SC2DIRK ANDLEE'S PICKck2nd attemptLike a good economist, you calculated the cost of getting your college degree, including the opportunity cost. Suppose that at youruniversity, you will pay $12,000 each year for tuition, $2,500 each year for textbooks, and $10,000 per year for room and board. Beforeyou left for college, your boss at your high-school job offered you a job paying $15,000 per year.>ECON 202 Syll....docx1Assume that if you decided not to go to college, your parents would let you live at home for free.Including the opportunity cost, what is the cost of attending four years of college? $ |!1st attemptQ6 OF 10 QUESTIONS COMPLETEDAZIcontrol optionw= Barnes_14e_SG....doc*@2W#3S DXHEcommand$4000000сw Barnes_14e_SG....doc ^RFdo 5%VTG<< 07/10 >6MacBook ProBB Barnes_14e_Cha....ppt ^YH&7U8JN M-▶▶4 VIEW SOLUTION(9K0VH)0LP>.Icommand optionSUBMIT ANSWERD)){[?|+ 11}X]Show AlTde

Let's summarize the given information Tuition cost in university is $12000 per year The total cost…

Like a good economist, you calculated the cost of getting your college degree, including the opportunity cost. Suppose that at your university, you will pay $12,000 each year for tuition, $2,500 each year for textbooks, and $10,000 per year for room and board. Before you left for college, your boss at your high-school job offered you a job paying $15,000 per year. Assume that if you decided not to go to college, your parents would let you live at home for free. Including the opportunity cost, what is the cost of attending four years of college? $

Like a good economist, you calculated the cost of getting your college degree, including the opportunity cost. Suppose that at your university, you will pay $12,000 each year for tuition, $2,500 each year for textbooks, and $10,000 per year for room and board. Before you left for college, your boss at your high-school job offered you a job paying $15,000 per year. Assume that if you decided not to go to college, your parents would let you live at home for free. Including the opportunity cost, what is the cost of attending four years of college? $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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You are a professor of economics at a university. You've been offered the position of serving as department head, which comes with an annual salary that is $6,500 higher than your current salary. However, the position will require you to work 200 additional hours per year. Suppose the next best use of your time is spending it with your family, which has value of $20 per hour. What is the difference in the net benefit from becoming the departmenthead? The change in net benefit is (Enter your response as an integer.) To optimize, you ▼ should or should not become a department head.
Opportunity cost is whatever you give up to get something. What is the opportunity cost of staying up all night to study for your economics final exam? What would you be giving up to stay up all night to study for your exam?
Regarding the previous page, consider you and your partner are able to sell your current property and invest in a small guest house in Blackpool, a seaside resort in the UK, for the same amount of money. The guest house has eight double bedrooms. It is a bit run down. You currently work as a school teacher and your partner has been unemployed for a number of years. Outline the factors that would determine whether or not this is a good investment taking in consideration the opportunity cost and that your business partner is unemployed.
Would the study of economics be necessary if resources were unlimited?
Scarcity is a problem because... Group of answer choices There are not enough resources to produce all the goods and services people want to purchase. There are only small quantities of resources available on earth Not everyone has the same amount of resources, such as land and labor Unemployment exists, and therefore some people do not have enough resources to meet their basic needs.
John owns a computer repair shop and he owns the building where his shop is located. If he closed his business he could rent the building for $2,222 per month. Before he had the shop, he worked for a company and earned $4,067 per month. His utility bills are $511 per month and his labor costs are $1,165 per month. What is John's opportunity cost of running the business? Enter a whole number. ASUS f6 5
Use the data in the following graph to illustrate the law of increasing costs numerically. (Hint: Start at point E and move toward point A.) A 180 C D 150 120 90 60 30 30 60 90 120 150 180 Units of digital cameras Moving from point E toward point A, we give up (Click to select) v players. amounts of digital cameras for each gain of (Click to select) V DVD The opportunity cost of moving from: E to D is (Click to select) v digital cameras; D to C, (Click to select) V digital cameras; C to B, (Click to select) V digital cameras; and B to A, (Click to select) digital cameras. Units of DVD players
Q6. Suppose you work as a tutor in your school, making $16 per hour. Yesterday, you decided to cancel your two-hours tutoring appointment to meet old friends for a tea. The tea cost you $3.50. What will the opportunity cost of this decision in dollars? Please explain in points.
Is this a good example of an opportunity cost? “To begin, I began selling prints of my pictures in 2019 throughout 2020. It's now closed. USPS and UPS were the options I had during this period to ship out orders. At the moment I didn’t have enough knowledge about USPS, so I chose to ship my prints via UPS rather than USPS. My orders weren’t delivered on time and upon arrival, the prints were damaged, and I spent a large amount of money shipping these orders out. The opportunity cost is the cost of USPS shipping.”
Why do you think that college enrollments have flattened from 2010 to 2019 and are projected to be flat up to 2030? What was happening in 2010? How have the "marginal benefits" of going to college changed recently? How have the "marginal costs" of going to college changed recently? You might have some ideas of how "marginal benefits" or "marginal costs" have changed recently--state those. Or try to find a news article that suggests a particular change in people's perceptions of the net benefit of college. College Enrollment: Public & Private, 2019 (millions) (Source: statista.com) 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00 1980 1990 2000 2010 2020 2030 -Public-Private 1960 1970 2040
A potential entrepreneur is tring to decide whether to open a new health spa. She currently makes P35, 000 per year as an aerobics instructor and will have to give up this job if she opens the new health spa. If she chooses to open the spa, it will cost her P200, 000 per year in rent and other operating expenses. What are her opportunity costs? Your answer
Supermarché Jean Claude has decided to manufacture its own brand of non-alcoholic beverages, called NAB, and chocolate bars, called S-JC. A certain amount of money has been allocated to the production of these two products. Jean Claude believes in the old saying that a picture is worth a thousand words, and once again, he has called on you. This time, he wants to see diagrams that illustrate the effects of each of the following events on the production possibilities for NABS and S-JCs so he can visualize the situation. (a) A new and more efficient method of producing non-alcoholic beverages is discovered. (b) The demand for both non-alcoholic beverages and chocolate bars increases. (c) More workers are hired to produce S-JCs. (d) Resources are transferred from S-JC production to NAB production. (e) All workers are trained so that the quality of their labour services improves. Instructions Produce the series of graphs with accompanying texts (150-175 words) so that Uncle Jean Claude…