1.Define Opportunity Cost. What is your opportunity cost for taking this class? 2.Define positive economics and normative...

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1.Define Opportunity Cost. What is your opportunity cost for taking this class?

2.Define positive economics and normative economics. Explain if each of the following statement is positive economics or normative economics:

Minimum wage should be $15.00 an hour

The average compensation package of a sample of 10 Fortune 500 companies was estimated to be $13.5 million

Drafts for professional sports like NBA, NFL and MLB is a market solution

Compared to a History Major an Accounting Major is expected to make significantly more

3.With appropriate examples, explain change in quantity demanded and change in demand. (Bonus point for graphical explanation).

Posted Date: Jul 02, 2024 05:17 AM

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1.Define Opportunity Cost. What is your opportunity cost for taking this class? 2.Define positive economics and normative...

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