MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
11th Edition
ISBN: 9781264207718
Author: Colander
Publisher: MCG CUSTOM
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Question
Chapter 23, Problem 1IP
To determine
Determine a decision to take an economic course in terms of cost and benefit.
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What does it mean to think like an economist?
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, you think, you paid for the meal, so you are going to eat all of it. What’s wrong with this thinking?
Think of an economic
decision you made recently
wherein the benefit
outweighed the cost (or
the cost outweighed the
benefit).
Chapter 23 Solutions
MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
Ch. 23.1 - Prob. 1QCh. 23.1 - Prob. 2QCh. 23.1 - Prob. 3QCh. 23.1 - Prob. 4QCh. 23.1 - Prob. 5QCh. 23.1 - Prob. 6QCh. 23.1 - Prob. 7QCh. 23.1 - Prob. 8QCh. 23.1 - Prob. 9QCh. 23.1 - Prob. 10Q
Ch. 23 - Prob. 1QECh. 23 - Prob. 2QECh. 23 - Prob. 3QECh. 23 - Prob. 4QECh. 23 - Prob. 5QECh. 23 - Prob. 6QECh. 23 - Prob. 7QECh. 23 - Prob. 8QECh. 23 - Prob. 9QECh. 23 - Prob. 10QECh. 23 - Prob. 11QECh. 23 - Prob. 12QECh. 23 - Prob. 13QECh. 23 - Prob. 14QECh. 23 - Prob. 15QECh. 23 - Prob. 1QAPCh. 23 - Prob. 2QAPCh. 23 - Prob. 3QAPCh. 23 - Prob. 4QAPCh. 23 - Prob. 5QAPCh. 23 - Prob. 1IPCh. 23 - Prob. 2IPCh. 23 - Prob. 3IPCh. 23 - Prob. 4IPCh. 23 - Prob. 5IPCh. 23 - Prob. 6IPCh. 23 - Prob. 7IPCh. 23 - Prob. 8IPCh. 23 - Prob. 9IPCh. 23 - Prob. 10IPCh. 23 - Prob. 11IP
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- you must make decision for one choice, could you discuss what economic principles or concepts that you will use for that choice?arrow_forwardChoose one of the seven principles of economics that apply to microeconomics. Choose a specific topic that has struck you and explain how it applies to the principle of economics you have chosen.arrow_forwardDescribe the procedure of considering economic decisions?arrow_forward
- According to Richard Thaler, economics is the sum of two parts. One is Optimization. What is the other part?arrow_forwardRob decided to drive to school rather than take the school bus. What was the opportunity cost of Rob’s decision?arrow_forwardWhat are the benefits of considering the economic decisions?arrow_forward
- Explain complex economic concepts to a reporter through an email pitch.arrow_forwardEconomist Paul Heyne wrote a famous economic principles textbook entitled The Economic Way of Thinking. Based on your studies and reading from Module 1, write a short essay outlining what you understand to be “the economic way of thinking”? What are the key principles and tenets that any educated person should know regarding the science of economics and their applicability in the world today?arrow_forwardExplain Key principles of economics. your answers should not exceed 100 wordsarrow_forward
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