Inez hires Josh to paint her portrait to her satisfaction for $4,000. When Josh finishes the portrait, Inez announces that she is not satisfied with it. Ineza. must pay Josh half of the contract price as a compromise.b. must pay josh only the cost of his materials.c. does not have to pay josh.d. must pay Josh the contract price.

In this scenario, the specific terms of the contract between Inez and Josh would govern what happens…

Answered: Inez hires Josh to paint her portrait…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Table 7-12 The numbers reveal the opportunity costs of providing 10 piano lessons of equal quality. Seller Marcia Jan Cindy Greg Peter Bobby $351 $251 $249 Cost $199 $200 $250 $350 Refer to Table 7-12. You wish to purchase 10 piano lessons, so you take bids from each of the sellers. You will not accept a bid below a seller's cost because you are concerned that the seller will not provide all 10 lessons. What bid will you accept? $400 $700 $800
Suppose the campus dining facility at Mines Market offers weekend meals for the Mines community. The following table shows your willingness to pay for each additional meal during a typical weekend. Meal Willingness to Pay for this Meal 1 $12 2 8 3 6 4 4 5 2 6 0 There are two ways to purchase meals. You may either pay $10 for each meal or you may pay a fixed fee and eat as many meals as you like during the weekend. What is the most that you would be willing to pay for a meal plan that allows you to eat unlimited meals during a weekend at no cost for each meal?
Which of the following is NOT a commitment device? Select one: a. A non-refundable advance payment to reserve a room at a resort. b. A manufacturer's 2-year agreement to fix, at no cost to you, anything that breaks on your computer. c. A pre-nuptial agreement that provides for a large penalty in the event a spouse has an affair. d. High fines for illegal parking on campus.
Chloe is a chef who runs a niche food delivery business in a competitive industry. Chloe specializes in making monster calzones. Chloe sells 20 monster calzones per month. Her monthly total revenue is $5,000. The marginal cost of making a monster calzone is $300. In order to maximize profits, Chloe should A) make more than 20 calzones per month. B) make fewer than 20 calzones per month. C) continue to make 20 calzones per month. D) We do not have enough information with which to answer the question.
Jia is considering whether to go out to dinner at a restaurant with her friend. The meal is expected to cost $40, Jia typically leaves a 20% tip, and an Uber will cost $5 each way. Jia values the restaurant meal at $25. Jia enjoys her friend s company and is willing to pay $30 just to spend an evening with her.
Uncertain what would be the correct answer
Juanita is deciding whether to buy a skirt that she wants, as well as where to buy it. Three stores carry the same skirt, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $102 for the skirt: Store Travel Time Each Way Price of a Skirt (Minutes) (Dollars per skirt) Local Department Store 15 102 Across Town 30 85 Neighboring City 60 76 Juanita makes $42 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $42 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling.
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