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

Using the table above, calculate the Unemployment Rate in Nellyville.     

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

Michael buys yogurt, and he would be willing to pay more than he now pays. Suppose that Michael has a change in his tastes such that he values yogurt more than before. If the market price is the same as before, then

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.

Jacqueline, a brilliant new Ph.D. in economics, has turned down many job offers because she hopes eventually to teach at one of the top ten universities in her field. The type of unemployment she is experiencing is

If the price of Ollivander’s wands rises 10 percent during a year when the level of average prices rises 3 percent, the relative price of wands compared with other goods

The largest component of GDP as measured by the expenditure approach is

Using the table above, calculate the Labor Force Participation Rate in Nellyville.     

If consumer purchases of a good are highly sensitive to the price of the good, this is illustrated by a