+1 123 456 7890 instantessays65@gmail.com

(answered) – 1) Select all of that following that are best described as sunk

$11.00

(answered) – 1) Select all of that following that are best described as sunkDescriptionSolution downloadThe Question1) Select all of that following that are best described as sunk costsa. The time spent developing a relationship with your significant other.b. The morning run that I miss out on so that I have time to go to Starbucks before class.c. The cost of an expensive pair of shoes that my girlfriend wants, but will likely never wear.d. The deposit made a month ago to hold your spot on a rafting trip.e. The additional money you must pay if you actually go on the rafting trip.f. The new bike you could buy with the total amount of money you will spend on the rafting trip.ECON 3 Homework 1Due 1/18-22 in Discussion1) Select all of that following that are best described as sunk costsa. The time spent developing a relationship with your significant other.b. The morning run that I miss out on so that I have time to go toStarbucks before class.c. The cost of an expensive pair of shoes that my girlfriend wants, butwill likely never wear.d. The deposit made a month ago to hold your spot on a rafting trip.e. The additional money you must pay if you actually go on the raftingtrip.f. The new bike you could buy with the total amount of money you willspend on the rafting trip.2) Select all of the following that are best described as opportunity costsa. The time spent developing a relationship with your significant other.b. The morning run that I miss out on so that I have time to go toStarbucks before class.c. The cost of an expensive pair of shoes that my girlfriend wants, butwill likely never wear.d. The deposit made a month ago to hold your spot on a rafting trip.e. The additional money you must pay if you actually go on the raftingtrip.f. The new bike you could buy with the total amount of money you willspend on the rafting trip.3) Increasing temperatures, from global warming, have increased theproductivity of vineyards. We expect this will cause the supply curve for wineto shift to the right. Thus, the price of wine should decrease anda. Demand should increase.b. Demand should decrease.c. Some wineries will go out of business.d. Quantity demanded should increase.e. Quantity demanded should decrease.4) A news report reveals that wine has even more health benefits thanpreviously expected, even encouraging several glasses of wine a day! Selectall of the following that are likely to occur:a. Market forces will begin driving the price of wine up.b. Demand for wine will shift to the left.c. There will be a shortage of wine until the market adjusts to this newinformation.d. Producers will increase production to meet the increased demandAND raise prices.e. The quantity of wine demanded will increase dramatically.5) Imagine Germany and Greece produce only beer and olives. Germany canproduce at most 500 kegs of beer or 2000 jars of olives. Greece has fewerworkers and a 4 day work week, but they can still produce at most either 100kegs of beer or 1000 jars of olives. Which of the following is false:a. Germany has the comparative advantage in producing beer.b. Greece does not have a comparative advantage in beer or olives.c. Germany has the absolute advantage in producing olives.d. Greece has the comparative advantage in producing olives.6) Economic thought suggests that when making a decision you should:a. Compare the opportunity cost with the true economic cost and choosethe lowest.b. Always buy the cheapest option.c. Go for the option with lowest average cost relative to average benefit.d. Compare the marginal benefit (MB) with the marginal cost (MC) andonly do something if MB>MC for that choice.7) You are on a cruise in the Caribbean Sea, which cost $1,000. On thisparti