Apps-dso.sws.iastate.edu
In Kreider’s “daughter lemonade example”, if his daughter is trying to find her profit, it will be greater with…Accounting profitAccounting principleEconomic profitEconomic principle Which includes the loss of potential gain from other alternatives when one alternative is chosen?Economic principleAccounting profitEconomic profitSunk cost If economic profit were zero, then accounting profit would be… Less than zeroMore than zeroEqual to zeroNot enough information to tell Who is college “more expensive” for? A thirty year old vs. an 18 year old?For a 30 year old, implicit cost would be lower because of housing costs.For an 18 year old, implicit costs are higher because they have to pay for campus housing.For a 30 year old, implicit costs would be higher because their higher-salaried occupation started years later than an 18 year old.For a 30 year old, because college tuition raises annually. Eventually, holding other things constant, as we hire more workers…Total quantity decreases and marginal labor decreasesTotal quantity increases and marginal labor decreasesTotal quantity decreases and marginal labor increasesTotal quanitiy increases and marginal labor increasesWhat is a sunk cost?A cost that can not be recoveredA cost that should not be accounted forA cost that you have not paid yetA and BAll of the above Mark has $25. If Mark spends $5 and wins $10 (so at $30), then (at $30) his utility will be 174. What will Mark’s utility be if he spends $5 and wins nothing (at $20), if Mark’s average utility of gamble is 167.5?159161165.5169172Discounting the future with opportunity costs – start investing earlier in pharmacists vs. doctorOn exam – sunk costSunk cost – out of your control because it’s already been paid in the past-question on definition and question on importanceimportant – can’t get a refund or get your money back, it’s important not to consider sunk cost when making financial decisions ................
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