The more days you work, the more tedious your job becomes and the more fun you miss out on. So your psychologicalcost of working goes like this:$70 for your 1st day of work per week,$80 for your 2nd day of work per week,$90 for your 3rd day of work per week,$100 for your 4th day of work per week,$110 for your 5th day of work per week,$120 for your 6th day of work per week,$130 for your 7th day of work per week,If your job pays $105 per day, how many days a week are you willing to work?

In the question, psychological cost of working is given. And also the amount that the job pays. Now,…

Answered: The more days you work, the more…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A friend offers you a free ticket to a concert, which you decide to attend. The concert takes 4 hours and costs you $15 for transportation. If you had not attended the concert, you would have worked at your part-time job earning $15 per hour. What is the true cost of you attending the concert?
Which of the following combinations are unattainable given a consumer's budget line? Multiple choice question. A combination that intersects either of the axes Combinations that fall on the budget line Combinations that fall inside the budget line Combinations on the midpoint of the budget line Combinations that fall beyond the budget line
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Which of the following combinations are unattainable given a consumer's budget line? Multiple choice question. A combination that intersects either of the axes Combinations that fall on the budget line Combinations that fall inside the budget line Combinations on the midpoint of the budget line Combinations that fall beyond the budget line
You have an income of $100,000. You can buy an electric car (which costs $60,000) or an internal- combustion car (which costs $30,000). The electric car has a lower mileage than an internal-combustion car: it costs you $1/km if you drive an electric car, but it costs you $2/km if you drive an internal- combustion car. You enjoy driving (measured in kilometers driven) and spending on other goods ( measured in dollars). Draw your budget line (in a diagram measuring all other goods on the vertical axis) if you buy an electric car. What is its slope and what is the economic meaning of its value?
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If corn cost $.55 per pound and protein supplement cost $.12 per pound what is the maximum amount of corn purchase with a $2200 budget?
Mark is currently earning $44,000 a year. He has worked for this firm for 5 years. He is considering a job that will increase his lifetime earnings by $240,000 but that requires a Ph.D. in finance. The job will mean also attending a full-time finance program for four years at an annual cost of $28,500. Mark already completed an MBA, for which he spent $86,000 in tuition and books. Would he take the job and attend the Ph.D. program? Calculate: Insutructions: Use ono decimals. Use commas (30,000, not 30000). Opportunity costs of this decision = $ MC = $ MB = $ Sunk Costs = $
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Mika earns $379 per week which she spends entirely at the grocery store, purchasing either food or alcohol. The price of food is $1/unit, while the price of alcohol is $4/unit. Mika receives an additional $50/week in food stamps that can only be only be used to buy food at the grocery store (so, this money could be used to buy food but NOT alcohol). Mika knows someone who will give her cash in exchange these food stamps at a rate of $0.50 in cash for every $1 in food. stamps. Cash, of course, can be used to buy either food or alcohol. What is the vertical coordinate of the vertical intercept of Mika's budget constraint if she were to graph quantity of food on the horizontal axis and quantity of alcohol on the vertical axis? (Note: The answer may not be a whole number, so round to the nearest hundredth)
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