Please summarize this **The Cost of Homework**These distinctions between economic and accounting costs apply also to the "production" of homework. You can pay people to write term papers for you or buy them off the Internet. At large schools you can often buy lecture notes as well. But most students do their own homework so they’ll learn something and not just turn in required assignments.Doing homework is expensive, however, even if you don’t pay someone to do it. The time you spend reading this chapter is valuable. You could be doing something else if you weren’t reading right now. What would you be doing? That forgone activity—the best alternative use of your time—represents the economic cost of doing homework. Even if you don’t pay yourself for reading this chapter, you’ll still incur that *economic cost*.

The economics as a study is associated with the use of decision making, and choice making, as the…

Answered: Cost of Homework. These distinctions…

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter4: Extent (how Much) Decisions

Section: Chapter Questions

Problem 4.6IP

See similar textbooks

Similar questions

Research an instance of an actual firm that has been engaged in cost-cutting measures. What actions specifically are being taken and considered? Has the cost-cutting been effective? Cite the source of your information.
Please answer the question at the bottom about the four hours of study time.
What is a cost that changes with the change in volume of activity of an organization
One fitness club charges a $10 promo sign-up fee and $15 per month. Another club charges a $25 promo signup fee and $10 per month. For what number of months is the cost of the clubs equal?
Explain the implicit costs associated with pursuing an MBA. Which do you think are greater for a typical student – the implicit or explicit costs? What does this depend on? Some people consider implicit costs less important than explicit costs because no money is actually exchanged when an organization or individual incurs an implicit cost. Do you think this is accurate? Explain why or why not.
Make sure you write out all your work with all the steps. Don't type it.
Concert Opportunity Cost 2 You were able to purchase two tickets to an upcoming concert for $100 apiece when the concert was first announced three months ago. Recently, you saw that StubHub was listing similar seats for $225 apiece. What does it cost you to attend the concert?
You need to have work done on your home. In addition to the expense, it will be annoying to have people in your home working on it. The work will take 5 days total. Which of the following would prove least unpleasant?(in Behavior Economics) A. Have the work done one day a week for 5 weeks. B. Have the work done all at once, for 5 days. C. Have the work done in groups of two over the span or two weeks. D. Have the work done one day every two weeks for 10 weeks. What does this question mean? What is answer? and why? Could someboby explain about these easily?
Suppose you have a production technology that can be characterized by a learning curve. Every time you increase production by one unit, your marginal cost decreases by $8. There are no fixed costs, and the first unit costs you $64 to produce. Use the given information to fill in the marginal cost of each unit, as well as the total cost and average cost of each level of output. Quantity Marginal Cost Total Cost Average Cost (Units) ($) ($) ($/unit) 1 $64 $64 $64 2 3 4 5 6 Suppose you receive a request for proposal (RFP) on a project for three units. Your break-even price for three units is _____ ($) Suppose that if you get the contract, you estimate that you can win another project for two more units. The break-even price for those next two units alone is _____ ($)
how to answer this?
Pat used to work as an aerobics instructor at the local gym earning $35,000 a year. Pat quit that job and started working as a personal trainer. Pat makes $50,000 in total annual revenue. Pat's only out- of-pocket costs are $12,000 per year for rent and utilities, $1,000 per year for advertising and $3,000 per year for equipment. Please enter your answers as whole numbers with no decimal places (ie. 5000 or $5000 not 5000.00 or "Five thousand dollars"). If you want to enter a negative number use a negative sign "-" and do not use parenthesis (ie. -2000 or -$2000 not (2000) or (-$2000)). What is Pat's accounting profit? What is Pat's economic profit? Did Pat make the right decision by becoming a personal trainer? (Yes or No)
Marty used to be a bartender making $5,000 a year but he quit in order to become a clown that does shows at birthday parties. His clown car and costumes cost $7,000 and he did a lot of shows in the past year, making $13,000 in revenue but paying $2,000 in variable costs for balloons, gas, etc. Marty asked an accountant and an economist to calculate his profit. What did they report?

SEE MORE QUESTIONS

Recommended textbooks for you

Managerial Economics: A Problem Solving Approach

Economics

ISBN:

9781337106665

Author:

Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:

Cengage Learning

Economics (MindTap Course List)

Economics

ISBN:

9781337617383

Author:

Roger A. Arnold

Publisher:

Cengage Learning

Microeconomics

Economics

ISBN:

9781337617406

Author:

Roger A. Arnold

Publisher:

Cengage Learning

Managerial Economics: A Problem Solving Approach

Economics

ISBN:

9781337106665

Author:

Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:

Cengage Learning

Economics (MindTap Course List)

Economics

ISBN:

9781337617383

Author:

Roger A. Arnold

Publisher:

Cengage Learning

Microeconomics

Economics

ISBN:

9781337617406

Author:

Roger A. Arnold

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS