price/value of your leisure time

Q: When managing time, consumers should consider time as if it were: (a) money or a scare resource (b)…

A: Having a resource that is scarce, including money and also time, is something that will be of…

Q: Tom's lawn service specializes in mowing lawns and trimming bushes. Tom has 4 hours to devote to…

A: The curve that represents possible combinations of two goods that can be produced in an economy…

Q: My husband is sick of me drinking Coke every day. He tells me that if I give up drinking it for 6…

A: Below points are considered: *Give up the Coke for 6 months. *Both have agreed on the deal.

Q: Discuss how the concepts in microeconomics can be applied to real-world situations and increase your…

A: Microeconomics is the study of economics at a level where the individuals or the organizations make…

Q: Why the hospitality industry is important to the society? What are the advantages of working in…

A: Hospitality industry includes hotel , transportation or tourism services etc.  It is services based…

Q: Explain all resources that economic relies on.

A: In economics, resources refer to the items that provide benefits to the people directly or…

Q: Evaluate the following statements: e. "I hate golf, but I paid so much for the clubs that I can't…

A: Profit maximizing output is where marginal revenue is equal to marginal cost.

Q: Name any two types of consumption goods with examples

A: Those goods which have the tendency to satisfy the wants of the consumer are said to be as Consumer…

Q: Economics is the study of (a) How society manages its unlimited resources. (b) How to reduce our…

A: When dealing with different aspects of society, different terms are used to define these activities…

Q: what is the potential opportunity cost of upgrading to a balcony suite for your cruise around the…

A: In order to upgrade to a balcony suite, more money has to be sacrificed. This money could instead…

Q: Explain a situation where you had to make a choice given different options due to limited resources?

A: The situation narrated in the question which involves making a choice given different choices and…

Q: Economics Joe has morning commute budget of $36. He spends these money on buying gasoline for the…

A: Inflation occurs when the price level of all goods and services in the economy experiences a…

Q: Explain how Lynk&co use the content of there website to indicate their value proposition to cus

A: A value proposition is the promise of value that a firm makes to customers if they choose to acquire…

Q: Suppose that Russia produces 10,000,000 barrels of oil and 1,000 bushels of wheat each week. Suppose…

A: Meaning of Trade: The term trade refers to the situation under which the products and goods are…

Q: A student decision about how to allocate his time between studying two subjects ?

A: A student is an individual.

Q: You plan to spend your weekend working at your father’s superstore for a wage, but your friends ask…

A: Costs are of two types; implicit costs and explicit costs. Implicit costs are the opportunity cost…

Q: San Jose Mercury News, March 31, 2020: "As classes go online, students want Stanford to lower…

A: The explanation for whether the students must be given discounts or not is as follows:-

Q: The graph which indicates the various production possibilities of two products when resources are…

A: Production possibility frontier or PPF shows the various combination of two goods that can be…

Q: The financial costs of obtaining a college education include tuition and fees, textbooks, and for…

A: Opportunity cost is the forgone benefit from the next best alternative by choosing another…

Q: hink about getting into the business of selling computer parts and accessories. Which of the…

A: Sales: It refers to the transaction that takes place between two people. The buyer purchase the…

Q: Tom's lawn service specializes in mowing lawns and trimming bushes. Tom has 4 hours to devote to…

A: Slope of the PPF depends on opportunity cost. If opportunity cost remains constant, the PPF will be…

Q: Is space the canvas on which economic geographical patterns are mapped out, or does it play a role…

A: Economic Geographic patterns are the aggregate result or resultant of the several economic laws,…

Q: You are choosing between buying a home or continuing to rent. You value the home at $1,000,000 (one…

A: Answer: The buyer values the house at $1,000,0000. So, Willingness to pay = $1,000,000 Cost of house…

Q: Joe works for pay at a local newspaper 20 hours per week as a columnist, and spends 20 hours week…

A: From the statement, it is clear that Joe is working for 20 hours per week as a columnist with pay…

Q: If 4 hours is the efficient amount of time to exercise for the week, then exercising for 10 minutes…

A: The benefit that a person obtains from consuming one additional unit of an item or service is known…

Q: As Gasoline Prices Soar, Americans Slowly Adapt As gas prices rose in March 2008, Americans drove 11…

A: In the news clip the elasticity that are mentioned are- When the price of gasoline increased in…

Q: Jeremy has $30 in his pocket. He would like to take his friend to a movie. The movie would cost $20…

A: Given; Total amount of money he had= $30 Movie cost for both he and his friend= $20 Price of shirt=…

Q: world is gradually turning into a cashless world.   To what extent will a cashless lifestyle…

A: Yes. Many of the economies are turning towards digital cash. This solves majority of the problems…

Q: Goods that satisfy humans wants though their direct use or consumption are called _______?

A: According to the given question In simple words the consumption in economics is basically known as…

Q: What do you think is the true cost of spending your weekend playing cricket with friends?

A: Trade-offs: A compromise (or trade-off) is a situational choice that includes reducing or losing one…

Q: Do consumers always make rational consumer decisions when buying economic goods?

A: Rational action applies to a choice - formation mechanism focused on the making of decisions that…

Q: Raad wants to sell his workout DVDS in the Middle East, Asian, and Latin African countries. will…

A: As Raad wants to sell his DVDs in different countries without travelling to that place, the…

Q: The various combination of goods that can be produced in any economy when it uses its available…

A: A. Demand curve - It is the curve which shows the relationship between quantity demanded and price…

Q: Economics promotes which of the following as the way to make the best decision? O Continue an…

A: Marginal benefit is the additional benefit that the individual gets from the consumption of an extra…

Q: Give two factors that lead to the price of energy from new technologies to increase.

A: Introduction Energy, fossil fuels, oil, and sustainable energy markets are complex and continuously…

Q: Your choice for the summer is to either work at home for 4 weeks and get $100 per week or to go to…

A: Opportunity cost is defined as the benefits an individual, business, or investor forgoes when he/she…

Q: Use the below table to answer this question: Marginal Opportunity Cost Number of Forklifts Total…

A: Marginal Opportunity Cost is the additional cost incurred by buying an additional forklift . It is…

Q: Think of an economic decision you made recently wherein the benefit outweighed the cost (or the cost…

A: Marginal Cost (MC): - it is the additional cost incurred due to the production of additional units…

Q: Kayla has a business making steel ornamental lawn statues. The machine she uses to join pieces of…

A: There are 4 types of productive resources namely land, labour, capital & entrepreneurship. These…