Mauricio has a circus act, and he has a budget of $720 to spend on monkeys and unicycles. The cost of a unicycle is $120, and the cost of a monkey is $90?
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Mauricio has a circus act, and he has a budget of $720 to spend on monkeys and unicycles. The cost of a unicycle is $120, and the cost of a monkey is $90?
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- Answer the question based on the following graph. Which of the following statements is entirely correct? Tom's monthly budget constraint 40 •D E nts 20 Number of hamburgers per month O Point E is unattainable and Point D is inefficient. O Both point D and E are unattainable. O Point E is inefficient and Point D is unattainable. O Point A is inefficient and Point E is unattainable. « Previous Next Number of hot dogs per monthStore Travel Time Each Way (minutes) Price of a Skirt (Dollars per skirt) Local Department Store 15 103 Across Town 30 87 Neighboring City 60 64 Juanita makes $16 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $16 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. Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location. Store Opportunity Cost of Time Price of a Skirt Total Cost (Dollars) (Dollars per skirt) (Dollars) Local Department Store 103 Across Town 87 Neighboring City 64The Economists Who Studied All-You-Can-Eat Buffets (The Atlantic, 27 Dec 2014)[1] Buffets are now big businesses, particularly in Las Vegas. The buffets in Vegas are no longer the dollar bargains they once were in the late 1950s. They're fancy productions with Kobe beef and king crab legs that can cost over $50. New research shows that paying that much for a buffet might actually make the food taste better. Three researchers did an all you can eat (AYCE) buffet field experiment to test whether the cost of an AYCE buffet affected how much diners enjoyed it. They conducted their research at an Italian AYCE buffet in New York, and over the course of two weeks 139 participants were either offered a flier for $8 buffet or a $4 buffet (both had the same food). Those who paid $8 rated the pizza 11 percent tastier than those who paid $4. Moreover, the latter group suffered from greater diminishing returns—each additional slice of pizza tasted worse than that of the $8 group.
- 12. Suppose a cup of coffee at the campus coffee shop is $2.00 and a cup of hot tea is $2.50. Suppose a student's beverage budget is $20 per week. What is the most cups of tea the student could buy? a. b. 10 16 d. 20 c.Give explanation of correct options and explanation of incorrect options don't upload any graph.The following table shows how much utility Taran gets from watching his favorite teams, measured in "utils" (units of satisfaction). Team Manchester United Seattle Kraken Seattle Mariners. Seattle Seahawks Seattle Sounders. Seattle Storm Utils 68 81 78 64 72 86 Suppose Taran can only watch one of his favorite teams play. Assuming the cost to watch each team is the same, which team will Taran choose to watch?
- Josiane and Nahed live in the beach town of batroun. They own a small business in which they make wristbands and pot holders and sell them to people on the beach. As shown in the table on the following page, josiane can make 30 wristbands per hour but only 6 pot holders. Nahed is a bit slower and can make only 24 wristbands or 4 pot holders in an hour. WRISTBANDS POT HOLDERS josiane 30 6 Nahed 24 4 a. For Josiane and for Nahed, what is the opportunity cost of a pot holder? Who has a comparative advantage in the production of pot holders? Explain your answer. b. Who has a comparative advantage in the production of wristbands? Explain your answer. c. Assume that Josiane works 20 hours per week in the business. Assuming Josiane is in business on her own, graph the possible combinations of pot holders and wristbands that she could produce in a week. Do the same for NahedSven runs a daycare for some of the neighborhood children, where he earns $300/day inrevenue. He runs the daycare out of his home, for which the mortgage costs $3,000 per month($100 per day). Each day, Sven spends $50 on food, diapers, and other supplies. He also hassome toys and playground equipment that originally cost $500, but which he wouldn’t getany money for reselling today. Sven looks after all the children himself, so he doesn’t pay anymoney in labor costs. If he weren’t busy with the daycare, he could earn $120 per day as aprivate nanny. What is Sven’s daily economic profit from the daycare? (Select one from below) (a) $300: Economic profit is equal to revenue.(b) $180: That is his revenue minus opportunity cost.(c) $150: That is his revenue minus input cost.(d) $130: That is his revenue minus variable cost.(e) $50: That is his revenue minus accounting cost.(f) $30: That is his revenue minus economic cost.(g) $0: In the long run, all firms must make zero profits.(h) –$200:…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.
- Imagine an economy that only produces burgers. Kathleen is the queen of that economy and she has a grill which sells for $2000 dollars, 5 fryers for $500 each, 200 lbs of potatoes which costs $1/lb, 50 gallons of oil priced at $2/gallon, 200lbs of beef which costs $3/pound, 600 burger buns which costs $1/bun, 600 slices of cheese $0.20/slice and 20 lbs of condiments at $1/lb. She sells a total of 600 burgers at $10/burger and 600 bags of fries at $3/bag. Assume that, that is all the transaction she did for the year 2021. What is the GDP of this economy? $ 6140 $12300 $11650 $13940Bill works for a large food service company. In one hour he can make 13 sandwiches or he can make 36 salads. Bill works 8 hours per day. If Bill needs to make 33 sandwiches then how many salads can he make? Round your answer to the nearest whole number.