Assume that a worker can either drive a delivery truck or paint houses in a given day. It takes 5 hours to complete a delivery route and 2.5 hours to paint the exterior of a house. When a worker chooses to paint 4 houses in a neighborhood, what is the opportunity cost of this decision? O The pay the worker receives for painting 4 houses O Completing 4 delivery routes O The pay the worker would have received from completing a delivery route O The pay the worker would have received from completing 2 delivery routes The pay the worker would have received for completing 0.25 delivery routes

Assume that a worker can either drive a delivery truck or paint houses in a given day. It takes 5 hours to complete a delivery route and 2.5 hours to paint the exterior of a house. When a worker chooses to paint 4 houses in a neighborhood, what is the opportunity cost of this decision? O The pay the worker receives for painting 4 houses O Completing 4 delivery routes O The pay the worker would have received from completing a delivery route O The pay the worker would have received from completing 2 delivery routes The pay the worker would have received for completing 0.25 delivery routes

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

QUESTION 19 If one fails to account for implicit costs in decision making, then the cost-benefit rule will be flawed because, O A. the costs will be overstated O B. the costs will be understated C. the benefits will be overstated D. the benefits will be understated.
PPF is based on Select one: a. Indirect cost O b. Opportunity cost c. Variable cost O d. Fixed cost
Economics Consider ADNOC decreasing the hourly wage rate (i.e., hourly salary) to all workers employed in her oil factories. Which of the following state OA All Cost curves, except the Fixed Cost, will shift upwards O B. All Cost curves, except the Fixed Cost, will shift downwards OC. All Cost curves (i.e., Fixed, Variable and Total) will shift upwards O D. All Cost curves (i.e., Fixed, Variable and Total) will shift downwards
Give me both answer with full explanation
Suppose your Chaffey college tuition per semester is $4,000 and your extra expenses with the college during the year (books, ather materiais, gas, meals, etc) sum $3,000. If you were not attending college, you could work at firm X and get an annual salary of $ 5,000. What is your opportunity cost of attending college in one year? In your calculations assume that you are taking 2 semesters in a year
can someone pls explain if marginal product function (i.) and (ii) are either convex or concave? what is their economic implication?
When a firm produces one unit, the variable cost is $7. When the firm produces two units, the variable cost is $10. When the firm produces three units, the variable cost is $12. What is the marginal cost associated with three units of production? Select one: O a. 3 O b. 7 O c. 2 O d. 0
Typically, the marginal cost curve is marginal returns suggests that added units are O upward-sloping; more costly to produce Odownward-sloping; more costly to produce O upward-sloping: less costly to produce because diminishing
1
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.
If John didn't go to the movie tonight with a friend, he would save the $5 parking fee and spend four hours at working overtime at $15 per hour. The opportunity cost of spending the evening at the movies with his friend is: O A. $0 OB. $5 C. $60 O D. $65
Remote Control Cars 180 120 60 Remote Control Planes 50 80 100 Figure B-4 shows the production possibilities frontier for a processing plant that can produce both remote-control cars and remote-control airplanes. The opportunity cost of moving from point B to C (in terms of a 1-unit increase) is O a. 20 remote control planes O b.3 remote control cars Oc1 remote control plane O d.33 remote control cars