Q: What do economists mean by scarcity? Can you think of anything
What do economists mean by scarcity? Can you think of anything that is not scarce according to the economic definition?
See AnswerQ: An economist remarks that “the cost of consuming a book is
An economist remarks that “the cost of consuming a book is the combination of the retail price and the opportunity cost of the time spent reading.” Isn’t the cost of consuming a book just the price yo...
See AnswerQ: An article in the Wall Street Journal titled “Auto Sales Zoom
An article in the Wall Street Journal titled “Auto Sales Zoom, Helped by Low Prices at the Pump” includes a graphic showing increasing car and truck sales in one panel and decreasing gasoline prices i...
See AnswerQ: Consider the information given in the table on four consumers in the
Consider the information given in the table on four consumers in the market for orange juice. a. If the price of a bottle of orange juice is $0.75, what is the total consumer surplus received by the...
See AnswerQ: 7-Eleven, Inc., operates more than 20,000
7-Eleven, Inc., operates more than 20,000 convenience stores worldwide. Edward Moneypenny, 7-Eleven’s chief f inancial off icer, was asked to name the biggest risk the company faced. He replied, “I wo...
See AnswerQ: Yellowstone National Park is in bear country. The National Park Service
Yellowstone National Park is in bear country. The National Park Service, at its Yellowstone Web site, states the following about camping and hiking in bear country: Do not leave packs containing food...
See AnswerQ: You own a hot dog stand that you set up outside the
You own a hot dog stand that you set up outside the student union every day at lunchtime. Currently, you are selling hot dogs for a price of $3 each, and you sell 30 hot dogs a day. You are considerin...
See AnswerQ: How can we measure the opportunity cost of leisure? What are
How can we measure the opportunity cost of leisure? What are the substitution effect and the income effect resulting from a wage change? Why is the supply curve of labor usually upward sloping?
See AnswerQ: Writing on the Baseball Prospectus Web site, Dan Fox argued:
Writing on the Baseball Prospectus Web site, Dan Fox argued: “What a player is really worth depends a great deal on the teams that are interested in signing him.” Do you agree? Shouldn’t a baseball pl...
See AnswerQ: An article discussing the reasons that the Connecticut state legislature passed a
An article discussing the reasons that the Connecticut state legislature passed a general incorporation law observes that prior to the passage of the law, investors were afraid that large businesses “...
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