Attempts Average / 1 1. Understanding opportunity cost You work as an assistant coach on the university basketball team and earn $13 per hour. One day, you decide to skip the hour-long practice and go to the local carnival instead, which has an admission fee of $9. The total cost (valued in dollars) of skipping practice and going to the carnival (including the opportunity cost of time) is

Attempts Average / 1 1. Understanding opportunity cost You work as an assistant coach on the university basketball team and earn $13 per hour. One day, you decide to skip the hour-long practice and go to the local carnival instead, which has an admission fee of $9. The total cost (valued in dollars) of skipping practice and going to the carnival (including the opportunity cost of time) is

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

The opportuņity cost of a purchase is: A) always equal to the selling price of what you purchased. the alternative good or service that one sacrifices because a different good B) was purchased. O ) the lowest possible price. D) zero if the item is what you want most.
Attempts Average / 1 6. Scarcity, opportunity cost, and marginal analysis Darnell is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Darnell has only 20 hours this week that he can devote to training. Each hour he spends swimming is an hour that he can't spend biking or running. Which basic principle of individual choice do the statements best illustrate? People face trade-offs. Darnell can use time most efficiently by spending the same amounts of time on swimming, biking, and running. People usually exploit opportunities to make themselves better off. Darnell has an incentive to spend more time on swimming than on biking or running. O O O
Opportunity cost is the expected benefit from: A) All possible choices sacrificed and is objectively measured. B) An individuals' second best choice and is subjectively measured. C) An individual's second best choice and is objectively measured. D) All possible choices sacrificed and is subjectively measured.
Suppose that your tuition to attend college is $10,000 per year and you spend $4,000 per year on room and board. If you were working full time, you could earn $20,000 per year. What is your opportunity cost of attending college for one year? A) $14,000 B) $24,000 C) $30,000 D) $34,000 can you solve this Q and show me the steps for solving it
You’re working on a team-based homework assignment with a partner, Deidre, that consists of an essay and graphing questions. You can write an essay answer in 15 minutes while Deidre takes 20 minutes to write an essay of similar quality. You can answer a graphing question in 30 minutes and it also takes Deidre 30 minutes. a. What are you and your partner’s opportunity cost of answering essay questions and of finishing graphing questions? b. Use the opportunity cost principle to determine each of your comparative advantages. c. If you each agree to spend one more hour on the task for which you hold a comparative advantage, and one less hour on the other task, what will happen to your joint output?
What are Opportunity Costs? How is it different from Cost Benefits? (2 PAGES)
Prior to 2003, the city of Boston was often one big parking lot. Traffic jams were common, and it could take hours to travel a couple of miles. Each additional commuter contributed to the congestion, which can be measured by the total number of cars on Boston roads. Although each commuter suffered by spending valuable time in traffic, none of them paid for the inconvenience they caused others. The total cost of travel includes opportunity cost of time spent in traffic and any fees levied by the Boston authorities. Draw a graph illustrating the overuse of Boston roads, assuming there is no fee to enter London in a vehicle and that roads are a common resource. Put the cost of travel on the vertical axis and the quantity of cars on the horizontal axis. Draw a typical demand, private cost and social cost curve and label the market equilibrium. In February 2003, the city of Boston began charging a $5 congestion fee on all vehicles travelling in central Boston. Illustrate the effects of…
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.
After much consideration you have chosen Cancun over Fort Lauderdale for your spring break trip this year. For this decision to change, which of the following must occur? A) The marginal cost of Cancun must decrease B) The marginal cost of Fort Lauderdale must increase C) The marginal benefit of Fort Lauderdale must increase D) The marginal benefit of Cancun must increase. can you tell me what the correct answer is and further explain marginal costs and marginal benefits?
A friend offers you a free ticket to a concert, which you decide to attend. The concert takes 4 hours and costs you $15 for transportation. If you had not attended the concert, you would have worked at your part-time job earning $15 per hour. What is the true cost of you attending the concert?
Timothy quits his job which pays $59,000 a year, to enrol in a 3-year graduate program. His annual school expenses are $60,300 for tuition and $9,500 for books, and $3,000 for food. What is his opportunity cost of attending the graduate program? What core principles are considered in Timothy’s decision making? (i) Scarcity, Choice and Opportunity Cost (ii) Cost Benefit Analysis (iii) Incentive Principle (iv) Diminishing Returns
Q6 Homework Answered Due Sep 7th, 11:59 PM . After much consideration, you have chosen Ireland over Spain for your Study Abroad program next year. However, the deadline for your final decision is still months away and you may reverse this decision. Which of the following events could prompt you to reverse this decision? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. The marginal benefit of going to Spain increases. b The marginal cost of going to Spain increases. The marginal benefit of going to Ireland increases. The marginal cost of going to Ireland decreases. X Your answer