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We expect economic profits to be __________ accounting profits due to the nature of __________.
A) less than; opportunity costs.
Because opportunity costs decrease profits, economic profits are generally less than accounting profits.
Suppose that we observe Dennis working 3 hours per day. What must his marginal cost be?
People work until their marginal cost of working is the same as the marginal benefit, or earnings per hour of labor. At three hours, he earns $84. His hourly wage is therefore $28, and this is his marginal cost.
For question 3 refer to the following diagrams.
You have two employees, Lucy and Ethel, and must assign them the tasks of filling candy boxes or stomping grapes. The table to the right gives their respective daily production possibilities frontiers (PPFs). How should you assign these tasks?
A) Lucy should be assigned to candy and Ethel to grapes.
B) Lucy should be assigned to grapes and Ethel to candy.
C) Lucy should do all the work because she has the absolute advantage in each.
D) Ethel should do all the work because she has the absolute advantage in each.
The diagram is missing, but you can determine who should do the work based on the opportunity cost. Look at the trade off each laborer's PPF indicates for stomping grapes. One of them will be able to stomp grapes less expensively, in terms of candy boxes, than the other ...
Questions concerning opportunity costs, marginal cost, experience and inferior goods.
Defining Important Sociological Concepts
1).What does Mills mean by the "sociological imagination"?
A). Identify a private trouble or personal issue you are aware of, have experienced, or are experiencing. (For example, difficulty in getting a job, healthcare, childcare, divorce, rising cost of housing, rising cost of education.)
B). Discuss how the issue you identified above might actually be a larger public issue. Identify what the larger public issue might be.
C). Identify what some of the consequences or implications of this larger social issue might be for society. I.E. How will society be affected?
D). Using your sociological imagination give at least two ways of dealing with this issue at a macro level and two at the micro level. What is the difference in how one might deal with a problem if one views it from a micro perspective (personal trouble) v. a macro perspective (public issue)?
E). What prevents society from seeing this as a broader social issue?
2). Did you understand that Miner was describing the "American" ("Nacirema" spelled backwards)? Why do we not recognize this right away? What do we gain from being able to "step back" from our way of life as Miner has done? Think in terms of ethnocentrism. Identify the positive and negative aspects of ethnocentrism. How does sociology allow us to step back from our lives? What new insights do we get from being able to do this?
3). Discuss Emile Durkheim's investigation of suicide rates and how his research contributed to the development of theory. What is theory and why is it important? What did his research show us?View Full Posting Details