1. (definition of Economics) What determines whether or not a resource is scarce? Why is the concept of scarcity important to the definition of economics?2. (Rational Self-Interest) Discuss the impact of rational self-interest on each of thefollowing decisions:a. Whether to attend college full time or enter the workforce full time.b. Whether to buy a new textbook or a used one.c. Whether to attend a local college or an out-of-town college.3. (Marginal Analysis) The owner of a small pizzeria is deciding whether to increaseradius of delivery area by one mile. What considerations must be taken into account ifsuch a decision is to increase profitability?4. (Sunk Cost and Choice) Suppose you go to a restaurant and buy an expensive meal.Halfway through, despite feeling quite full, you decide to clean your plate. After all, youthink, you paid for the meal, so you are going to eat all of it. Whats wrong with thisthinking?5. (Opportunity Cost) You can spend spring break either at home working for $80 perday for five days or go to Florida for the week. If you stay home, your expenses willtotal about $100. If you go to Florida, the airfare, hotel, food, and miscellaneousexpenses will total about $700. Whats your opportunity cost of going to Florida?6. (Specialization) Provide some examples of specialized markets or retail outlets.What makes the Web so conducive to specialization?
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