What is economic profit how might it differ from accounting
What is economic profit? How might it differ from accounting profit? Explain why firms that are making zero economic profit are likely to continue in business.
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What conditions must be met for buyers to bear the full burden of a tax? What conditions would cause sellers to bear the full burden? Explain.
A bus ticket between two cities costs $50 and the trip will take twenty-eight hours, whereas an airplane ticket costs $300 and takes three hours. Mary values her time at $12 per hour
A consumer is currently purchasing three pairs of jeans and five T-shirts per year. The price of jeans is $30, and T-shirts cost $10. At the current rate of consumption, the marginal utility of jeans is 60, and the marginal utility of T-shirts
Sue loves ice cream but cannot stand frozen-yogurt desserts. In contrast, Carole likes both foods and can hardly tell the difference between the two. Who will have the more elastic demand for yogurt?
What is the principal-agent problem? When will the principal-agent problem be most severe? Why might there be a principal-agent problem between the stockholder-owners and the managers of a large corporation?
If a firm maximizes profit. It must minimize the cost of producing the profit-maximizing output.
What are implicit costs? Do implicit costs contribute to the opportunity cost of production? Should an implicit cost be counted as cost? Give three examples of implicit costs.
Farmers are often heard to complain about the high costs of machinery, labor, and fertilizer, suggesting that these costs drive down their profits
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Which of the following are examples of a change of condition? A. Unusually aggressive behavior B. 5-pound weight gain or loss in 3 days
Kiara took her 12-month-old daughter to a birthday party. While at the party Kiara seemed to be really in sync with her daughter.
Marjorie took her 15-month-old son to Chuck E Cheese restaurant. Marjorie's son seemed to be overwhlemed by all the lights and noise in the restaurant
A woman with severe dementia has difficulty recalling specific words on vocabulary test difficulty producing words difficulty with recall of words
Explain why you think this intervention is enough to address the problem's causes with rationale.
What is Confirmation Bias? Group of answer choices When you ignore new information when it doesn't support or agree with your existing beliefs