Continue with the information above, but suppose the college suddenly announces that course feesare refundable. Now, determine how many courses you will choose to attend:3 Fill in the BlanksType your answers in all of the blanks and submitSuppose you are a student at Blunter College in Fall 2021. You must decide how many courses toattend. Here is the relevant information about costs and benefits:The first course would give you a benefit worth 3000, the second course would give you a benefitworth 2300, the third course would give you a benefit worth 1500, and the fourth course would giveyou a benefit worth 500.For each course that you take, you give up 1000 in foregone income (the money you could haveearned during the time spend on a course).Each course is priced at 1500.Suppose you have already paid fully for four courses, and this payment is non-refundable. Usemarginal analysis to determine how many courses (0, 1, 2, 3, or 4) you actually decide to attend:

Since you have asked multiple questions, we will solve the first question for you. If you want any…

Answered: Continue with the information above,…

Continue with the information above, but suppose the college suddenly announces that course fees are refundable. Now, determine how many courses you will choose to attend:

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 demand for brownie dishes is q(p)=361,201-(p+1)^2 where q is the number of dishes they can sell each month at a price of p cents. Use this function to determine a) the number of dishes they can sell each month if the price is 50 cents, b)the number of dishes they can unload each month if they give them away, and c)the lowest price at which they will be unable to sell any dishes
Imagine that you own one of several popular restaurants in your area. Due to the Covid Pandemic of 2020, all restaurants were forced to close down for two months. You are now allowed to reopen your restaurant to the public. During this time, labor costs were reduced however, overhead such as rent, electricity, etc. was still a large percentage of your total costs. You are facing a dilemma; you are short on funds. What options should you consider? For example, should you raise menu prices to make up for the lost revenue? Should you lower menu prices to attract more customers? Is your customer volume elastic? If you raise prices and the customer volume falls will the increase in prices compensate for the loss of volume? If it does not, is there some way you can make up the revenue shortfall? If you lower menu prices and revenue falls is there some way you can increase your business revenue? Explain your reasoning in terms of demand and elasticity.
Economics Over the past decade, holiday gift cards have become increasingly popular at online retailers. Not long ago, online shoppers had to really hunt at most e-retailer' sites to purchase a gift card, but today it is easier to purchase gift cards online than at traditional retail outlets. Provide a comprehensive initial post answering the following questions: Do you think online gift cards are merely a fad? Explain carefully.
It's the year 2023 and you are the manager at a local brew pub here in Fayetteville. You are one of many local breweries in town; therefore, your customers have many options of where to spend their beer money. You want to increase revenue and decide to raise the price of a pint of your craft beer. The table below shows the sales of beer from week 1 and sales in week 2 after you raised price. Table 1. Sales Data for Weeks 1 and 2 Week Week 1 Week 2 Price ($ per pint) $6.00 $8.00 Sales (Pints) 2,500 1,100 Using the information in the above table, what was the change in total revenue from week 1 to week 2 when you changed your price? (enter your answer without a dollar sign and indicate a decrease in revenue, if applicable, by including a negative (-) sign)
How can you calculate this question step by step? Thank you!
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…
As distance to the city center increases, an office firm’s willingness to pay for space [increases / decreases / remains] at a(n) [increasing / decreasing / constant] rate.
Refer to the attached image to determine the price and quantity for the following questions below. allocative efficiency dynamic efficiency Pareto efficiency
The quantity demanded x each month of Russo Espresso Makers is 250 when the unit price p is $150; the quantity demanded each month is 1000 when the unit price is $120. The suppliers will market 750 espresso makers if the unit price is $50. At a unit price of $80, they are willing to market 3000 units. Both the demand and supply equations are known to be linear. (a) Find the demand equation.p = (b) Find the supply equation.p = (c) Find the equilibrium quantity and the equilibrium price. equilibrium quantity units equilibrium price $
Don’t know what steps to take to be able to solve correctly
You are the County Commissioner of Hazard County. Recently a severe wave of storms swept across Hazard County, spawning several tornadoes and creating a wide path of mayhem. The citizens of Hazard County are demanding that you do something to protect them. You decide to install some early warning tornado sirens. However, there is no money left in the county budget, so you ask each citizen to donate some money to build the system. Many citizens donate money to help build the warning system; however, Ms. Nancy, who is wealthy, decides she is not going to donate. The early warning sirens are an example of a and Ms. Nancy represents a Public goods are in rivalry and in excludability. What approach would be the least effective way to deal with free riders? OA. Appeal to their civic sense of responsibility. OB. Exclude citizens from benefiting from the good or service. OC. Threaten to expose the free riders to their neighbors. OD. Offer citizens a favor or a small gift if they agree not to…
The market for organic and locally sourced foods has skyrocketed over the past decade as consumers focus on improving their eating habits. However, severe droughts have caused organic food prices to rise significantly, forcing many consumers to shop at conventional supermarkets (which are increasingly adding organic food options) instead of organic food markets such as Whole Foods. In response, companies such as Whole Foods have begun offering more nonorganic options on their store shelves in order to provide their consumers with more affordable options. Based on this response, what did companies such as Whole Foods realize about the elasticity of demand for organic foods that caused them to lower their prices by changing the type of foods they sell?