How Is Ocean's 11 Related To Economics

Opportunity cost means giving up something of value or importance to you to achieve a particular goal or outcome. It is a chance that causes you to miss out on something you want, but an individual can benefit by gaining something for the opportunity they accepted.

Police Chief Brody jumps up from his tense sitting position and shouts for everybody to get out of the water. This was what Police Chief Brody was worried about. The boy, Alex is a lost cause can do nothing but scream, splash and attempt to believe he can escape from the sharks clutches. Alex is dragged down violently as he tries to gasp for breath; he is finally dragged and lost to the depths of the dark sea. The camera shot is really close up to the boy as he is fighting for his life; we see his pain, his struggle and his death. Everyone on the beach couldn’t miss the raft in the distance flip over and the blood

The budget analysis shows that the labor hours of the firm are higher than the budgeted amount. As such, the firm needs to evaluate the cost benefit analysis of making or buying their products. To make this decision, various factors need to be considered. Before making the decision, Peyton needs to evaluate the marginal costs and revenue of making versus buying the products. The firm should take the option which provides the highest marginal profit which is the

15. In pure competition, each extra unit of output that a firm sells will yield a marginal revenue that is ( )

With the evidence they’ve uncovered Hooper and Brody go to the Mayor and demand he shut down the beaches. With no physical evidence that the wrong shark has been caught the Mayor decides to open the beaches for the 4th of July.

Explain how a profit maximizing firm determines its optimal level of output, using marginal revenue and marginal cost as criteria:

1. The local Mastermind store sells innovative educational toys. Part of their service is giving advice to customers about the best toys for a particular age group, which requires having more customer service representatives in the store. During the month long Christmas buying season, it makes half of its $500,000 yearly sales. Its contribution margin on average is 40% and its fixed costs for the year are about $150,000. The owner believes that she could make even higher sales, if she had more customer service representatives on the floor during the peak season. She plans on hiring four more people for 200 hours each at $20 per hour. How much additional revenue does she have earn to the nearest dollar

Operate cruise ship in new area with fewer pirates. (20% probability with $6.0 million ECF)

"Suppose you own a McDonald’s franchise; a teenage cook makes ten hamburgers per hour for you, and each hamburger is sold for $2. Your hourly business revenue from hiring that cook is $20, i.e., price times the cook’s output. Suppose all other costs add up to $12 per hour of production, and the minimum wage you pay the cook is $5 per hour. Then your hourly profit from hiring that cook is $3 [$20 - $5 - $12]. Now suppose all costs a prices double, that is, a hamburger fetches $4, the minimum wage becomes $10, and other costs rise to $24.

Peak Garage Doors Inc. is a privately owned firm and has had 2003 sales of $9.2 million and net profits before taxes of 460,000. Given is a 2003 income statement (pg.411) which states that cost of goods sold was $6.9 million. With the sales and cost of goods sold numbers we can figure out that the contribution margin for Peak’s garage doors is $0.25 for every dollar sold. The company has 2 distribution centers and employs 8 sales representatives for independent dealers and 2 sales reps for the exclusive dealers, each rep with a salary of $80,000. Below is the summary of employee composition.

In the movie, Ocean’s 11, upon his release from prison, Danny Ocean seeks to carry out one last job, a 3 in 1 casino robbery. Immediately, Ocean seeks out his smart and trustworthy friend, Rusty, who must help him coordinate the ultimate plan. After carefully running through the concept and evaluating the chances of success, they decide to go with it. Together, the two carefully develop an effective team, selectively recruiting people they personally know, each with different sets of skills and knowledge needed to perform certain critical tasks. More importantly, the two masterminds pitch the idea to Ruben, whom they know loathes Benedict, the owner of the casinos they wish to rob, almost instantly he climbs on board.

Ocean’s Eleven is an American heist film (first of the trilogy) and a remake of the 1960 version which features an ensemble cast of George Clooney, Brad Pitt, Matt Damon, Andy Garcia and Julia Roberts. For the most part there are three elements to a heist film: Assembling the crew and setting up the scheme, the break in and looting, and then the escape. Ocean’s Eleven covers all of those elements plus more. The plot of the film wasn’t just about robbing the casinos for money for the most part.

Danny and Rusty set up the path to be followed to achieve their goal - to rob three casinos owned by the ever ruthless Terry Benedict. Danny acts like the charismatic leader of the team. The plan is to pull off the heist, but what enhances the movie’s plot is Danny Ocean's charm. Besides the common shared goal, the film also focuses on

Colin's unemployment status has caused him to consider opening up his own business. His dilemma is deciding where to locate his business; either at Great Eastern Building downtown or Exploits Valley in the mall. Due to him being unemployed, Colin needs to begin earning an income to live. To do so he needs to improve his projected sales so that his net income would be sufficient to live on and to be able to pay back Ed's investment in the business.

Assume you have been hired as a managing consultant by a company to offer some advice that will help it make a decision as to whether it should shut down completely or continue its operations. It currently uses 100 workers to produce 6,000 units of output per month (working 20 days / month). The daily wage (per worker) is $70, and the price of the firm's output is $32. The cost of other variable inputs is $2,000 per day. It also tells us that the firm's fixed cost is “high enough” so that the firm's total costs exceed its total revenue. The marginal cost of the last unit is $30.