Search
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

# Principles of Economics - Assignment Example

Summary
As the parking fee decreases the demand for parking cars in campus increases. This will increase the purchasing power of the students and most of them will prefer to park in the campus.
b) The amount of…

## Extract of samplePrinciples of Economics

Download file to see previous pages... This is because one will take more time looking for a parking space and the congestion in the parking area will create inconveniences. The opportunity cost is the cost of time taken to park that the students have to pay instead of engaging in other profitable activities.
d) The opportunity cost of students with no employment is less than that of students with jobs earning 15 per hour. The students with no jobs are not forgoing any money as they take more time to park their cars as compared to before the price was lowered. To the contrary, those with jobs have to forgo the amount of cash they would have received if they worked those hours.
b) The opportunity cost of 100 bats is 40 rackets that will be forgone if the country decides to add 100 bats more. Adding 100 bats will incorporate the resources that are usually used to produce the 40 rackets. The current resources can not be able to cater for the addition of 100 bats without decreasing the amount of rackets. Therefore, the rackets have to be produced less by 40.
c) If the athletic country produces 300 bats and 300 rackets, the opportunity cost of additional 100 bats is 100 rackets. This is what is sacrificed to be able to produce the extra 100 bats. The resources will be reallocated to be used to produce the additional 100 bats. The resources have to be reallocated since they cannot cater for the additional bats.
d) The additional production of 100 bats in part c will cause a greater trade off than the additional production of 100 bats in part b. This is because the opportunity cost increases as the goods produced increases. In b, 200 bats will be produced, while in c 400 bats will be produced. The gradient of the PPF becomes steeper as more bats are produced, showing a greater sacrifice in terms of rackets forgone.
e) Suppose Athletic Country produces 200 bats and 200 rackets, 200 ...Download file to see next pagesRead More
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
1) A single-price monopolist's demand curve A) Is the same as the market demand curve? B) Is its marginal revenue curve. C) Shows that demand for the good is perfectly inelastic. D) is horizontal. E) Shows that demand for the good is perfectly elastic. 2) Expenditures on advertising A) Are variable costs so do not affect the average total cost.
10 Pages(2500 words)Assignment
Economics Assessment
National income accounting enables the governments have tangible information on accounts such as income received by domestic and foreign workers, total revenues earned by local companies, spending on sales and income taxes by individuals and corporation in the country.
5 Pages(1250 words)Assignment
Economics Project Assignment
“Economics is the study of allocation of scarce resources, choices, and opportunity costs” (Department of Economics: Description and Mission of Department par. 1). The choices are made mainly for two purposes- consumption and production. The major economic principles that influence the choice of a society with the view point of a consumer are utility analysis, indifference curve analysis, and demand theories.
3 Pages(750 words)Assignment
Principles of Economics
- An effective way of increasing my revenues is by using First Degree Price Discrimination. A group of customers with low price elasticity is less dissuaded by a higher price than a customer with high price elasticity of demand. In this case, it is presumed that the locales, being residents and students of the town, shall have a higher elasticity of demand.
4 Pages(1000 words)Assignment
Economics and Government
The two events are important because they provide an analysis of economic events that affected people during the 1930s and 1940s. The occupy movement can learn from the great compression that strong unions and
4 Pages(1000 words)Assignment
Principles of Economics
The main purpose is to find patterns and apply this to predict potential results of alcohol abuse. Practically, it is very hard to model actions since
4 Pages(1000 words)Assignment
Principles of Economics
This is a factor that will result in the students spending more time looking for parking which will be highly competitive. The lower price for parking permit is not likely to lower the cost of parking.
4 Pages(1000 words)Assignment
Dell Computers - Supply and Demand
Customer experience influences consumers’ preference because individuals who like features associated with Dell’s products are likely to buy from the company.
1 Pages(250 words)Assignment
Assignment 1: Principles of Economics
According to the author, efficiency of the company’s wireless business, and the company’s “U-verse phone, and internet, and television service,” and other products contributed to the better performance (Chen, 2014, p. 1). In recognizing
2 Pages(500 words)Assignment
Principles of Economics
The author applies the principles of economics, specifically applying the law of demand and supply to explain the responsiveness of prices of turkey during Thanksgiving.
3 Pages(750 words)Assignment
Let us find you another Assignment on topic Principles of Economics for FREE!
+16312120006