A sunk cost - Study guides, Class notes & Summaries

What is economics, and what does it have to do with your life? The study of how people make choices under conditions of scarcity What is the difference between microeconomics and macroeconomics? Macro: the study of national economies and policies the government uses to improve performance. Micro: the study of choice under scarcity and its implications for behaviors of prices/quantities for an individual market. What are the opportunity costs in general? How are they being calculated in a t...

Test Bank for Principles of Macroeconomics 9th Edition by Case , Fair | All Chapters | Complete Guide A+. Contents Chapter 1 The Scope and Method of Economics 1 Chapter 2 The Economic Problem: Scarcity and Choice 29 Chapter 3 Demand, Supply, and Market Equilibrium 55 Chapter 4 Demand and Supply Applications 98 Chapter 5 Elasticity 117 Chapter 6 Household Behavior and Consumer Choice 135 Chapter 7 The Production Process: The Behavior of Profit-Maximizing Firms 171 Chapter 8 Short-Run Cos...

Projects that are calculated as having negative NPVs should be o :## rejected or abandoned If adoption of a new product decreases the sales of an old product, what happens? o :## incremental benefits of the new product may be overestimated a cost should be considered sunk when it o :## has no effect on future cash flows originally costs $75,000, book value of $20,000, worth $25,000. What is the opportunity cost? o :## $25,000 the likely effect of discounting nominal ash flows with real...

Opportunity Cost Correct Answer-The cost of a good measured by the alternative uses that are foregone by producing the good. Accounting Cost Correct Answer-The actual cost paid for inputs Economic Cost Correct Answer-The amount required to keep an input in its present use or the amount that input would be worth in its next best alternative use. Labor Costs Correct Answer-Costs involving the compensation of employees for their labor - Wage payments are an explicit costs -Wage rate is...

WPC 300 final Questions and answers 2024/2025 QUIZ ONE - CORRECT ANSWERGamblers' fallacy is ______________ Framing effect bias A Zero risk bias A clustering illusion An endowment effect bias - CORRECT ANSWER-A clustering illusion When you keep eating the food you don't like precisely because you already bought the food, you are committing _______________ Endowment effect bias Sunk-cost fallacy Zero risk bias Availability heuristics bias - CORRECT ANSWER-Sunk-cost fallacy ______...

WPC 300 ALL QUIZZES || All Questions & Answers (100% Correct) WPC 300 ALL QUIZZES || All Questions & Answers (100% Correct) QUIZ 1 Gamblers' fallacy is ______________ Framing effect bias A Zero risk bias A clustering illusion An endowment effect bias - ANSWER - A clustering illusion When you keep eating the food you don't like precisely because you already bought the food, you are committing _______________ Endowment effect bias Sunk-cost fallacy Zero risk bias Availability ...

APSC 221 Question and answers correcty solved 2024/2025 APSC 221 - ENGINEERING ECONOMICS Queen's University fixed costs - correct answer those unaffected by changes in activity level over a feasible range of operations for the capacity/capability available variable costs - correct answer those associated with an operation that vary with the quantity of output or other measures of activity level incremental costs - correct answer the additional cost (or revenue) that results f...

Test Bank for Principles of Macroeconomics 9th Edition by Case , Fair | All Chapters | Complete Guide A+. Contents Chapter 1 The Scope and Method of Economics 1 Chapter 2 The Economic Problem: Scarcity and Choice 29 Chapter 3 Demand, Supply, and Market Equilibrium 55 Chapter 4 Demand and Supply Applications 98 Chapter 5 Elasticity 117 Chapter 6 Household Behavior and Consumer Choice 135 Chapter 7 The Production Process: The Behavior of Profit-Maximizing Firms 171 Chapter 8 Short-Run Cos...

Ivy Software MBA Prepworks Fundamentals of Economics Exam - Complete Solutions (Answered) The main concept demonstrated in the production possibilities frontier is Opportunity cost When country A has a lower opportunity cost of producing sugar relative to country B, then country A is said to have Comparative Advantage A graph that shows the combinations of two goods that the economy can produce given the available scarce resources and available technology is called a Production Possibilities...

APSC 221 Midterm 1 Question and answers correctly solved 2024/2025 APSC 221 Midterm 1, MC Qs Sunk costs should be included in an engineering economic analysis. T or F - correct answer False The arrow on the graph is pointing to the breakeven point. T or F - correct answer True _______ are costs that are difficult to attribute or allocate to a specific output or work activity. Standard costs Indirect costs Variable costs Sunk costs - correct answer Indirect costs One reas...