Latest Questions & Answers

Q: Suppose the marginal costs of reading are constant and the marginal benefits

Suppose the marginal costs of reading are constant and the marginal benefits of reading decline (over time). Initially, the marginal benefits of reading are greater than the marginal costs. Draw the m...

Q: Jim could undertake activity X, but chooses not to. Draw

Jim could undertake activity X, but chooses not to. Draw the marginal benefit and cost curves for activity X from Jim’s perspective.

Q: Using the diagram you drew in question 1, lower the marginal

Using the diagram you drew in question 1, lower the marginal costs of reading and identify the new efficient amount of reading. Also, identify the additional net benefits derived as a result of the lo...

Q: Can either scarcity or one of the effects of scarcity be found

Can either scarcity or one of the effects of scarcity be found in a car dealership? Explain your answer.

Q: What is the difference between the resource labor and the resource entrepreneurship

What is the difference between the resource labor and the resource entrepreneurship?

Q: What do economists mean when they say that “institutions matter”?

What do economists mean when they say that “institutions matter”?

Q: Give an example of something that is a good for one person

Give an example of something that is a good for one person and a bad for another person.

Q: Give two examples for each of the following: (a)

Give two examples for each of the following: (a) an intangible good, (b) a tangible good, (c) a bad.

Q: The United States is considered a rich country because Americans can choose

The United States is considered a rich country because Americans can choose from an abundance of goods and services. How can there be scarcity in a land of abundance?

Q: Discuss the opportunity costs of attending college for four years. Is

Discuss the opportunity costs of attending college for four years. Is college more or less costly than you thought it was? Explain.