5. Your aunt is thinking about opening a hardware store. She estimates that it would cost $500 000per year to rent the location and buy the stock. In addition, she would have to quit her $50 000per year job as an accountantDefine opportunity costa.b. What is your aunt's opportunity cost of running a hardware store for a year? If your auntthought she could sell $510 000 worth of merchandise in a year, should she open the store?Explain

a.Opportunity cost is the value of the next best alternative that we foregone while making a…

Answered: 5. Your aunt is thinking about opening…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 2PA

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Question 2 Your uncle is thinking about opening a hardware store. He estimates that it would cost Rs.5,000,000 per year to rent the location and buy the stock. In addition, he would have to quit his Rs500,000 per year job as an accountant. A) Define opportunity cost. B) What is your uncle’s opportunity cost of running the hardware store for a year? If your aunt thinks he can sell Rs. 5,100,000 worth of merchandise in a year, should he open the store? Explain.
Your uncle is thinking about opening a hardware store. He estimates that it would cost Rs.5,000,000 per year to rent the location and buy the stock. In addition, he would have to quit his Rs500,000 per year job as an accountant. A. Define opportunity cost. (2 Marks)What is your uncle’s opportunity cost of running the hardware store for a year? If your aunt thinks he can sell Rs. 5,100,000 worth of merchandise in a year, should he open the store? Explain.
In 2012, an estimated 7.8 million Mexican-born immigrants were employed in the United States. a. If 60 percent of the Mexican-born immigrants remitted money to family members in Mexico in 2012, and if they each sent $100 per month, how much money did they remit in total? b. If, instead, 100 percent of the Mexican-born immigrants remitted money to family members in Mexico in 2012, and if they each sent $250 per month, how much money did they remit in total? c. The actual amount remitted to Mexico in 2012 by Mexicanborn immigrants living in the United States was about $23 billion. If we assume that 75 percent of the Mexicanborn immigrants remitted money to Mexico that year and if we further assume that each of those immigrants remitted an equal amount each month, how much per month did each of those immigrants have to remit to total $23 billion for the year?
12. What are the four factors of production? Thanks asap do it
Sven runs a daycare for some of the neighborhood children, where he earns $300/day inrevenue. He runs the daycare out of his home, for which the mortgage costs $3,000 per month($100 per day). Each day, Sven spends $50 on food, diapers, and other supplies. He also hassome toys and playground equipment that originally cost $500, but which he wouldn’t getany money for reselling today. Sven looks after all the children himself, so he doesn’t pay anymoney in labor costs. If he weren’t busy with the daycare, he could earn $120 per day as aprivate nanny. What is Sven’s daily economic profit from the daycare? (Select one from below) (a) $300: Economic profit is equal to revenue.(b) $180: That is his revenue minus opportunity cost.(c) $150: That is his revenue minus input cost.(d) $130: That is his revenue minus variable cost.(e) $50: That is his revenue minus accounting cost.(f) $30: That is his revenue minus economic cost.(g) $0: In the long run, all firms must make zero profits.(h) –$200:…
I need help with econ multiple hw questions asap! 44)How does the average-fixed-cost curve behave? A. It declines as long as it is above marginal cost. B. It always declines with increased levels of output. C. It declines as long as it is below marginal cost D. It always rises with increased levels of output. 43) Refer to the attached Table 2. What is the variable cost of producing zero widgets? A. $0 B. $10.25 C. $11.00 D. $1.00
Do you think that the benefits we get from gold—its uses in jewelry, dentistry, electronics, and otheruses—are worth the real cost of gold (Core CaseStudy)? If so, explain your reasoning. If not, explainyour argument for cutting back on or putting a stopto the mining of gold.

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