whether to take a vacation. Most of the costs of the vacation (airfare‚ hotel‚ and forgone wages) are measured in dollars‚ but the benefits of the vacation are psychological. How can you compare the benefits to the costs? 3. You were planning to spend Saturday working at your part-time job‚ but a friend asks you to go skiing. What is the true cost of going skiing? Now suppose you had been planning to spend the day studying at the library. What is the cost of going skiing in this case? Explain.
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FOE_C02.qxd 1/15/07 14:45 Page 16 »2 The production possibility frontier (curve): the PPF or PPC The starting point in our economic analysis is to consider what an economy can produce. As consumers we may want many things‚ but there is a limit to what our economy can actually produce. This can be analysed using the production possibility frontier (PPF). In this unit we examine the factors that determine how much an economy can produce and the implications of different output decisions
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Conger article‚ I realized that instead of being vague and forceful in my verbal revenue argument I should have more effectively framed my request through presenting revenue data for each potential opportunity. I would have provided this data as a means by which my co-worker could see the revenue opportunity cost of him attending vs. not attending. Secondly‚ I realized that despite us seeing one another in the office I have never taken time in the past to build a relationship with my co-worker. He likely
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Sealed Bids vs. Competitive Proposals Sealed bidding and Competitive Proposals have their advantages and disadvantages for private contractors. The government offers the opportunity to contractors to place their bids depending on the specifics of the job or the contract requirements then the government will choose the channel which they will send the solicitation through. For Sealed Bidding is an Invitation for Bids and for Competitive Proposals bids are two ways of solicitation
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CNN-Money assignment Presented to Prof. Dr. Iman Zaky By Dr. Adham ABulnour Article: Fiat 500L: A really big tiny car The new larger Fiat is still very small but somehow manages to have a giant-sized interior. http://money.cnn.com/gallery/autos/2013/08/28/fiat-500l/index.html?iid=HP_Highlight Interpretation Microscale or Macroscale economy? The article deals with the microscale economics of the Fiat Corporation private cars industry with a special focus on the Fiat 500 series. Macroscale
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Chapter One Technical Problem 2 a) Implicit Costs: Opportunity cost = $500‚000 x 14% = $70‚000 Explicit Costs: What is paid for products/services = $80‚000 Total Economic Costs: Implicit Costs + Explicit Costs = $70‚000 + $80‚000 = $150‚000 b) Economic Profit: Total Revenues – Total Economic Cost = $175‚000 - $150‚000 = $25‚000 c) Accounting Profit: Total Revenues – Explicit Costs = $175‚000 - $80‚000 = $95‚000 d) New Implicit Costs = $500‚000 x 20% = $100‚000 Economic Profit: $175‚000 –
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No‚ because if they produced 650 pounds of poultry then they’d only be able to produce 550 pounds of corn. (visa versa) 3. What is the opportunity cost of increasing the annual output of corn from 800 to 1000 pounds? If they increase the annual output or corn to 1000 then they would lose 200 pounds of poultry. 4. What is the opportunity cost of increasing the annual output of corn from 200 to 400 pounds? If you increase the output of corn from 200 to 400 then production of poultry
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creates a constant flow of new information from all the people gathered. In other words‚ cities magnify humanity’s strengths and improve the quality of life of the whole city. The key factors to a market success or failure are incentives‚ opportunity costs‚ tradeoffs‚ scarcity‚ supply and demand‚ market equilibrium‚ and common good. For the incentives affects‚ Glaeser attributes this to the fact that they are able to exchange ideas
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each company’s needs. Thank you for the opportunity to bring this topic to your attention. Sincerely Anthony Smith‚ Human Resources CONTENTS PAGE LIST OF ILLUSTRATIONS 1 EXECUTIVE SUMMARY 3 INTRODUCTION 4 COMPANY STRAGATIES 4 A GOOD FIT? 5 ACCTUAL COST 6 STEPS IN THE RIGHT DIRECTION 8 CONCLUSTION AND RECOMMENDATIONS 9 ILLUSTRATIONS PAGE RISK 7 HIDDEN COST 8 EXECUTIVE SUMMARY The
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deals primarily with the concept of a. scarcity. b. money. c. poverty. d. banking. 2. The adage‚ "There is no such thing as a free lunch‚" means a. even people on welfare have to pay for food. b. the cost of living is always increasing. c. people face tradeoffs. d. all costs are included in the price of a product. 3. Government policies resulting in reduced efficiency include (i) the welfare system (ii) unemployment insurance (iii) progressive income tax a. (i) only
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