- What do economists mean when they say that there is no such thing as a free lunch?
- Suppose that your tuition to attend college is $14,000 per year and you spend $5,000 per year on room and board. If you were working full time, you could earn $26,000 per year. What is your opportunity cost of attending college? How does a college education increase one’s human capital?
- When a firm hired its tenth worker, its factory output increased by four units per month. Would you expect the firm’s output to increase by eight more units per month if the firm hired two more workers?
- Graphing Question. Use the graph to answer the questions below:
- What is the opportunity cost of increasing production of manufactured products from 500 tons to 600 tons per year? (in terms of agricultural products)
- What is the maximum amount of manufactured products that can be produced?
- What can be said about points outside the curve? How can these points be achieved?
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