- terialism not necessity gave
michael is a fan of the rhinos-the local professional soccer team at the beginning of the season he purchased
an entrepreneur quits his job as a banker and invests 100000 of his savings in a new business venture that he will
in one hour john can assemble either 20 telephones or 10 answering machines it takes sally two hours to assemble either
you are trying to decide whether to fly or drive from rochester to boston during your sum- mer visit the trip is
the school is having a happy hour on friday if you go you will get two free drink tickets and snacks for which you