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Solved: Are fixed costs also sunk costs Explain

Principles of Economics | 2nd Edition | ISBN: 9781947172364 | Authors: Steven A. Greenlaw, David Shapiro, Timothy Taylor ISBN: 9781947172364 471

Solution for problem 21 Chapter 7

Principles of Economics | 2nd Edition

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Principles of Economics | 2nd Edition | ISBN: 9781947172364 | Authors: Steven A. Greenlaw, David Shapiro, Timothy Taylor

Principles of Economics | 2nd Edition

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Problem 21

Are fixed costs also sunk costs? Explain

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Step 1 of 3

04/19/2016 ▯ Contracts ▯ Mom (Meeting of the Minds) an understanding between “you and I”.Agreeing to something. ▯ ▯ Objective Reason of Contracts- ▯ ▯ Moral vs Legal- Trying to establish a legal obligation. ▯ ▯ ▯ Enforced- Some contracts are enforceable and some are not. Ex contract with your mother. Can legally sue. ▯ ▯ ▯ Contract- A set of promises to do or not do to something. ▯ ▯ Promisor- The person making the promise in a contract ▯ Promisee- Person receiving the promise. ▯ ▯ 4 ELEMENTS TO A CONTRACT ▯ Offer and Acceptance – in order for there to be a meeting of the minds, there has to be an offer and acceptance. ▯ Consideration- There has to be some value to

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Chapter 7, Problem 21 is Solved
Step 3 of 3

Textbook: Principles of Economics
Edition: 2
Author: Steven A. Greenlaw, David Shapiro, Timothy Taylor
ISBN: 9781947172364

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Solved: Are fixed costs also sunk costs Explain