Average total cost 199 €199 200 200 201 201 If a new customer offers to pay your flatmate €300 for one dose, should she make one more? Explain.
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- Juanita is deciding whether to buy a suit that she wants, as well as where to buy it. Three stores carry the same suit, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $104 for the suit: Store Travel Time Each Way Price of a Suit (Minutes) (Dollars per suit) Local Department Store 15 104 Across Town 30 87 Neighboring City 60 80 Juanita makes $36 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $36 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by computing the opportunity cost of Juanita's time and the total…Economics ASAP) Average waiting time for ordering is 2minutes. However, in peak - hours, the timeincrease up to 6 minutes. Around 2- 4 people in line during thenormal time, and in the peak- hours, about4 - 6 people in the line for ordering. Customers usually wait 8 minutes to get their orders. In No peak- hour, No customers in the line.In No peak- hour, It took 3 minutes to getthe order. {ONLY ONE CASHIER AND ONE BARISTA CAN U CALCULATE THE ARRIVAL RATE,SERVICE RATE (CASHIER), SERVICE RATE (BARISTA)? AND BOTTLE NECK }Juanita is deciding whether to buy a skirt that she wants, as well as where to buy it. Three stores carry the same skirt, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $104 for the skirt: Store Travel Time Each Way Price of a Skirt (Minutes) (Dollars per skirt) Local Department Store 15 104 Across Town 30 87 Neighboring City 60 80 Juanita makes $36 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $36 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by computing the opportunity cost of Juanita's time and the total…
- Juanita is deciding whether to buy a skirt that she wants, as well as where to buy it. Three stores carry the same skirt, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $102 for the skirt: Store Travel Time Each Way Price of a Skirt (Minutes) (Dollars per skirt) Local Department Store 15 102 Across Town 30 85 Neighboring City 60 76 Juanita makes $42 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $42 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling.If 2 tacos and 3 drinks cost $12, and 3 tacos and 2 drinks cost $13, how much does a taco cost?64. (This problem assumes knowledge of the basic rulesof baseball.) George Lindsey (1959) looked at boxscores of more than 1000 baseball games and foundthe expected number of runs scored in an inning foreach on-base and out situation to be as listed in the fileP09_64.xlsx. For example, if a team has a man on firstbase with one out, it scores 0.5 run on average untilthe end of the inning. You can assume throughout thisproblem that the team batting wants to maximize theexpected number of runs scored in the inning.a. Use this data to explain why, in most cases,bunting with a man on first base and no outs isa bad decision. In what situation might buntingwith a man on first base and no outs be a gooddecision?b. Assume there is a man on first base with one out.What probability of stealing second makes an attempted steal a good idea?
- Kip is trying to decide whether to take a one-day martial arts class at Rex Kwan Do. The fee for the class is $400. Kip will also have to pay his brother Napoleon $150 for that day in return for giving him a ride into town. Instead of taking the class, Kip could spend all day on the computer chatting with his girl, LaFawnduh. This gives him a value of $300. On the other hand, he could spend all day working with his Uncle Rico and making sweet moolah. Uncle Rico has promised to pay him $350 on that day if he works with him. What is Kip’s marginal cost of joining Rex Kwan Do? Correct answer: $900 why don't you include 300 also? explanationa. A young connoisseur has $600 to spend to build a smallwine cellar. She enjoys two vintages in particular: a 2001French Bordeaux (wF) at $40 per bottle and a less expensive 2005 California varietal wine (wC) priced at $8. Ifher utility is U (wF, wC))=wF2/3 w C1/3 ,then how much of each wine should she purchase?b. When she arrived at the wine store, this young oenologistdiscovered that the price of the French Bordeaux hadfallen to $20 a bottle because of a decrease in the valueof the euro. If the price of the California wine remainsstable at $8 per bottle, how much of each wine shouldour friend purchase to maximize utility under thesealtered conditions?c. Explain why this wine fancier is better off in part (b)than in part (a). How would you put a monetary value onthis utility increase?13. A layperson says that a proposed government project simplycosts too much and therefore shouldn’t be undertaken.How might an economist’s evaluation be different?14. Economists say that individuals make decisions at themargin. What does this mean?15. How would an economist define the efficient amount oftime spent playing tennis?16. Ivan stops studying before the point at which his marginalbenefits of studying equal his marginal costs. Is Ivan
- Please no written by hand solution A local KFC franchisee is evaluating the number of fried chickens to produce each day. The following table shows the 4 alternatives, the states of nature and their payoffs Daily Supply 40 50 60 70 Daily Demand 40 $80 $0 -$80 -$160 50 $80 $100 $20 -$60 60 $80 $100 $120 $40 70 $80 $100 $120 $140 What would your decision be if the following rules are applied? (show your calculation) Maximax Maximin La Place Minimax-regretThink back to a purchase that you made recently. How would you describe your thinking before you made that purchase?Suppose Alphonsos town raises the price of bus tickets from 0.50 to 1 and file price of burgers rises from 2 to 4. Why is file opportunity cost of bus tickets unchanged? Suppose Alphonsns weekly spending money increases from 10 to 20. How is his budget constraint affected from all three changes? Explain.
