Matt spends 3 hours working rather than playing pool with his friends. if he eams $25 an hour, what is his opportunity cost of working? 1. the $75 he earns working 2. the $75 minus the enjoyment he would have received from watching YouTube. 3. the enjoyment he would have recelved had he played pool with his friends 4. nothing. since he would have received less than $25 of enjoyment from playing pool

Q: Suppose that Omar's marginal utility for each additional cup of coffee is 5.5 utils per cup no…

A: The utility received by consuming an additional unit of a good is called the marginal utility of the…

Q: Paul decides to spend an hour playing football rather than studying or working at $6 per hour. His…

A: In economics, tradeoff refers to when an individual decides to let go of an opportunity or benefit…

Q: Table: Marginal and Total Benefit Number of Games Total Benefit 0 0 1 50 2 90 3 120 4 140 5 152 6…

A: Marginal cost refers to the additional cost incurred by producing one more unit of a good or…

Q: How many plates of claims will Bob consume in total?

A: The consumption done by the individual provides the marginal benefit to the consumer and the…

Q: Kate has plans to go to a movie and already has a $10 nonrefundable, nonexchangeable, and…

A: The money that in turn has been spent already and also cannot be recovered in any case then it…

Q: How Fast to Sail? The margin principle can increase the level of an activity as long as its marginal…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: 2. Study Questions and Problems #2 Lorenzo can paint either 5 walls or 2 window frames in one hour.…

A: Lorenzo's opportunity cost of painting one wall is 2/5 window frames (since he can paint 5 walls or…

Q: Explain all resources that economic relies on.

A: In economics, resources refer to the items that provide benefits to the people directly or…

Q: Hate, Ellie, and Marquis are all planning to go to the Taylor Swift Eras tour. Marquis is a huge…

A: first, we need to calculate the individual surpluses for each person and then add them up,Marquis:…

Q: Larry lives with his parents and enjoys listening to jazz. Because of his living arrangements, his…

A: Below is the given information: Total hours available for work = 16 hours Per hour earning = $6…

Q: Refer to Table 6-6. If the price of a 9-hole round of golf is $19, then Andrew will play. Select…

A: The marginal value is the additional value that the consumer gets from consumption of an additional…

Q: state O1 lad an eXtra 00 III tax ue In tne last year. The Governor and the Speaker of the State…

A: In above game there are two players included in the bargaining game . Tax amount to be split between…

Q: 4. If TC = 12q can produce and stay below our budget? (Excel) 12q? +32q + 32 and have a budget of…

A: ??= 12?3 ― 12?2 +32?+ 32 Budget = $100,000 To find the number of units produced to be below budget:…

Q: Bryan is evaluating the pros and cons of taking economics virtually or in person. If he takes…

A: Opportunity cost can be defined as the potential benefits that is given up by an individual or a…

Q: A family have inherited £15,000 from a long lost aunt. They are weighing up whether to buy a new car…

A: The opportunity cost is an alternative cost that is forgone by choosing other goods. The consumer…

Q: At the flower shop, where you manage twoemployees, your employees perform two tasks,caring for the…

A: Management refers to the technique or procedure used to organize various resources systematically.…

Q: 1. Name 2 types of living accommodations that can be rented. 2. a) To be able to afford $800 in…

A: A payment given on a regular basis by a tenant to a landlord or owner in exchange for the possession…

Q: 3. Carlo budgets $9 per week for his morning coffee with milk. He likes it only if it is prepared…

A:

Q: Scott loves to go to baseball games, especially home games of the Cincinnati Reds. All else equal,…

A: The net benefit of a project is determined by totaling its benefits and subtracting all of its…

Q: A group is staying at a hotel and they have an All-Inclusive Meal Plan. The meal Plan is $215 per…

A: Total revenue is obtained by multiplying the price of a good or service with the quantity sold.

Q: 1. A) Fill in the blanks in the table below.  What is the value of TFC? Q TC TVC AC AVC AFC MC 1…

A: 1.A)Below mentioned are the formula's to calculate the values:TC = TVC + TFCTFC = TC - TVCTVC = TC -…

Q: Gina and Bob are co-owners of a surf shop. Both Gina and Bob prefer to skip work and go surfing, but…

A: Under a Simultaneous game, each player chose their best response without knowing the response or…

Q: Value as Marginal Benefit of Successive Items of Five Alternative Goods Produced and Consumed Every…

A: Marginal benefit is the additional benefit obtained by consuming one additional unit of an item.…

Q: 3. Number of Security Lines 1 2 3 4 Say that you are a manager with the Transportation Security…

A: The extra benefit which consumers receive by consuming an extra unit of a good is called marginal…

Q: 1. Discuss the idea of an opportunity cost and think of three opportunity costs that you have made…

A: Hi! Thank you for the question As per the honor code, We’ll answer the first question since the…

Q: 5.3 What is the slope (value) of Mrs. Bain budget line? 5.4 In theory, what is the slope (value) of…

A: "Since you have posted a question with multiple sub-parts, we will solve the first three subparts…

Q: Marginal benefit and marginal cost (dollars per swim) A 50 MC 40 30 20 10 MB D B 2 4 5 Manatee swims…

A: In the above diagram, when the manatee swims per week is 1, the marginal benefit is $40 at point A…

Q: Emmanuel likes gardening. He grows zucchini that he sells at the local farmers' market. The table…

A: Marginal benefit can be calculated the subtraction of TBn-1 from TBn. marginal benefit for 2nd hour…

Q: What are the three common pitfalls that people make when they do "cost-benefit" analysis. Explain…

A: Cost-benefit analysis and Opportunity cost: Cost-benefit analysis portrays the systematic comparison…

Q: 5. Wireless high-speed internet in provided for free at an airport in a smaller city (like…

A: Kindes of goods: In public economics, one studies the various kinds of goods in the economy. The…

Q: 1. Bob needs to decide whether to go home or go to the library. At home, his menu is H = {a,b,c}…

A: Note: Since you have posted multiple questions, we will provide the solution only to the first…

Q: Larry is a hard-working college senior. One Tuesday, he decides to work nonstop until he has…

A: Marginal gain refers to the additional gain or a condition where profit is earned by a firm by…

Q: Janet needs to buy textbook that costs $271. She has a coupon for $5 off at the bookstore, but she…

A: Opportunity cost refers to the potential benefits that a person, business, or society forgoes when…

Q: 35 30 25 20 15 Demand 10 100 200 300 400 500 600 700 800 900 1000 QUANTITY fer to Figure 4-7. At…

A: Equilibrium is achieved at the output level where Qs equals Qd

Q: 4) Rondi decides to spend a weekday at the beach because it gives her $40 worth of fun. The day off…

A: To make decision of choice between different products by a person the net benefit of each type of…

Q: 9. Economics is the study of

A: To find : What is economics.

Q: Janelle loves sashimi. Her first piece of sashimi usually gives her a marginal benefit of $5. Each…

A: Marginal benefit (MB) is basically interconnected with the gain a buyer attains from every extra…

Q: It is a beautiful afternoon, and Jose is considering taking a leisurely two-hour stroll through the…

A: Opportunity cost refers to the best given up values among the alternate in the process of gaining…

Q: is currently earning $44,000 a year. He has worked for this firm for 5 years. He is considering a…

A: If Mark takes the job and attends the Ph.D program, he will have to give up the salary which he is…

Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.