Solution Manual for Principles of Macroeconomics, 6th Edition

Find clear solutions to every textbook problem with Solution Manual for Principles of Macroeconomics, 6th Edition, your essential resource for textbook answers.

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1CHAPTER 1THINKING LIKE AN ECONOMISTAnswers to Review Questions1. Your friend probably means that the benefits from private solo lessons are greater (your tennisgame will improve faster) than if you take group lessons.But private lessons arealso morecostly than group lessons.So those people who don’t care that much about how rapidly theyimprove may do better to take group lessons and spend what they save on other things.Learning Objective: 01-02AACSB: Reflective ThinkingBloom’s: Understand2. False.According to the Cost-Benefit Principle, your willingness to make the trip shoulddepend only on whether $30 is more or less than the cost of driving downtown.Learning Objective: 01-03AACSB:Reflective ThinkingBloom’s:Understand3. Because the price of a movie ticket is a cost the patron must pay explicitly, it tends to be morenoticeable than the money that she would fail to earn by seeing the movie. As Sherlock Holmesrecognized, it’s easier to notice that a dog has barked than that it has failed to bark.Learning Objective: 01-03AACSB: Reflective ThinkingBloom’s: Understand4. Using a frequent flyer coupon for one trip usually means not having one available to use foranother. By thinking of frequent-flyer travel as free, people fail to consider the opportunity costof using the coupon, thereby making wasteful travel decisions.Learning Objective: 01-03AACSB: Reflective ThinkingBloom’s: Understand5. Your tuition payment is a sunk cost as long as it is non-refundable, since the payment cannotbe recovered even if you drop out of school. If the payment is refundable until a certain date, itis not a sunk cost until after that date.

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Subject

Economics

Textbook

Principles Of Economics by Robert F...

Solution Manual for Principles of Macroeconomics, 6th Edition

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