The most attractive option that is given up because one choice was made over another is the:

trade-off.

limited resource.

opportunity cost.

Match the terms with the appropriate definition. 1. unpaid work done for a person or an organization lifestyle budget 2. any task that is useful volunteer work 3. a state-required legal document giving employees younger than eighteen years old permission to work work 4. a good or service that is desirable but not necessary want 5. wage amount after deductions are withheld net wage 6. lists the costs of items you choose to spend your money on work permit 7. the people who are both able and willing to work

How does your household gain from specialization and comparative advantage? (what is produced, what is not produced yet paid to a specialist to produce? )

Suppose there are three types of consumers who attend concerts at your university’s performing arts center: students, staff, and faculty. each of these groups has a different willingness to pay for tickets; within each group, willingness to pay is identical. there is a fixed cost of $1,000 to put on a concert, but there are essentially no variable costs. for each concert: i. there are 140 students willing to pay $20. (ii) there are 200 staff members willing to pay $35. (iii) there are 100 faculty members willing to pay $50. a) if the performing arts center can charge only one price, what price should it charge? what are profits at this price? b) if the performing arts center can price discriminate and charge two prices, one for students and another for faculty/staff, what are its profits? c) if the performing arts center can perfectly price discriminate and charge students, staff, and faculty three separate prices, what are its profits?