The opportunity cost of going to college full time away from home includes
A) the income you could have earned from a full-time job.
B) the funds you would have saved if you had not paid the tuition.
C) the time you could have spent with friends back home.
D) All of the above are correct.
D
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The expansion path of product indifference curves shows the cost-minimizing combination of inputs.
Answer the following statement true (T) or false (F)
Think of the situation of rolling two dice and let M denote the sum of the number of dots on the two dice. (So M is a number between 1 and 12.)
(a) In a table, list all of the possible outcomes for the random variable M together with its probability distribution and cumulative probability distribution. Sketch both distributions. (b) Calculate the expected value and the standard deviation for M. (c) Looking at the sketch of the probability distribution, you notice that it resembles a normal distribution. Should you be able to use the standard normal distribution to calculate probabilities of events? Why or why not? What will be an ideal response?
A monopsony is a market situation in which there is only one buyer
a. True b. False Indicate whether the statement is true or false
If the demand for salad dressing increases when the price of lettuce decreases, the cross-price elasticity of demand between salad dressing and lettuce will be ________ because these two goods are ________.
A. negative; substitutes B. zero; inferior C. equal to 1; inelastic D. negative; complements