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Kim Wexler is an accomplished lawyer.  She charges $250 an hour for legal work.  She’s also an amateur plumber.  If a clogged sink would take her an hour to unclog, and the local plumber would charge her $200 to unclog it, then she should hire the plumber because the opportunity cost of doing it herself is more.

Demand curves are usually upward sloping.

In your own words describe the difference between microeconomics and macroeconomics.  Provide an example of a microeconomic topic and an example of a macroeconomic topic.  Is the difference always clear cut?

What is the approximate normal transit time for red blood cells in the pulmonary capillary, and how quickly does the blood partial pressure of oxygen (PO2​) typically equilibrate with the alveolar PO2 in a healthy individual?

The cost of steel and aluminum has risen due to tariffs, increasing the cost of producing tin cans for soup.  Graph the supply and demand in the market for cans of soup, showing the equilibrium before the cost increase and the equilibrium after the cost increase.  As before, upload your drawing in the space below or e-mail it to me.  Describe what happens to the equilibrium price and quantity of soup as a result of the cost increase.

All of the following are examples of opportunity cost except

If CPI in 2019 was 100 and the CPI in 2025 is 150, then that implies that…

What are the three types of costs of unemployment?  Give an example of each.

In the figure above, some wavefronts are emitted by a source of sound S. This picture can help us to understand

“An external pressure applied to an enclosed fluid is transmitted unchanged to every point within the fluid” is known as