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Question 16 0.4 pts Laura leaves her job as an accountant, where she earns $80,000 per year, to start her own business. After the first year, her business earns a profit of $60,000. How would an economist describe the profitability of Lauras career change? O Laura had a profit of $140,000. O Laura had a loss of $20,000. O Laura had a profit of $60,000. Laura had a loss of $80,000. O Laura had a profit of $20,000. Question 17 0.4 pts To determine which of two producers has a comparative advantage, one would need to know their opportunity costs of production for both goods O normative beliefs. O levels of investment. O zero-sum games. increasing relative costs. Question 18 0.4 pts is value added by making additional effort. O Money O Marginal benefit Optimization Opportunity beneft O Income

Question 19 0.4 pts The price elasticity supply of doctors could be considered it takes a minimum of four to six years of training to be able to work as a physician because relatively inelastic perfectly inelastic O relatively elastic perfectly elastic unitary elastic Question 20 0.4 pts Shoppers at supermarkets often abandon their empty shopping carts at various locations in the parking lot, despite the risk of damage to vehicles or the additional labor cost of retrieving those carts. How might an economist explain this behavior? O Once a shopper leaves the parking lot, the abandoned cart becomes someone elses problem. The perceived potential benefit of going to a cart return location is less than the time and energy cost to the shopper O Because food prices are always subsidized by the government, shoppers are ignorant of additional costs. O People go to the supermarket when they have the energy to shop only, without considering the cost of returning their carts. People are generally lazy and gravitate toward any decision with the lowest cost.

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Answer #1

16. Ans: Laura had a loss of $20,000

Explanation:

Laura's opportunity cost of own business is $80,000. Thus, Loss = $80,000 - $60,000 = $20,000

17. Ans: Opportunity cost of production of both the goods

18. Ans: Marginal Benefit

19. Ans: relatively inelastic

20. Ans: The perceived potential benefit of going to a cart return location is less than the time and energy cost to the shopper.

Explanation:

Here, the opportunity cost of of going to a cart return location is more than the time and energy cost to the shopper.

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