Of two optional actions, the sum of the numbers that measure the costs and the benefits that would result from your choosing either option is referred to as the __________ good. Group of answer choices sum total quantitative aggregate cost–benefit
Q: Part I. The Opportunity Cost (OC) of production shall be also be included in optimal production…
A: The opportunity cost is the gain forgone for the other alternative or it is the next best available…
Q: The opportunity cost of a decision is the sum of all the foregone benefits that you'd receive from…
A: Every choice needs a trade-off because resources are limited. Opportunity cost arises when there is…
Q: A grocery store has limited shelf space. Every produce line generates a yearly profit per square…
A: GIVEN A grocery store has limited shelf space. Every produce line generates a yearly profit per…
Q: The benefits of a nonmonetary nature can be quantified and factored into the analysis. True or…
A: False. There are two types of assets i.e. Monetary and Non-Monetary assets. The Monetary assets are…
Q: The decision-making process where costs and benefits are usually measured in dollars is called a(n)…
A: The decision making process is an important determinant for a firm or a business. It helps in…
Q: A decision maker wishes to minimize the cost of producing a given level of total benefit. B=288. The…
A: From the given information, we setup the optimization problem as follows, The cost function is…
Q: Another oil refiner is offering to trade you 10,150 Bbls of Alaska North Slope (ANS) crude oil for…
A: A cost is that the price of cash that has been spent on manufacturing one thing or providing a…
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A:
Q: CNG Pipeline Company At the weekly brainstorming session, John Spychalski, president of CNG Pipeline…
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Q: Which of the following best describes what an input problem measures? resources/time money taxes…
A: The basic notion of the input problem is where to employ the inputs more efficiently. How the input…
Q: With the aid of appropriate diagrams describe what each of the following abatement cost curves are,…
A: The cost of decreasing environmental negatives (example: pollution) is known as abatement cost.…
Q: Which of the following statements is true? Multiple Choice All of the statements are correct.…
A: Since the most preferred project is D- 0.5*60+0.5*60= 60
Q: Nonmonetary considerations tend to be most important in the allocation of: Multiple Choice land.…
A: Answer- Need to find- Nonmonetary consideration tend to be most important in the allocation of…
Q: Two projects (X and Y) are voted on by three persons. Their payoffs are given in the table below.
A: Since the question you have posted consists of multiple parts, we will answer the first two parts…
Q: Economists charged with the responsibility for performing a benefit–cost analysis encounter many…
A: Since the question you have posted consists of multiple parts, we will answer the first three parts…
Q: 2(b)(i) Timothy quits his job, which pays $6000 a year to enroll in a 2-year graduate program. His…
A: 2(b)(i) Opportunity cost of attending the graduate program= Implicit cost+Explicit costImplicit…
Q: For a decision with a scarce resource, the decision rule is to choose the alternative with the:…
A: Please find the answer below. SCARCE RESOURCE: Resource scarcity occurs when demand for a natural…
Q: Investment (I) includes: Group of answer choices the amount spent on building a new public school.…
A: Investment refers to allocation of money such that the investor expects gains in the future.…
Q: A decision maker wishes to minimize the cost of producing a given level of total benefit B = 288.…
A: Given: The cost for minimizing the total benefit is: B = 288 The cost function is C = 6x + 3y The…
Q: The decision matrix below indicates the profit expected from four alternatives under four states of…
A: Given information Alternatives State of nature S1 S2 S3 S4 A1 12 18 15 9…
Q: The opportunity cost of any decision is the forgone value of the next best alternative that is not…
A: Opportunity costs represent the potential benefits a personal, investor, or business misses out on…
Q: Eric and Kyle are fishermen with different equipment and, as a result, different costs for catching…
A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…
Q: The game of chicken has Group of answer choices a first-mover advantage. a second-mover advantage.…
A: Answer The game of chicken is a game in which one player can 'a' committed to a strategy without…
Q: o determine the value of a bridge to members of a community, why is asking them directly not a…
A: The benefit or cost being caused by a producer not received or incurred financially by the producer…
Q: a continuous decision, Q, is B(Q) = 200 – 20? and the corresponding total cost is C(Q) = 4 + 2Q², so…
A: The marginal cost of production is the change in total production cost that comes from making or…
Q: TRUE or FALSE 14. Urbanization and localized economies lead to resource immobility
A: NOTE: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Amjad takes twenty minutes to travel from his home to his work using his car; however, he chose to…
A: The money spent to purchase the factor of production to produce goods and services is termed as cost…
Q: The president of a small business is provided with the following options to improve his company by a…
A: the correct answer is option E, because it has the highest profit.
Q: At the profit maximizing level of input use, Which of the following are true? (i) MVP=0 (ii) MVP=MIC…
A: MVP (Marginal value product) is the additional revenue generated from hiring or employing an extra…
Q: A benefit-cost ratio is showing the relationship between the relative costs and benefits of a…
A: The benefit-cost ratio is the ratio that is used to canculded the whole relationship between the…
Q: Suppose total benefits and total costs are given by B(Y) = 100Y − 8Y2 and C(Y) = 10Y2. What is the…
A: Maximum net benefit(N)= B(Y) - C(Y)Maximum net benefit(N)= 100Y - 8Y2 - 10Y2Maximum net benefit(N)=…
Q: Is this example also an example of economically rational decision making? “In 2019, I started my…
A: Opportunity cost refers to the cost that is next best alternative foregone to select the best…
Q: You need some garbage bags for your house and decide to stop by one of the local Dollar Generals…
A: The consumer is making a choice between two products that are indentical in quality but…
Q: How is the benefit-cost analysis an important feature of the economic analysis method?
A: Economic analysis refers to a systematic approach in which optimal scarce resources are determined…
Q: ith regard to economic decision making for firms, the short run is... a. A definite number of…
A: Short run refers to the period during which all factors of production are not variable or one…
Q: Cost of next best alternatives opportunity given up is called
A: We do have unlimited wants but we can't satisfy all of these due to limited resources present. Thus…
Q: Decide the best choice. a. The inndividual waiting times experienced by customers in a busy…
A: The fastest-growing sector is the service sector where a large number of people are employed, and…
Q: he cost-benefit principle states that a decision should NOT be pursued if the Select one: a. costs…
A: Cost-benefit analysis is a decision-making process in which different alternatives are evaluated…
Q: In a conventional B/C ratio: (a) Disbenefits and M&O costs are subtracted from benefits (b)…
A: Conventional B/C ratio can be calculated by using the following formula:
Q: Management of Ben Services identified two groups of individuals that would be interested in the…
A: Maximum price charged from group 1 = 2500 + 500 = 3000 Marginal cost for providing services to group…
Q: which quote best represents a person performing a cost-benfit analysis?
A: It is the process used by businesses for analyzing decisions. In this process, all the benefits of a…
Q: Suppose the total benefit derived from a given decision, Q, is B(Q) = 20Q – 2Q2 and the…
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Suppose total benefits and total costs are given by B(Y) = 150Y − 6Y2. Then marginal benefits are…
A:
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- Alyssa’s Custom Cakes currently sells 4 birthday, 3 wedding,and 2 specialty cakes each month for $45, $155, and $105each, respectively. The cost of labor is $50 per hour (includ-ing benefits) and it takes 90 minutes to produce a birthdaycake, 240 minutes to produce a wedding cake, and 60 min-utes to produce a specialty cake. Alyssa’s current multifactorproductivity ratio is 1.30.a. Use the multifactor productivity ratio provided to calcu-late the average cost of the cakes produced.b. Calculate Alyssa’s labor productivity ratio in dollars perhour for each type of cake c. Based solely on the labor productivity ratio, which cakeshould Alyssa try to sell the most?d. Based on your answer in part (a), is there a type of cakeAlyssa should stop selling?Pls help with below homework. What is the main difference between the adaptive and the visionary approach ? Pls give atleast two examples.What are the usual steps in Benefit – Cost Analysis? a) Try to figure out what result or conclusion you want, and then set the assumptions to make sure the analysis produces that result. b) Identify the potential benefits and figure out a way to valuate them. c) Identify the potential costs and valuate them. d) Dismiss those benefits and costs to which you cannot assign a numerical value e) Estimate the probability of each of the benefits and costs actually materializing or occurring. f) Mulltiply the value of costs and benefits by their respective probabilities to arrive at the "mathematical expectation" or "mathematically expected" value. g) For costs and benefits expected in the future, especially distant future, discount their value to the present time, using a "reasonable" discounting rate.
- Opportunity costa. represents the best alternative sacrificed for achosen alternative.b. has no relationship to the various alternativesthat must be given up when a choice is madein the context of scarcity.c. represents the worst alternative sacrificed fora chosen alternative.d. represents all alternatives not chosen.to treat a sore back Kyoko undertakes a course of physical therapy.Kyoko's marginal benefit from her first physical therapy session is $250 from her second its $225 , from her third its $175 anf from her its $100. physical threapy sessins cost $175 each. assuming kyoko's final physical threapy session will earn her zero consumer surpus, kyoko will have _ physical threapy sessions and her total consumer surpus will be_ A .four, $0 B. three, $100 c. four, $125 d. three, $125Intermediate MicroeconomicsProblem Set 10.Submission options:• in person during lectures or TA sessions;• in Xiaoye Liao’s mail box at 19 West 4th, 6th Floor;• (less recommended) e-mail Xiaoye Liao atxl775@nyu.edu– in that case, be sure to use the subject line: “Submission Problem Set 10â€.Exercise 1Consider a game of rock-scissor-paper. There are two players, player 1 and player 2,and the winner receives $1 from the loser (if they draw, nothing happens). They playthis game simultaneously.1. What kind of game is this? Express this game in normal form.2. What are the set of possible actions and strategies?3. Find all Nash equilibria of this game.Exercise 2Consider a game represented by the following payoff matrix. Find all pure strategyNash equilibria. UMD LCR?10, 0 ?10, ?1 ?10, ?1?8, ?8 0, ?102, ?14, 57, ?101, 1 Exercise 3Consider a game represented by the following…
- Use the following marginal benefit and marginal cost functions for activity A: MB = 100 - 5AMC = 20 + 3A The fifth unit of activity Awill increase net benefits by 75. reduce net benefits by 35. decrease net benefits by 40. increase net benefits by 40. reduce net benefits by 75.Timothy quits his job, which pays $77000 a year, to enroll in a 3-year graduate program. His annual school expenses are $62700 for tuition, $9400 for books, and $1800 for food. What is his opportunity cost of attending the graduate program? What core principles are considered in Timothy's decision making?i) Scarcityii) Cost-Benefit analysisiii)Incentive Principle iv)Diminishing Retuurnsone of the most common mistakes people make when doing cost benefit analysis is: a. forgetting to include incentives b. making choices where marginal benefits are higher than marginal costs c. forgetting to look at the average costs and benefits d. using percentages instead of absolute dollar values Please choose the correct answer out of these 4 choices.
- Stan Moneymaker needs 15 gallons of gasoline to top off his automobile’s gas tank. If he drives an extra eight miles (round trip) to a gas station on the outskirts of town, Stan can save $0.10 per gallon on the price of gasoline. Suppose gasoline costs $3.90 per gallon and Stan’s car gets 25 mpg for in-town driving. Should Stan make the trip to get less expensive gasoline? Each mile that Stan drives creates one pound of carbon dioxide. Each pound of CO2 has a cost impact of $0.02 on the environment. What other factors (cost and otherwise) should Stan consider in his decision making?The condition that arises because the availableresources are insufficient to satisfy wantsSelect one:O aa. ScarcityO b. DeflationO c. CredibilityO d. Rationality1.Use the marginal analysis technique to determine the quantity of organic coconut oil that will maximize net benefits. Present results in table form and highlight the maximizinglevel. 2. Graphically illustrate letter B. Separate the graphs for TB – TC approach, MB = MC rule, and net benefit (maximum). The sequence of the graph: (1) TB – TC approach (topmost graph); (2) net benefit (middle graph); and (3) MB, MC, & MNB (last, 3rd graph). But be sure that the graphs are parallel in X-axis so as to be consistent in the results. (Label your graphs accordingly and appropriately.)
