Q: James earns $9.50 per hour and works full-time, while Alice earns $19 per hour but only works…
A: Opportunity cost is the cost/value of next best alternative forgone while making choice.
Q: XYZ restaurant sells donuts at $2 per unit. It uses capital (which it rents at $5 per hour under a…
A: As per the honor code, we are allowed to attempt only first three sub-parts of the question. If you…
Q: 9. The cost of one thing in terms of the alternative given up is called A. O Real cost B. O…
A: The cost of one thing in terms of the alternative given up is known to be as the Option(d) is…
Q: Two job opportunities are as fo:- Job type Salary Accountant…
A: If a person has many options, he or she has to choose the best one and the other options are…
Q: Graph of TB & TC from Hours Working: The graph below measures the benefits and costs from working,…
A: Net benefit is the difference between total benefit and total cost. NB = TB - TC
Q: Mallory decides to spend 3 hours working overtime rather than watching a video with her friends. She…
A: The economics as a study is based upon the idea that the resources which are present with the…
Q: Graph of TB & TC from Hours Working: The graph below measures the benefits and costs from working,…
A: Net Benefit is calculated using the formula = Total Benefit - Total cost
Q: (a) The public transportation company in a city charges senior citizens & students $100 for a…
A: A Subsidy is defined as payment individuals or firms, usually in the form of cash payment, from the…
Q: your microwave breaks. you originally paid 100 for the microwave. Amazon sells the same. microwave…
A: Meaning of Opportunity Cost: The term opportunity cost refers to the situation under which the…
Q: Reference: Use the following table to answer questions 1 - 4. Labor Quantity 1 20 2 50 3 90 4 125…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: Graph of TB & TC from Hours Working: The graph below measures the benefits and costs from working,…
A: Blue line is TB (i.e., Total benefit) Red line is TC (i.e., Total cost) Net benefit (NB) is TB minus…
Q: e for making tacos. you can click the Reset to Initial Values button to return the elements in the…
A: *Answer: Answer: When the price of a taco is $3, the equilibrium wage in the fast-food labor…
Q: James uses kiwi k) and labor (L) tomake Juice Ca). Production function 9=min(43,R %3D lavor musured…
A: We know that for minimum functions we always produce at the kink. Which means : L/3 = K^0.5 So q =…
Q: a. Explain the following statement : "Surely, as you begin this course, you recognize that time is…
A: "Surely, as you begin this course, you recognize that time is one of the scarcest resources of all.…
Q: 15. A firm can use three different production technologies, with capital and labor requirements at…
A: Hi thanks for the question. Since the part c is incomplete, I will answer for the first two…
Q: BUS202 CHO7 05 Numerical Example: TC, TR, profit labor Capital TT, Tetal Mar Cost AVC Cost AFC ATC…
A: A profit maximizing firm produces output at the point where the marginal cost (MC) of the firm is…
Q: while taking decisions there are different kinds of constraints related to resources,…
A: In economics, choice refers to decision making process of an individual (consumer of producer)…
Q: Suppose a new drug were discovered that slowed the deterioration of health that accompanies aging.…
A: A new drug was discovered that slowed the deterioration of health that accompanies aging. The MEC…
Q: II. Graphing: Using the Total Production Frontier below, make a TPF graph with proper point and axis…
A: In the factor of production market, household is the supplier and the firms are the buyer.…
Q: (a) Calculate the marginal (physical) product of the third worker. (b) Define the law of diminishing…
A: “Since you have posted a question with multiple sub-parts, we will solve the first three subparts…
Q: and physical. A. Labor; profit B. Capital; financial C. Land; real estate D. Income; monetary
A: the correct answer is B. Capital; financial
Q: 50 40 PPF 30 20 10 10 20 30 40 50 60 cloth
A: For gaining 10 units of cloth 10 units of wine has to be sacrificed. Opportunity cost=sacrifice/gain…
Q: n the table, the marginal product of the third worker is Total Product, Marginal Product, Average…
A: Marginal productivity of labor describes the change in output produced with an additional unit of…
Q: monetary cos
A: Monetary cost of a product is the amount of liquid money that the buyer has to spend on that…
Q: O Diminishing productivity approach Povoalod Profon
A: Demand refers to the volume of goods and services that the consumers are willing to purchase at…
Q: John is a talented artist who received an offer to go pro gymnast. He graduated fr the business…
A: Net present value (NPV) can be calculated by using the following formula.
Q: The following data pertain to a worker: base rate = * 20 per hour. %3D Time taken for completing the…
A: In hasley plan a worker 's time to complete the work is fixed called standard time and then wage is…
Q: Is this an good example of opportunity cost? “To begin, I began selling prints of my pictures in…
A: “To begin, I began selling prints of my pictures in 2019 throughout 2020. It's now closed. USPS and…
Q: Question 3 Denise decides to spend three hours working overtime rather than watching a video with…
A: Opportunity Cost: It is the cost of the next best alternative forgone for doing an action.Denise…
Q: WORLD VIEW World's Largest Armies Rank Country Active Military 1 China 2,183,000 2 India 1,362,000 3…
A: Opportunity cost = Number of people in the army * Quantity of food produced by an average North…
Q: Arlene quits her $125,000-a-year job to take care of her ailing parents. What is the opportunity…
A: Opportunity cost measures the trade-off between two goods i.e. what we give up to obtain that item.
Q: electricians. At the initial wage of 60K/year (including benefits) 480 are currently employed in the…
A: Initial wage = 60,000 per year Number of workers = 480 After Hiring Wage = 65,000 Number of…
Q: Sara Lee just graduated from college with a degree in accounting. She hadfive job offers: Bean…
A: Because individuals have limited resources at their disposal, the problem of scarcity requires them…
Q: If summer work for 12 hours and get paid 11 dollars an hour how much will she get paid in a week?
A: Let summer work for 7 days a week for 12 hours per day. Given; Total working hours= 12 hours per day…
Q: 2. Neneh rents a house for which she pays the landlord $25,000 per year. The house can be purchased…
A: The information given is:- Rent paid by neneh = $25,000 Cost of the house = $250,000 Also the…
Q: 2.2 Explain in detail, the shape of the individual supply of labor curve. Illustrate your answer…
A: Please find the answer below. SUPPLY CURVE: supply curve, in economics, graphic representation of…
Q: The marginal productivity of the third worker is (a) 30 (b) 40 (c) 50 (d) 90 (2)The average…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: 8. Factors of production can be: (a) Land (b) Labour (c) Organisation (d) All of the above
A: # Goods and services can be produced using the fundamental units of an economy which are resources.…
Q: tion of Question Submission | bartleby Mastery Assess It_2 Economics-S1- MI / Thinking on the Margin…
A: Factors of production: - The inputs that are used to produce goods and services are known as the…
Q: Marginal Product of Labor Value of Marginal Product of Labor Marginal Profit Labor Output Wage ---…
A: In the give table, cell BB represents the value of marginal profit corresponding to output level of…
Q: 8-hour physical work capacity 60% 40% 20% 0% 3 4 5 7 Time Working on Job Figure 2: Maximum physical…
A: here we explain the MPWC shown in the given diagram of male and female as follow;
Q: Stephanie has $200 left over this week, and she wants to contribute to a charitable cause. She can…
A: As per the guidelines, we only answer one question at a time. Please resubmit the other…
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A: An important problem facing entrepreneurs is deciding on a particular combination of materials that…
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A: Opportunity cost is the loss of benefit that could have been derived by choosing the not chosen…
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- A small company that shovels sidewalks and driveways has 100 homes signed up for its services this winter. It can use various combinations of capital and labor: intensive labor with hand shovels, less labor with snow blowers, and still less labor with a pickup truck that has a snowplow on front. To summarize, the method Choices are: Method 1: 50 units of labor, 10 units of capital Method 2: 20 units of labor, 40 units of capital Method 3: 10 units of labor, 70 units of capital If hiring labor for the winter costs $100/unit and a unit of capital costs 400, what is the best production method? What method should the company use if the cost of labor rises to $20/unit?Sara Lee just graduated from college with a degree in accounting. She hadfive job offers: Bean Counters CPA, $35,000; Assets R Us, $27,000; TheDebit Store, $30,000; J & J’s CPAs, $33,000; and The Double Entry Shop,$40,000. What was her opportunity cost if she accepted the job with TheDouble Entry Shop?Timothy quits his job that pays $60,000 a year, to enrollin a 2 year graduate programme. His anual shool expenses are $60,000 fir tuition, $8000 for books and $1400 for food. What is his opportunity cost for attending the programme?
- Two job opportunities are as fo:- Job type Salary Accountant $30000 Stenographer $27000 Manager. $25000 All the salaries are annual salaries. Calculate the opportunity cost of a person choosing the job of accountantTimothy quits his job, which pay $86000 a year, to enrol in a 3-year graduate program .His annual school expenses are $64900 for tuition, $8500 for books , and $13000 for food . What is his opportunity cost for attending the graduate program?Timothy quits his job, which pays him $96600 a year to enroll in a 4 years graduate program. His annual school expenses are $52000 for tuition, $6000 for books and $2500 for food. What is his opportunity cost for attending the graduate program?
- timothy quits his job, which pays $87000 a year to enrol in a 3 year graduate program. his anual school expenses are $53500 for tuition, $6800 for books and $1100 for food. what is his opportunity cost for attending the graduate program?Timothy quits his job which pays $59000 a year to enrol in a 3 year degree graduate program. His annual school expenses are $60300 for tuition, $9500 for books and $3000 for food, what is his opportunity cost of attending the graduate program?For the part B, on opportunity cost, should the 200k be added to (0.06*200k) again in addtion to all other forgone altenative? Kindly explain.
- Your lecturer loves her work, teaching Economics. She has been offered other position in the corporate world that would increase her income by 50 percent, but she has decided to continue working as a lecturer in UNIMAS. Her decision would not change unless the marginal _________ a. benefit of teaching increased. b. cost of teaching increased. c. cost of a corporate job increased. d. benefit of a corporate job decreased.Technology A Technology B Technology C Output K L K L K L 10 4 5 5 6 6 4 15 3 10 4 7 5 5 20 4 11 5 8 7 8 25) Which technology will the firm choose for Q = 15, if price(capital) : 3 and price (labor): 2? a) technology A b) technology B c) technology C d)none of themEM.19 Billy is an economics student and can use a practice exam to test his knowledge. After one hour of studying, he scores 50% on the exam. After two hours, he scores 75%. After three hours, he scores 85%. After four hours, he scores 90%. What economic concept is most clearly illustrated here? a diminishing marginal returns b worker fatigue c input inefficiency d opportunity cost
