Today, an estimated 2 million people drive for Uber, often evenings and weekends after they’re finished the day at a full-time job. Explain how the growth of Uber reflects the way in which ridesharing has altered the opportunity cost of leisure
Q: Based on the photograph of the question 2 section. if the economy is currently producing 10 bags of…
A: Opportunity cost is the forgone benefit which could have been earned by applying all the resources…
Q: You were planning to spend Saturday working at your part-time job, but a friend asks you to go to…
A: Opportunity costs are incurred when a person, an investor, or an organisation chooses one…
Q: how can CYCLING be considered as a competitive SPORT AND a LEISURE activity by referring to the…
A: Genuine leisure' cycling has created as a reevaluation of the conventional type of the game. This…
Q: Identify the scarcity definition of economics from the following. a. the distribution of surplus…
A: Economics focuses on how the economies work, basically, the consumption, production and distribution…
Q: You have just woken up and are deciding whether to sleep for one more hour or not. If you don’t go…
A: Oppurtunity cost is defined as the cost incurred by any individual when benefits associated with the…
Q: Imagine a society that produces Capital goods and consumer goods. Draw a production possibilities…
A: Since you have asked multiple sub-parts, first three sub-parts would be answered. If you want the…
Q: a. What is Paulie's opportunity cost of producing a cup of ice cream? Paulie's opportunity cost:…
A: Paulie's opportunity cost of ice cream = 17/3 = 5.67 t-shirts
Q: What is an real-life example of a opportunity cost?
A: Opportunity cost: - opportunity cost is a forgone benefit which we could have earned by applying all…
Q: You have just woken up and are deciding whether to sleep for one more hour or not. If you don’t go…
A: Oppurtunity cost is defined as the cost incurred by any individual when benefits associated with the…
Q: You have just woken up and are deciding whether to sleep for one more hour or not. If you don't go…
A: Opportunity cost refers to the value of next best alternative use of given resources.
Q: Your group won $100 from a Tiktok dance challenge. You have a choice between spending the money now…
A: When talking about opportunity cost, it refers to the loss of income or additional cost that occurs…
Q: What are the two major ways in which an economy can grow and push out its production possibilities…
A: The production possibilities curve denotes the maximum output that an economy can produce at its…
Q: use of chemical fertilizers, which increases agricultural production greatly, damages water quality…
A: Production possibility curve (PPC) shows combination of two goods that are in fact choices that are…
Q: If the price of books were to increase, then the opportunity cost of books will Books 20 and the…
A: Opportunity cost is done without an advantage that would have been gotten from a choice not picked.…
Q: Draw a production possibilities frontier for guns and butter. Using the concept of opportunity cost,…
A: Since you have asked multiple sub-parts, first three sub-parts would be answered. If you want the…
Q: Firm X have 1200 labor, to producer one unit Cheese its required 5 unit labor and to produce one…
A: 1. With 1200 units of labor, the firm X can produce either : 1200/5 units of Cheese, or 1200/10…
Q: Which of the following choices correctly illustrates how changes in opportunity costs affect supply?…
A: At the marketplace, opportunity cost is the cost when an individual chooses an alternative with some…
Q: Which of these statements best describes what microeconomics is? a. The study of National Income a…
A: Economics is the branch of knowledge which is concerned with production, consumption and…
Q: Define opportunity cost. What is your opportunity cost for attending a class at 11:00 am? How does…
A: The potential gains that a person, investor, or organisation loses out on when choosing one choice…
Q: Tonight, you and your friends are planning to see Black Panther for which you have a $4 off coupon.…
A: Opportunity costs are represented by the potential advantages an individual, investor, or business…
Q: Suppose that Paulie and Vinny each can produce ice cream or t-shirts. The table shows the quantity…
A: opportunity cost is the forgone benefit that would have been derived from an option not chosen. To…
Q: Which of the following is NOT part of the opportunity cost of attending university? A) The…
A: Opportunity cost is defined as the benefit an individual or business misses while choosing some…
Q: Economics is all about trade offs. What is the opportunity cost for a typical student pursuing a…
A: According to Adam Smith, economics is defined as “an inquiry into the nature and causes of the…
Q: Draw and explain a production possibilities frontier for an economy that produces cheese and milk.…
A: The production possibility frontier for cheese and milk production. If a disease kills half of the…
Q: During the American Civil War, the South’s factories and farm land were decimated. It also suffered…
A: The production possibility curve shows the combinations of outcome/output a firm can produce by…
Q: What is the difference between positive and normative analysis? Which of the following statements…
A: The positive analysis is an analysis that can be tested and developed. These statements are…
Q: What three institutions influence economics the most? Explain how each influences economics and…
A: Economics is referred as a social science. The word 'Economics' is originated from the GREEK word…
Q: Suppose your friend ask you to go watching a movie while you are studying for an examination. what…
A: Answer: Opportunity cost is the cost that arises due to the sacrifice of the benefit that could have…
Q: How will a reduction in the number of hours worked each day affect an economy's production…
A: The production possibilities curve shows the combination of two goods that an economy can produce…
Q: If an unattainable point outside a production possibilities curve can become an attainable and even…
A: Consider the following graph in which point a is effecient and point b is ineffective.
Q: Which of the following will shift an economy's production possibilities curve outward?
A: Production possibility curve is the graphical illustration of the the combination of two goods that…
Q: What is the link between scarcity and each of the following? 1) Choice 2) Opportunity Cost 3) The…
A: Scarcity refers to the finite existence of resources, capable of producing goods and services that…
Q: Suppose you spend five hours studying for your final exam. In the first hour, you manage to review…
A: Factors of production are very significant in the establishment of relationship between input and…
Q: What is “Opportunity Cost”? You win $1000 in a basketball pool. You have a choice between spending…
A: Opportunity cost is the value of anything when a new course of action is selected. Simply put to get…
Q: The first principle of economics is that people face trade-offs. Use a production possibilities…
A: As individuals have unlimited wants and desires and resources available to satisfy those wants and…
Q: A farmer decides to use land for farming instead of building a golf court what is the opportunity…
A: Answer: Introduction: Opportunity cost: opportunity cost refers to the value of the next best…
Q: moun
A: 1.The production possibility frontier or PPF depicts the trade-off among the outputs of the…
Q: What is the trade off between movies and other goods and services? How is this trade off illustrated…
A: Trade off basically involves the concept of opportunity cost. If we increase one good then other…
Q: Suppose that Paulie and Vinny each can produce ice cream or t-shirts. The table shows the quantity…
A: The opportunity cost s the money value of the next best alternative that is foregone while making…
Q: Explain how this relates to economic resources and production possibilities, considering…
A: Semiconductor which is used to produce from fast-food containers to stuffed animals and many…
Q: Suppose there is an improvement in medical technology that enables more healthcare to be provided…
A: A curve that depicts the possible quantities of two products that could, in turn, be produced if…
Q: Discuss how race, citizenship, and gender intersect with economics and those intersections affect…
A: In communism and communist type of government, there is complete control and rule of government over…
Q: Maria can read 20 pages of economics in an hour. She can also read 50 pages of sociology in an hour.…
A: Opportunity cost is nothing but the cost of the next best alternative or the amount sacrificed to…
Q: What is the opportunity cost of going to a movie? the price of the ticket the price of the ticket…
A: Answer: Correct option: (3) Explanation of correct option: Opportunity cost = It refers to the cost…
Today, an estimated 2 million people drive for Uber, often evenings and weekends after they’re finished the day at a full-time job. Explain how the growth of Uber reflects the way in which ridesharing has altered the
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- When many passengers are flying from the United States to any country in Europe they have choices to make. Why do you think flying a Business class is more elastic that flying an economy coach in the same aircraft?Annabelle typically drives her car to school, but she lives near a bus stop and is willing to take the bus instead. If the price of a bus ticket falls, what would happen in the market for cars?Is introducing a minimum price of alcohol is better way of reducing consumption than trying to change peoples attitudes? Why?
- Suppose the state of Florida responds to the demands of nature lovers and bans all billboards along the roads and highways. What effect would such a ban have on the prices of motels, restaurants and other services previously advertised on billboards? Would such a ban increase the amount of time travelers take to find a place to eat or sleep?A firestorm of controversy erupted recently on social media outlets and the national press as three teens died attempting to complete the Monster Challenge, which involves recording a person's mass consumption of energy drinks in a very small window of time. Five others were rushed to the hospital. Deeper investigation by media outlets has shed light on the disturbing number of Americans who are hopelessly addicted to energy drinks. Lawmakers, including Senator Miller (D-CA), have called for an aggressive tax on energy drinks to stop this scourge that is ravaging the community. The Miller Bill would place a two dollar tax on energy drink tall cans (that on average cost $2.50) in all American markets. Other members of Congress led by Senator Cruz (R-TX), however, believed that tax to be too high, so the Miller Bill was amended to decrease the size of the tax to just one dollar. Therefore, Senator Miller has asked his team of young, expert economists (that's you all) to project the…Susan and Katy share an apartment, which they have decided to decorate for the holidays. The figure below shows Susan’s and Katy’s individual demand for strands of lights, measured metres. If Susan and Katy were to individually decide how many metres of lights to purchase, how much would be purchased if the price of lights were $16 per metre. SOLUTION IS NOT 20 METRES 5 metres 10 metres 15 metres 20 metres None of these.
- Classify the following goods as normal or inferior and provide a justification. (It might be easiest to create a table in Microsoft Excel and put the phrase in one column while the answer goes in the next column.) used cars (as opposed to new cars) home remodeling (versus doing nothing) vacation planning services (versus doing the planning oneself) new clothes (as opposed to used clothes) canned vegetables (as opposed to fresh vegetables)The graph below shows the daily demand for entry into the downtown core of a major city by commuter vehicles and shoppers’ vehicles if they were required to pay a special traffic fee in order to enter.a. Draw the total demand curve. Plot only three points of the curve. b. Assuming that there is no charge for entry, what is the total number of vehicles entering downtown? (Give your answers in tens of thousands of vehicles.) Quantity of vehicles: c. Suppose that government, in an effort to reduce the number of vehicles by 50 percent, decides to impose a traffic fee (the same fee for both commuters and shoppers) for entry into the downtown area. What will be the amount of the fee, and how many of each group will enter downtown? Fee: $ Number of commuter vehicles: Number of shoppers’vehicles: d. Assume that government, alternatively, decides to have a two-fee system but still wishes to reduce the traffic by 50 percent of the no-fee entry level. If it decides…Services are perishable, which means they cannot be stored or inventoried. What attempts might a university or college make to 'shift' both the supply (when needed during busier times) and the demand (to non-peak times) in order to balance the supply and demand for its services?
- The State government is considering building a new highway. Linda lives near the proposed highway. Her demand for trips per month is given by Q = 60 - 0.5P, where Q is the number of trips and P is the average cost per trip in cents. The current average cost per trip is 60 cents, and the new highway is expected to reduce it to 40 cents. A legislator asks Linda how much she is willing to pay per month for the construction of the new highway. Linda: I am making 30 trips now when it costs me $0.60 per trip. With the new highway, the cost will be reduced to $0.40, so I am willing to pay up to 30 (0.6 - 0.4) = $6 per month. Do you agree with her reasoning?how will government change the supply or demand of computer chips to end the shortage?It’s increasingly clear that many postings on blogs and product reviews on Web sites are fake or are posted there to manipulate consumers’ opinions. How big a problem is this if consumers increasingly look to consumer-generated product reviews to guide their purchase decisions? What steps, if any, can marketers take to nip this problem in the bud?
