Chapter 1 Ten Principles of Economics Multiple Choice 1. THE ENGLISH WORD THAT COMES FROM THE GREEK WORD FOR "ONE WHO MANAGES A HOUSEHOLD" IS |a. |market. | |b. |consumer. | |c. |producer.
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measures and controls‚ especially its use of ROI measures? 3. How might TNG implement revenue management? What ideas or approaches seem most viable in a business like this? 4. Based on the data for the Yakima branch‚ what is the potential revenue opportunity at this location from optimally controlling the availability of leases of various durations? That is‚ suppose TNG knew the demand; then what lease decision should TNG make? The spread sheet with the data from Exhibit 5 has been posted. (Note there
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Tom Piatak 19/11/2014 PHI2100 Essay Two 1. Mom and Pop sit down to read the daily newspaper. When they come across an article that peaks both their interest they begin to think into the matter and talk about it. This newspaper article is saying that children who were spanked are more likely to have health‚ behavioural‚ and emotional issues later in life when compared with children who were not spanked. They are able to come up with a few possible explanations however do not do any additional research
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all the points outside the PPC are unattainable. All points on a production possibility curve are points of maximum productive efficiency or minimum productive inefficiency. THE THREE MAIN ECONOMICS CONCEPTS USING THE (PPC) ARE: SCARCITY‚ OPPORTUNITY COST AND CHOICE. SCARCITY. One of the main
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3-1. Concert Opportunity Cost You won a free ticket to see a Brice Springsteen concert ( assume the ticket has no resale value). U2 has a concert the same night‚ and this represents your next best alternative activity. Tickets to the U2 concert cost $80‚ and on any particular day‚ you would be willing to pay up to $100 to see this band. Assume that there are no additional costs of seeing either show. Based on the information presented here‚ what is the opportunity cost of seeing Bruce Springsteen
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borrow $10‚000 from you. He has offered to pay you back $12‚000 in a year. If the cost of capital of this investment opportunity is 10%‚ what is its NPV? Should you undertake the investment opportunity? Calculate the IRR and use it to determine the maximum deviation allowable in the cost of capital estimate to leave the decision unchanged. NPV = 12000/1.1 – 10000=909.09. Take it! IRR = 12000/10000 – 1 = 20% The cost of capital can increase by up to 10% without changing the decision 8. You are considering
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Chapter 1 Solutions to Practice Questions Questions for Review 2. The opportunity cost of seeing a movie includes the monetary cost of admission plus the time cost of going to the theater and attending the show. The time cost depends on what else you might do with that time; if it’s staying home and watching TV‚ the time cost may be small‚ but if it’s working an extra three hours at your job‚ the time cost is the money you could have earned. 4. Policymakers need to think about
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___________________________________________________________________________ 1.|Economics is a study of: A. |scarcity.|B. |production.|C. |labour resources.|D. |money.|| 2.|Opportunity cost means: A. |wasted opportunities.|B. |costs incurred in purchasing goods and services.|C. |alternatives forgone.|D. |the costs of production.|| 3.|The production possibilities frontier illustrates: A. |current production levels.|B. |a society’s level of consumption.|C. |a range of alternative levels
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Everything has a trade-off and opportunity cost. Electric cars are no exception. The first thing that caught my attention was the mileage. In the article and video‚ Rick Peters’ electric car only goes 25 miles per hour. You cannot get very far with that‚ especially since the farthest you can go in it is 30 miles per charge. I drive a Toyota Camry‚ and I drive 9.2 miles every day to school. It takes me 12-15 minutes to drive to school. If you ignore the speed limit on the roads (it is 55 mph)‚ it
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growers and skilled human resources How VBA Helps Create Value for Growers VBA provides a place for growers to sell their flowers and plants to buyers of all kinds from all over the world. VBA helps growers create value in decreasing their opportunity
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