Dwight, a beet farmer, is deciding whether or not to add fer…
Dwight, a beet farmer, is deciding whether or not to add fertilizer to his crops. If he adds 1 pound of fertilizer per acre, the value of the resulting crops rises from $80 to $100 per acre. According to marginal analysis, Dwight should add fertilizer if it costs less than
Read DetailsAlex has decided to hike one of most dangerous hikes in Amer…
Alex has decided to hike one of most dangerous hikes in America “Angles Landing” in Zion National Park. The last half mile of the trail involves climbing the spine of a mountain with only chains helping you from falling 2,000 feet off a cliff. Fully realizing the risk of hiking this trail, he enjoys the rush of adrenaline and the beautiful sights from the top. According to the economic way of thinking, Alex is
Read DetailsThe Secretary of Labor states that raising minimum wage rate…
The Secretary of Labor states that raising minimum wage rates to $15 an hour would lead to an increase in unemployment among unskilled labor, both now and in the future. The head of a local labor union states that we should increase minimum wage because everyone deserves a fair and livable wage. The Secretary’s statement is a(n) ____ economic statement, and the labor head’s statement is a(n) ____ economic statement.
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