If Jane attends graduate school, it will take her two years, during which time she will earn no income. She will pay a total of $100,000 for tuition, $20,000 for room and board, and $2,000 for books. If she spends the two years working rather than attending college, she will pay a total of $18,000 for room and board, pay no intuition, and buy no books. Based on this information, Jane's economic
cost of attending graduate school would be $175,000 if, over the two years, she could earn a total of
a. $53,000 instead of attending graduate school.
b. $55,000 instead of attending graduate school.
c. $71,000 instead of attending graduate school.
d. $73,000 instead of attending graduate school.
c
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Refer to the scenario above. Phillip should play this game using ________
A) backward induction B) forward induction C) mixed strategies D) his dominated strategy
Ceteris paribus, if the price of jet fuel rose, what effect would it have on the market for air travel?
a. an increase in equilibrium price and an increase in equilibrium quantity. b. an increase in equilibrium price and a decrease in equilibrium quantity. c. a decrease in equilibrium price and an increase in equilibrium quantity. d. a decrease in equilibrium price and a decrease in equilibrium quantity.
In economics, aggregation refers to
a. collecting sample specimens for reclassification. b. using small stones to pave an artistic walkway. c. combining many markets into one overall economy. d. using large computers to solve economic problems.
If the price of textbooks increases by one percent and the quantity demanded falls by one-half percent, then the price elasticity of demand is equal to:
A. 0.5. B. 5. C. 2. D. 0.05.