please to understand the question , and this is the questions
Writing HW 1- Solution
- What was your opportunity cost of attending college? (2 pts) Possible answer) You would have some income from a full time job. That income you gave up would be your opportunity cost of being a college student now.
- As the baby boom generation (born between 1946 and 1964) ages, which of the following is a likely outcome? (1 pt)
a) A movement to the right in the demand for nursing home beds
b) A movement to the left in the supply for nursing home beds c) A movement to the right in the supply of nursing home beds d) A movement to the left in the demand of nursing home beds This is an example of an increase in population
- Suppose you have been given money by your friends and sent to get beverages for a party. Think about your demand for those beverages to explain why the concept of the â€œreal balance effectâ€ will mean your demand is downward sloping. (4 pts) Letâ€™s assume that you cannot find any acceptable substitute in the store. Given the money from your friends, you buy less with a higher price of beverage you originally wanted. With a lower price, you buy more. That is why a demand curve is downward sloping.
For the questions #4 and #5, we will do in the class.