Answered: What does the old saying “There is no…

What does the old saying “There is no such thing as a free lunch” mean? In other words, if someone invites you to a lunch and offers to pay, is it free for you?

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter2: Scarcity And Opportunity Costs

Section: Chapter Questions

Problem 2E

See similar textbooks

Related questions

Q: Suppose Ryan and Rita were randomly shown the numbers 68 and 21, respectively, and then asked to…

A: Suppose Ryan and Rita were randomly shown the numbers 68 and 21 respectively and then asked to…

Q: 6. Which of the following statements about factors of production is aise Ahe term 'factors of…

A: Factors of production are resources which are required for the production of goods and services in…

Q: Being able to make an item at a lower cost than anyone else can make it is an advantage? True or…

A: To make any item at lower cost is always a plus point in the market.

Q: what are four goods and services that people consumed on an average day

A: The ultimate good that a company makes and sells to the customer is referred to as a consumer good.…

Q: Q.4.1 Read the excerpt in the textbox and use the information to answer the question below:…

A: If global demand for citrus fruits produced in South Africa rises, then demand for rand will also…

Q: be affected by the political turmoil, economic fluctuations and societal changes. Let us assume that…

A: DAD stands for Dynamic Aggregate Demand. It represents the total demand for goods and services in an…

Q: A consumer's weekly Income is S700, and the consumer buys 7 bars of chocolate per week. When weekly…

A: The income elasticity of demand is positive for normal goods. It is negative for inferior goods…

Q: Assume that you want to decide whether Country A or Country B to live. You have only information…

A: The statistical measure of income inequality is expressed through Gini coefficient. The value lies…

Q: What would be the solution for this one?

A: Price elasticity of demand measures how responsive the quantity demanded is towards the changes in…

Q: Goods that can be used to replace one another are called What?

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: Do you think that it is better to be efficient or to have a choice about prices, color, size, etc.?…

A: Almost certainly the pure competitive industries are effective as in pure competitions the useful…

Q: Suppose a family's Income increases by 5 percent at the same time that inflation Is 2 percent. Then…

A: Change in real income can be calculated as follows.

Q: A student decision about how to allocate his time between studying two subjects ?

A: A student is an individual.

Q: Question 9 If a tax is levied on the seller of a product the demand curve will shift downward will…

A: If a tax is levied on the seller of the product the demand curve will not shift.

Q: Is buying a steak at the restaurant considered a good or service?

A: Answer: Introduction: Goods: goods are those things that have a physical presence. In other words,…

Q: The following graph shows the combinations of unemployment and inflation that existed in United…

A: The Phillips curve illustrates the negative relationship between unemployment and the inflation…

Q: Jeremy has $30 in his pocket. He would like to take his friend to a movie. The movie would cost $20…

A: Given; Total amount of money he had= $30 Movie cost for both he and his friend= $20 Price of shirt=…

Q: At $87, a firm can sell 4,660 stereo earphones (3.5 mm for android) elasticity is estimated at 2.2.…

A: price of stereo ear phones=$87 Quantity Supplied=4660 unit Es=Elasticity of supply is 2.2 The…

Q: price/value of your leisure time

A: Time set aside for leisure is the time individuals set aside for themselves in a day to pursue…

Q: 4. Two people, A and B, are deciding whether to put effort into producing a public good or not. Each…

A: In this game, two individuals, A and B, decide independently whether to exert effort to produce a…

Q: Something that is perceived as a luxury rather than a need is something that brings pleasure.…

A: Luxury things are something contrary to need(necessity) products or need costs, which are the…

Q: Do consumers always make rational consumer decisions when buying economic goods?

A: Rational action applies to a choice - formation mechanism focused on the making of decisions that…

Q: Suppose you go to a restaurant and buy an expensive meal. Halfway through, despite feeling quite…

A: This is an example of sunk cost. As the cost of the meal is already incurred and thus, cannot be…

Q: Harvey quit his job at State University, where he earned $45,000 a year. He figures his…

A: Given; Harvey's salary from job= $45000 His entrepreneurial income= $5000 Bonds he cashed in, to…

Q: Alex, Kara, and Susie are the only three people in a community. Alex is willing to pay $20 for the…

A: Public good: - goods that are both non-excludable and non-rival in nature are known as public goods.…

Q: Describe several ways in which consumers are less than free in making choices about which products…

A: The question aims to explore the various factors that limit the freedom of consumers in making…

Q: Refer to the diagram. If society is currently producing 12 units of bicycles and 2 units of…

A: A production possibility curve or PPC is a graphical representation of the different combinations of…

Q: B GDP Refer to the diagram. Discretionary fiscal policy designed to slow the economy Is Illustrated…

A: The fiscal policy of the government shows the change in government expenditure, change in tax…

Q: What examples do you have of goods or services that are both consumer goods and resources depending…

A: A good can be consumer goods or intermediate goods ( ie the goods which are used as inputs for other…

Q: Think of an economic decision you made recently wherein the benefit outweighed the cost (or the cost…

A: Marginal Cost (MC): - it is the additional cost incurred due to the production of additional units…

Q: Ginny likes to eat Bertie Bott's Every Flavour Beans (b), and Chocolate Frogs (f). Her preferences…

A: Utility function : U = (b- 2)(f+3) /5Price of beans = 25 Price of chocolate = 12 Income = 314

Question

What does the old saying “There is no such thing as a free lunch” mean? In other words, if someone invites you to a lunch and offers to pay, is it free for you?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Suppose you are scheduled to work at your job for 4 hours Friday night, where you make $10.00 per hour. However, once Friday arrives you decide to "call in sick" so you can go to the movies with your friends. At the movies, you spend $10 on a ticket and $15 on refreshments. How much did the night at the movies cost you?
What price do you put on your own leisure? Do you feel like the price/value of your leisure time changed over time? Why, or why not?
Do you think that it is better to be efficient or to have a choice about prices, color, size, etc.? Why or why not? Do you feel that choices about a good help to offset the inefficiencies?
Suppose you go to a restaurant and buy an expensive meal. Halfway through, despite feeling quite full, you decide to clean your plate. After all, you think, you paid for the meal, so you are going to eat all of it. What’s wrong with this thinking?
Describe several ways in which consumers are less than free in making choices about which products to purchase.
Being able to make an item at a lower cost than anyone else can make it is an advantage? True or False
Question 5 The economics of obesity. Some economists have been analyzing the question of why people have been gaining weight in the last few decades. According to these economists, like anything else, eating involves two types of costs. First, the explicit cost is the price we pay at the grocery store to buy the stuff. Second, the implicit cost is all the time and effort we expend to prepare the food. Before 1960s, food was mostly prepared by household members at home. It could take a few hours to put the dinner on the table. After 1960s several things happened that reduced both the explicit and implicit cost of food. Advances in technology in agriculture and elsewhere reduced the explicit cost (the market price) of food. Second, automobile became the dominant mode of transportation making it fast and easy to go out for fast food. This reduced the implicit cost of food. Moreover, the participation of women in labor force doubled (from around 30% of women to around 60%). This meant…
Shannon has decided to spend less time on social media because she needs to improve her grades. What might be the opportunity cost of her decision?
What examples do you have of goods or services that are both consumer goods and resources depending upon the context in which those goods are used?
Jeremy has $30 in his pocket. He would like to take his friend to a movie. The movie would cost $20 for both him and his friend. Jeremy would also like to get a new shirt. The shirt would cost him $25. If Jeremy decides to buy the shirt, what would be his opportunity cost? $25 The satisfaction of taking his friend to a movie $20 The popcorn at the movie
Help
What is the opportunity cost of going to a movie? the price of the ticket the price of the ticket plus the cost of any soda and popcorn you buy at the theatre the total cash expenditure needed to go to the movie plus the value of your time zero, as long as you enjoy the movie and consider it a worthwhile use of time and money