0/1 pts Question 5 A college student is faced with a difficult decision of how to spend one hour today. She could babysit at an hourly wage of $25; she could work at the local coffee shop at a wage of $45 an hour; or she could finish her economics homework assignment. If she chooses to complete her homework assignment, she has incurred an opportunity cost equal to: $25 O $0 $35 O$45 $70

0/1 pts Question 5 A college student is faced with a difficult decision of how to spend one hour today. She could babysit at an hourly wage of $25; she could work at the local coffee shop at a wage of $45 an hour; or she could finish her economics homework assignment. If she chooses to complete her homework assignment, she has incurred an opportunity cost equal to: $25 O $0 $35 O$45 $70

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

(Please type answer no write by hend)
Suppose, under license from Apple, a factory in China buys all the components for an iPhone from multiple manufacturers for $150 They assemble the iPhone and sell it to Apple for $350. Apple then sells the phone to customers for $699. How much value does Apple add during their step in the production process? Ⓒ$1.50 1200 O $349 O $350
12
Bob wins a lottery and receives $20,000 per year until he retires. As a result, he decides to work 35 hours per week instead of 40 hours per week. The annual income effect on a 50-week year is: O A. $20,000 O B. 0.0125 O C. -0.0125 O D. $400
1. Assume you must choose between two mutually exclusive alternatives: A or B. The explicit benefit you receive from alternative A, bª, is equal to $100. And, the explicit cost of choosing alternative A, c*, is $80. Also, the explicit benefit to choosing alternative B, b", is $120. What is the accounting return for choosing alternative A, r^? Given r and b", what is the explicit cost that you are willingness to pay (WTP) for alternative B, WTP"? Please include the formulas from class in your answer. How would WTPB change ifr^ increased by $5? Explain. your Using the original set of values for explicit costs and benefits, what would be your economic return to choosing alternative How does this relate to the concept of consumer surplus? if the price that you were charged was $95? Please interpret.
1. Suppose your current job pays you $300,000 a year. However, you are considering starting your own company. Based upon your research, you estimate your first year total revenue to be $7,500,000. There are however several costs of running the company during this first year, such as the cost of materials which will equal $2,750,000, employees who will receive in total $1,500,000, utilities which will cost $1,200,000, and rent that will be paid to the landlord that equals $1,800,000. Based on this information, solve for both your accounting profit and economic profit during this first year. Also, based upon these profit values, state whether you are better off starting this company or staying in your current job.
In Jun 2021, in an attempt to stay healthy and get fit, I signed up for a year membership contract at a local gym, for which I am agreeing to pay RM300 per month. I also spent RM300 on stylish gym clothes to feel comfortable. This morning, I was trying to decide whether or not to actually go to the gym. Which of the following was relevant to my decision? O a. The fact that I also had to sit for an online economics midterm exam this morning. O b. The RM300 that I paid the gym this month. O c. The RM300 I spent on gym clothes. O d. All answers were relevant.
Question 2a (i) A snowboard company currently hires 10 skilled employees who are paid a weekly wage of $1,000. The cost of capital is $3,000 and it is fixed, which means that it does not vary with output. The company is currently producing 240 snowboards. The company's cost will be $13,500 if it produces an additional snowboard. A customer is willing to pay $550 for the 241st snowboard. Should the company produce and sell it? (YES/NO) Choose. Explain. Choose.
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 them
The first unit of an eight-unit job took 64 minutes. If the work has a 75% learning curve, which is your estimate of the minutes that will be needed for the last unit (Apply the incremental unit Time Model)? O a. 48 O b. 54 O c. 36 O d. 27
The accompanying table describes the relationship between the number of workers hired by a call center each hour and the number of calls the call center can make each hour. The call center has only 1 telephone. The telephone costs the firm $5/hour (regardless of how many calls are made), and each worker is paid $10 per hour Calls Per Hour 1 2 6 16 O 22 24 What is the total cost of making 2 calls an hour? Multiple Choice O $45 $40 $20 Number of Telephones 1 1 1 1 1 1 $10 Number of Workers Per Hour 2 4 6 8 10 12
Eddie Guitars 32 28 24 20 16 12 8 4 0 Tubas 0 1 2 3 4 5 6 7 8 Dave Guitars 25 20 15 10 5 0 Tubas 0 1 2 3 4 5 35 30 25 20 15 10 5 0 30 25 20 15 10 5 0 0 0 2 1 2 4 3 6 4 8 5 10 6 Eddie and Dave both produce guitars and tubas. They produce a given amount of each per month as seen in the tables above. Given the production possibilities curves of each individual above, answer the following: Who has the comparative advantage in the production of guitars? Eddie, because he is able to produce a greater number of guitars compared to Dave Dave, because his opportunity cost of producing a guitar is 5 tubas compared to Eddie's opportunity cost of producing a guitar of 4 tubas Eddie, because his opportunity cost of producing a guitar is 0.25 tubas compared to Dave's opportunity cost of producing a guitar of 0.20 tubas Dave, because he is able to produce a lower number of guitars compared to Eddie Dave, because he is able to produce a greater number of guitars compared to Eddie Dave, because his…