Bus 207 Assignment 3 Essay

b. Sheen would choose an effort level where the marginal benefit gained by the effort is equal to her marginal cost of expending the effort. To calculate the effort level, h, we equalize marginal cost and marginal benefit. Here (.8 * 50) / (2√h) = 10. Solving gives h = 4,

o The next day, the Burbank Buy More decides they will have a television sale so they change their order to include at least 200 TVs. What is the maximum number of refrigerators which could also be delivered in the same truck? Describe the restrictions this would add to the original graph.

Deciding golf was the sport he could excel at was a no-brainer, because golf does not demand to be a physical individual, it is more about technique, concentration, and focus.

1. If x < y < 0, which of the following is greatest in value?

My annual income is $6,000. To calculate annual income, we must multiply our monthly income

Tiger Woods has been hailed as one of the greatest golfers, if not athletes, of all time. He has trumped other golfers and sports observers for the past 19 years as he has climbed and prevailed in the golf world. Tiger’s success has been accredited to many factors in his life, and has varied throughout the years having his ups and downs. The purpose of this paper is to give a valid argument as to why Tiger Woods could possibly be the greatest golfer of all time.

The course moves quickly and takes an average of 3-4 hours for 18 holes. Helpful and friendly rangers are on hand to move groups along quickly, and many rounds are started with a ‘shotgun’ in order to keep games flowing.

golfing. I was surprised because I know he’s never once stepped foot on a driving range, let alone

Consequently, according to the information, Deyonne’s income of last year was 80 sheep, while Batonne’s income was that 20 sheep plus 40 sheep that were traded for 10 additional land and 5 coats equaling 8(1/3) sheep. Therefore, Deyonne’s income of 80 sheep was versus Batonne’s income of 68(1/3) sheep. Deyonne’s income was greater for the past

Bridget’s total budget is $80. If she purchases 3 bottles of wine for $30, she would gain 150 units. Spending $50 on cheese would buy her 12.5 pounds of cheese, giving her 500 units of utility. That would give Bridget 650 total units under the 3 bottles of wine option. At 4 bottles of wine, Bridget would have around 200 units of utility in wine and 400 in cheese for only 600 total units. Considering these options, the four bottles of wine consumption choice is not the utility maximizing choice. The three bottle plan gives her more units.

Advertising attracts and informs current and potential customers about a product or service. Advertising usually increases a company’s sales volume which creates higher profits over time. Yearly financial data was obtained from Target Corporation’s from 2001 to 2015. The annual sales revenues and advertising costs were extracted from the data.

Y = 90 + 1.59(225) + 0.99(25) = 90 + 357.75 + 24.75 = $472.50

We do not only gain utility from our consumption. We also gain utility from leisure. Leisure time is the time you spend outside of work. In the similar way of maximizing utility from our purchases, we decide the number of hours of work that will yield us the highest utility, in other words, that makes us the happiest. People make money by giving up some leisure time. The more leisure hours you sacrifice to go to work, the more income you earn. Leisure time or activities are contrasted, implicitly or directly, with worktime or productive activities. (Moore and Hedges, 1971) Leisure time could be used for vacation, resting, playing golf or other activities that we enjoy doing. Thus, economists see leisure as a normal good that provides us with satisfaction. On the other hand, income generates purchasing power so we can purchase goods and services we desire. In other words, income gives us satisfaction in an indirect way. As both income and leisure yield utility, everyone has their own indifference curve between income and leisure, depending on personal preferences.

In economics a consumer is described as a rational individual who wishes to maximise their utility by making rational choices. These choices appear when a consumer is exposed to two goods, where a given amount of one good substitutes the use of another one. To calculate how a consumer can achieve the optimal allocation of the two goods, an indifference curve is used and the analysis of an indifference curve can be combined with the budget constraint. For the consumer, some combinations are better than others for maximising utility, and the best combination is the optimal combination.

Using the same amount of resources to produce two goods. Draw PPF curve and explain the reason of each question.