Eco 365 Week 2 Dq

Week 2 DQ2

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a.    Distinguish between explicit and implicit costs of your college education giving examples of each.  



b.    What are your fixed costs? Variable Costs?

c.    Use a real-world example to explain the law of diminishing marginal productivity in your college life or your work life.


Week 1 dq
Consider your current or former salary against the salary of pro sports players and movie stars. Michael Jordan made $40 million per year playing basketball and endorsing products in his day.

1.    Why do you think superstars like Michael Jordan earn so much more that we do? 



2.    Is this an economically efficient market solution? Explain.



3.    How much of Jordan- $40 million earnings was economic rent? Are you or have you earned economic rent in your job?

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