Which of the following is most likely to lead to financial trouble?
What will be an ideal response?
using your credit card to buy items on impulse
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What is meant by comparative statics? Assume that a firm wants to set up a factory. It considers four different locations
The rent of the factory space and the time taken to transport the products from each of the locations to the market is shown in the table below. It is also given that the opportunity cost of time is $10 per hour. a) Which is the optimum location? b) If the opportunity cost of time changes to $30 per hour, is there any change in the optimum? Location Time Taken to Transport Products to the Market (hours per month) Rent ($ per month) 1 180 3,000 2 150 3,200 3 100 3,600 4 60 4,100
There seems to be a correlation between the neighborhood in which people grow up and their economic prospects
Indicate whether the statement is true or false
Product development is efficient if the
A) new product actually brings great benefits to the consumer. B) producer's marginal cost of product development equals the consumer's marginal benefit. C) producer surplus from selling the product equals the consumer surplus. D) average cost of the product development equals the average revenue generated.
Opportunity cost is:
A) the costs of all sacrifices not chosen when a choice is made. B) the highest valued other choice that could have been made. C) the result of having made a bad choice. D) the result of not making choices at the margin.