Answered: You bought a laptop at $3000 last year,…

You bought a laptop at $3000 last year, its resale value now is $2000. It will cost $3500 to buy a new laptop. The opportunity cost of keeping your laptop is:

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter3: Benefits, Costs, And Decisions

Section: Chapter Questions

Problem 3.2IP: Concert Opportunity Cost 2 You were able to purchase two tickets to an upcoming concert for $100...

See similar textbooks

Related questions

Q: Sample problems Use the following information to answer all of the questions. Ahmad goes to a pizza…

A: Here, given two tables gives willingness to pay of Ahmad for pizza and soda drink, respectively.

Q: Lorenzo and Neha are farmers. Each one owns a 12-acre plot of land. The following table shows the…

A: Absolute Advantage is referred to a situation when a producer can produce a good or a service in a…

Q: When making a decision such as buying a car, what step in the decision-making model would be ranking…

A: Making decisions requires choosing a plan of action, gathering information, and assessing…

Q: Total Cost Fixed Cost Variable Marginal Cost Average Fixed Cost Average Variable Average Total…

A: The average variable cost (AVC) is the total variable cost per unit of output. This is found by…

Q: Calculating GDP 2 The following table has production and prices for Pangea for three years: Product…

A: Since its given that 2016 is the base year, therefore, to compute the value of real GDP, we will…

Q: 2. A company must purchase a machine that will be used over the next 10 years. The purchase price is…

A: Given: Interest rate=6% Number of years=10

Q: According to the corn market depicted below, what do we expect to happen as this market transitions…

A: In the long run, a perfectly competitive firm makes zero economic profit. Attracted by the positive…

Q: Revenue, Cost MC AC AVC P AR = MR R P. Oufput

A: The firm for which is the graph is drawn in the above-given question is working in a form of market…

Q: Can you give an example of cost-savings?

A: Answer: Cost reduction is a continuous process of implementing various ways to bring a reduction in…

Q: If you can buy 9 DVDS for $126 or you could buy 10 DVDS for $130, then the marginal cost of the…

A: The marginal cost is referred to as an additional cost incurred when an extra unit is produced or…

Q: Alex is a hard-working college sophomore. One Saturday, he decides to work nonstop until he has…

A: Marginal gain is the addition to the total gain by employing an additional unit of input. Time spend…

Q: Poornima is a hard-working college junior. One Saturday, she answered 100 practice problems for her…

A: Poomima is a hard-working junior college .one Saturday ,she decides to work nonstop until she has…

Q: Give atleast 3 reason why it is important to learn more about the topic Topic: Impact of COVID-19…

A: COVID-19 pandemic resulted in global crisis which caused loss of money and human capital. Several…

Q: i. The elasticity of demand for beer in country A is 1.8 and the elasticity of demand for beer in…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The replacement of a laser cutting machine is being considered. The best available machine on market…

A: Given information Laser cutting machine is available Economic life = 12 years Current used machine…

Q: 5. Consider the accompanying breakeven graph for an investment, answer the following questions. a)…

A: Since you have provided multiple subpart question, we will solve the first three subpart for you. If…

Q: Mike has spent $500 purchasing and repairing an old fishing boat, which he expects to sell for $800.…

A: Total Costs:The total costs that an individual or a firm incurs implies the fixed cost of the…

Q: Total Cost Fixed Cost Variable Marginal Cost Average Fixed Cost Average Variable Cost Average Total…

A: Total cost = Fixed cost + variable cost Also Fixed cost are same at every level of output.

Q: The cost data in the following table are for Marshall's Meats, a perfectly competitive firm. Round…

A: d. If the market price is $55, the quantity that Marshall's meats produce is 4 units. Total revenue…

Q: If the marginal propensity to save is 0.2 in an economy, a $30 billion rise In Investment spending…

A: Increase in consumption = Increase in investment spending * Multiplier Multiplier = 1 / Marginal…

Q: Price of a Skirt (Dollars per skirt) Local Department Store 15 103 Across Town 30 87 Neighboring…

Q: Cash Flow Diagram. Show your complete solution and box your answers. Construct a cash flow diagram…

Q: value is $12,000. The annual insurance cost is 5% of the purchase price. The electricity co is $ 800…

A: Given, Purchasing price of an equipment = $100,000 Electricity cost = 800 each year Replacement part…

Q: Concepts (B) Periodic percentage interest consider from the borrower's perspective is term as The…

A: Since you have posted multiple subparts as per the guidelines we can solve only the first 3 subparts

Q: 4. A software company has a projected cash flow for a business activity as follows: Year 0 = $…

A: Given: Interest rate=8% Number of years=4

Q: 6. A firm has estimated that the fixed costs of operations for a new product at $2,000,000 per year.…

A: Answer: Given, Fixed cost (FC)=$2,000,000Variable cost per unit=$250 per unitPrice of the product…

Q: Please no written by hand solution Keiko is saving money to buy a bike. She has $52 and is going to…

A: Cost of Bike = 164 currently Saving = 52 Saving each week = 8

Q: Explain the different approaches in doing research 1. Descriptive Research 2. Analytical Research 3.…

A: The following methods of Research can be explained as follows :

Q: Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost Fixed Cost…

A: Total cost refers to the total expenditure incurred by a person in producing a good or providing a…

Q: A tire dealer buys 4000 tires a year from a local distributor. Each tire costs $75, the ordering fee…

A: The above question is based on the concept of "Economic Order Quantity". The problem is regarding…

Question

You bought a laptop at $3000 last year, its resale value now is $2000. It will cost $3500 to buy a new laptop. The opportunity cost of keeping your laptop is:

a. $3500 b. $3000 c. $2000 d. $1500

Video Video

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

Introduction

VIEW

Answer

VIEW

Explanation

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Alex is a hard-working college sophomore. One Saturday, he decides to work nonstop until he has answered 50 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time Total Problems Answered 8:00 AM 0 9:00 AM 20 10:00 AM 35 11:00 AM 45 Noon 50 Use the table to answer the following questions. The marginal, or additional, gain from Alex’s second hour of work, from 9:00 AM to 10:00 AM, is problems. The marginal gain from Alex’s fourth hour of work, from 11:00 AM to noon, is problems. Later, the teaching assistant in Alex’s economics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 7.5 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same…
Please no written by hand solutions Bill goes to the market to buy some apples. The cost of the apples that he likes is $1.25 per pound. If he has $5 to spend on apples, how many pounds (x) can he buy?
Please no written by hand solution Keiko is saving money to buy a bike. She has $52 and is going to save an additional $8 each week. The bike costs $164. In how many weeks will she have enough money to buy the bike?
Jay has spent $2400 purchasing and repairing an old tractor, which he expects to sell for $4000. He discovers that he needs an additional repair, which will cost $600. He can sell the tractor as it is now for $1200. What should he do? A. He should never sell something for less than it cost. B. He should complete the repairs and sell the tractor. C. He should take the $1200. D. It doesn’t matter which action he takes; the outcome is the same either way.
Mike has spent $500 purchasing and repairing an old fishing boat, which he expects to sell for $800. He discovers that he needs an additional repair, which will cost $400. He can sell the boat as it is now for $300. What should he do? Select one: O a. He should take the $300. O b. He should never sell something for less than its cost. O c. He should complete the repairs and sell the boat. Od. It doesn't matter which action he takes; the outcome is the same either way. Qui G 10
Stuck on question for hours. Question in Image attachment. Thanks for your help :)
Can you give an example of cost-savings?
3 Can someone type a paragraph in a document approximately 350-450 words about 'technology and consumer behaviour'. And Plewse absolutely no plagiarism thank you. And some how connect it to economics
Subject - account Please help me. Thankyou.
7. A tire dealer buys 4000 tires a year from a local distributor. Each tire costs $75, the ordering fee is $30 per shipment and the storage cost is $24 per tire per year. How many tires should be ordered in each shipment in order to minimize the total cost?
Quantitative Methods
AutoSave Off sample problems decision.docx • Saved to this PC - P Search (Alt+Q) A Anwar A. AI-Naser File Insert Design Layout References Mailings Review View Help Table Design Layout P Comments A Share Home Draw ST Ink to Ink to Drawing Ink Shape Math Canvas Replay Drawing Tools Convert Insert Replay Sample problems Use the following information to answer all of the questions. Ahmad goes to a pizza place to for dinner. He has not eaten all day and feels very hungry. How much he values each slices of pizza is given in the table below. # of slice WTP $12 $9 $6 $3 $0 ($2) 4 6 Ahmad prefers to have pizza along with soda drinks. He thinks that they are a match made in heaven. He values each can of soda as the following: 田 # of can WTP 1 $4 2 $3 $1 4 $0 5 ($4) Two options are available, but modified There are two available options at the pizza place; buy per slice or all-you-can-eat option. Ahmad can either pay $2 per slice of pizza and $2 per soda can or pay $15 for the AYCE option that…