540 Midterm Essay
1. Opportunity costs are most simply defined as cost in terms of foregoing alternatives. This means what you potentially lose in making a choice for one thing in a decision. Stella would need to be aware that whatever resources she allocates to paying for the new car, will be removed from using them for other purposes. She should consider how much the car will cost in comparison with the other uses for her funds combined with the cost of another means of transportation. In short, for this to be a good choice, the cost of the car should be lower than the cost of the alternative uses + the cost of alternate transportation if she wishes to maximize this decision. http://wordnetweb.princeton.edu/perl/webwn?s=opportunity%20cost 2. …show more content…
Sunk cost. (n.d.). Retrieved from http://www.investopedia.com/terms/s/sunkcost.asp
5. I feel that the Appalachian Power Company (electrical company) holds an oligopoly in my area and in surrounding areas, since it is our only option for power in my area, and has many other subsidiary companies in surrounding states. I feel they hold this oligopoly since entry in the market would be very difficult, and very costly. As a general statement utility companies as a whole may hold oligopolies since government regulations may be present to govern the entry and exit of

Midterm Microecons
2384 Words  10 PagesMIDTERM REVIEW ECONOMICS 100A: Intermediate Microeconomics Instructor: Prof. Ryan Oprea Prepared by: Aadil Nakhoda BUDGET CONSTRAINT The budget constraint can be described as the following equation: m = p1 x1 + p2 x2 m = income p1 = price of good x1 p2 = price of good x2 Solving the budget constraint: m p1 m p2 = intersect on the x1 axis = intersect on the x2 axis p1 p2 Slope of the budget line =  Some key points to remember: The a¤ordable bundle of goods lie on or below the budget…

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2049 Words  9 PagesMAT540046VA0161132001 Quantitative Methods Review Test Submission: Midterm Exam Menu Management Options Expand All Collapse All MAT540046VA0161132001 (Quantitative Methods) Course Home Student Center Announcements Email Gradebook Class Introductions Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Review Test Submission: Midterm Exam Content User   Course  Quantitative Methods  Test  Midterm Exam  Started  2/9/13 10:35 PM  Submitted  2/11/13 5:07 PM…

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4111 Words  17 Pagescourse discussion area. Professors hold discussions during class time for onground students. Check with your professor if any additional discussion participation is required in the online course shell outside of class hours. Tests Tests (quizzes, midterm and final exams, essay exams, lab tests, etc.) are available for student access and completion through the online course shell. Check the online course shell to determine how students are expected to take the tests. Do not change these questions or…

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1187 Words  5 PagesCLICK TO DOWNLOAD MAT 540 Week 2 Quiz Question 1 If variable costs increase, but price and fixed costs are held constant, the break even point will decrease. Question 2 Parameters are known, constant values that are usually coefficients of variables in equations. Question 3 Probabilistic techniques assume that no uncertainty exists in model parameters. Question 4 In general, an increase in price increases the break even point if all costs are held constant. Question 5 P(A  B) is the…
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