John spends $10,000 on on-year's college tuition instead of working full-time atMcDonald's (his next best alternative). The opportunity cost of spending oneyear in college for John would be which of the following? *O $10,000O 1 year's of McDonald's salaryO 1 year's worth of McDonald's salary + $10,0002 year's worth of McDonald's salaryall of the above

The opportunity cost of doing an activity is the sacrifice of potential gain or benefit associated…

Answered: John spends $10,000 on on-year's…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Maryam could work for another firm making $10,000 per month, but she decides to open her book store and pay herself $2,000 per month. In her first month of operations, she spends $6,000 on books, $1,000 on other items, and $2,500 on rent. She had a great opening month, and earned revenues of $14,500. What are Maryam's economic profits? Select one: O a. -$6,000 O b. $4,000 O c. -$5,000 O d. $3,000
QUESTION 18 Table Average Average Average Total Total Fixed Variable Marginal Quantity Fixed Variable Cost Cost Cost Cost Cost Cost Cost $50 S50 SO -- -- -- 1 $150 A C D E F G H I S120 J K 3 M P $120 R Refer to Table. Based on the information given in the above table, the value of F will be O a. $200 O b.$50 O c. $150 O d. $100
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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.
The first unit of an eight-unit job took 64 minutes. If the work has a 75% learning curve, which is your estimate of the minutes that will be needed for the last unit (Apply the incremental unit Time Model)? O a. 48 O b. 54 O c. 36 O d. 27
Number of Employees Total Production Marginal Product of Labor Marginal Revenue Product O 1 2 3 4 O Four employees O One employees O Three employees O OTwo employees 9 24 36 43 O 9 If the price of the item is $15.00 per unit and the employees cost $125 each, how many employees should the firm hire to maximize their profit? 15 12 7
The accompanying table describes the relationship between the number of workers hired by a call center each hour and the number of calls the call center can make each hour. The call center has only 1 telephone. The telephone costs the firm $5/hour (regardless of how many calls are made), and each worker is paid $10 per hour Calls Per Hour 1 2 6 16 O 22 24 What is the total cost of making 2 calls an hour? Multiple Choice O $45 $40 $20 Number of Telephones 1 1 1 1 1 1 $10 Number of Workers Per Hour 2 4 6 8 10 12
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Which one of the following statement is true about slope of fixed cost: Select one: O a. Slope of fixed cost function changes but changes with the activity levels change O b. Slope of fixed cost function remains constant but changes with the activity levels change O c. Slope of fixed cost function changes but remains linear after the change O d. Slope of fixed cost function changes but remains constant after the change
Imagine a very talented young person who has just graduated from high school and has been offered a 4-year contract worth ten million dollars to play professional basketball for the LA Bakers, and has also received an offer of acceptance to UCLA with full fellowship. The fellowship covers her tuition, room, and board, along with a generous monthly stipend of 2500 dollars for living expenses for 4+1 years. Which of the following is true for this scenario? ( Remember: the cost of something is what you give up to get it!)A) The cost of the four years of college education for this person is very high, in the range of millions of dollars.B) The cost of the four-years of college education for this person is almost zero because of the generous fellowship and financial aid package she has received.C) The cost of the four years of college education for this is person is the sum of the tuition, room, and board expenses, plus the monthly stipend of 2500 dollars for 4 years.D) The rational choice…

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