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Opportunity Cost Of Your Decision To Enroll In College

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1. What does a demand curve illustrate? What will cause a demand curve to shift? Provide two examples from the automobile market where the demand for automobiles expands. A demand curve illustrates the demand schedule, which is an inverse relationship between the price of an item and the quantity demanded. As the price of an item drops, the quantity demanded will increase. A shift in the demand curve is caused by either an increase or decrease in product demand (Miller, 2016). A shift in demand for the automobile market can be caused by many different causes. As consumer income rises, demand increases for normal items. Customer expectations can also cause a shift in the demand curve. If customers think that SUVs will no longer be available in the future, customers will rush to purchase one before they are unavailable and demand will increase (Miller, 2016). 2. …show more content…

Explain the term Opportunity Cost. What is the opportunity cost of your decision to enroll in college? Opportunity Cost is defined as the highest-valued, next best alternative that must be sacrificed to obtain something or to satisfy a want (Miller, 2016). Sacrifices must be made because of scarcity, which means that there are not enough resources for a person to have everything they want (Miller, 2016). The opportunity cost of my decision to enroll in college is a reduction in personal time. Making time to study has reduced the amount of time that I have available to spend time with friends and family. On occasion, my opportunity cost shifts to a monetary cost. Overtime hours are available infrequently, but it’s usually during a week when I’m enrolled in school and unable to make the time commitment to spend the extra time at work. As such, I lose the extra wages that I would otherwise earn. 5. Differentiate between Absolute Advantage and Comparative Advantage. Is it necessary for a country to have absolute advantage in the production of a good to have comparative advantage in it? Explain your

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By specializing we are able to produce more than someone who doesn’t. If every country specialized in what they had comparative advantage in, prices of goods would be a lot lower. An example of this is how Florida has an excellent environment to produce oranges cheaply and then transport them to Canada to be sold at a reasonable price. If Canada decided to stop the flow of oranges from Florida and grow them here, production costs would be very expensive. This would result in a price increase of oranges so consumers would end up purchasing less (59).

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Demand Curve- The graphical representation of the law of demand. Law of Demand- A law stating that as the price of a good increases, the quantity demanded of the good decreases, and that as the price of a good decreases, the quantity demanded of the good increases.

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Question:- Explain law of demand with the help of table and diagram. Or Differentiate between extension and contraction of demand. Or what is meant by movement along the demand

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Recent times have have lead many students entering the college application process, to question themselves and ask: “is it really worth it?” Recent college graduates have faced records of unemployment and do we really want to waste our money on something that will only put us in debt? As a matter of fact, college is not a waste of money for it increases the chances of higher wages and receiving desired jobs, and it improves life in general. A major factor when deciding to apply to college is money.

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A shift in the graph is a decrease or increase in the quantity demanded of a product at every price. Elasticity measures the

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Supply is the amount of a specific good or service that’s available in the market. Demand is the amount of the good or service that customers want to buy. For supply and demand to work how it’s supposed to, you need people. When people buy goods it causes there to be a reduction in supply which is good. This means that the demand is high because people are willing to purchase a good.

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On the demand curve, a shift might take place because of a change in prices of a related good or service, a change of income in the area, an increase or decrease in the number of buyers, or the buyer’s preference changes, as well as

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As native Africans were forced ashore to the United States for hard labor in the fields, they brought with them sounds of their ancestors. This music became a way of adapting to a new language, a new religion, and a new, but difficult way of life. Often, the songs were a means for them to communicate with each other and express their troubles and hopes for a better life, and even to signal the flight to freedom. African-American music has been a fundamental part of the black experience in the U.S., primarily due to the cruel system of slavery. It then evolved into what we refer to today as gospel music.

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Susan Hansen thinks that the tuition supply and demand curves for colleges should slope upward, because the quantity demanded increases with price. Law and Elasticity of Demand A demand curve usually slopes downward angle, which is define as people purchase less of a product if the price increases. A demand curve that results in a negative slope is referred to as the law of demand. Susan also predicts that an increase in student tuition fees and possibly of a reduction in financial aid is the best solution to rectify the school’s financial issues. Ursinus college nationally raised their tuition

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As the price drops from $100 to $75, the quantity rises from 50 to 40. The demand is considered inelastic. Due to the price of the goods not changing but the demand increasing, then the demand curve changed and became more steep.

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1933 Words | 8 Pages

This situation is illustrated in the diagram below: Shifts in demand are caused by a variety of elements, mostly joined to consumer behavior and conditions. These changes in demand are regulated by economic factors: mean spending per person based on their income, cultural variations, climate change and progresses in science. A Fall in

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However, both quantities can change due to external shocks to the curves. Take for instance the drop in price of MRO stocks due the fallout of the Keystone pipeline expansion. When the Keystone expansion fell through, investors MRO would not be able to expand and increase the value of the stock. Thus, the demand for the MRO stock declined due to unwillingness of investors to buy, and to the demand curve shifts left. Therefore, the price has to drop in order to return the market to equilibrium.

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With the pursuit of higher education many people see it as a pathway to more money. Now, how many of those students will stay and pursue higher education if job opportunities that pay $15.00 dollars and hour with the chance of it going up to $20.00 or even $30.00 dollars an hour in the near future? One’s guess is as good as another, but it would suffice to say not many. For some people, money is the main reason they would opt to pursue higher education rather than working right out of high school. However if money right out of high school is already good, many would rather just work than pursue that education.

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DEMAND CURVE Demand is defined as the different quantities people are willing to buy at different prices. As the price of good increases the demand decreases and vice versa. The law of demand states shows an inverse relationship between price and quantity demanded. The demand curve shows the relationship between the quantity of a good a consumer is willing to buy and the price of the good. The equation for that shows the relationship between the quantity demanded and price is as given below: QD =

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Is The Cost of University to Excessive? College and universities are the final steps in someone’s educational journey. To go away to college is the dream, the American dream. College is where students find their future, to work for a degree, and to find out what they want to be, but at what cost?

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