Knapp1 - WEEK1

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WEEK 1 CH1, Q3 – Which of the following statements are examples of positive economic  analysis?  Which are examples of normative analysis?  a.   Normal b. Normal  increased competition could force down prices.  -1 c. Positive  It’s really normative, because we are asked for a value judgment for which  course of action.  -1 CH1, Q6 – For each of the following situations, identify the full cost (opportunity cost)  involved: a. The opportunity cost of a decision is the best alternate not chosen. b. The opportunity cost driving Sue to visit her son. c. The opportunity cost of attending the party is a better grade on the exam. d. The opportunity cost of spending $200 on a dress. e. The opportunity cost of a decision to spend $1 million to build a new branch. f. The opportunity cost of a decision to work with no compensation. CH1, Appendix, Q1 – Graph each of the following sets of numbers. Draw a line through 
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This note was uploaded on 06/15/2010 for the course EC 141DLC taught by Professor Antonifirner during the Fall '09 term at Park.

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Knapp1 - WEEK1

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