Your aunt gives piano lessons for $25 per hour. She also can grow tomatoes, which she can arrange and sell at the local farmer's market. Oneday she spends 5 hours planting $50 worth of seeds in her garden. Once the seeds have grown into tomatoes, she can sell them for $150 at thefarmer's market. Which statement is true?O Opportunity cost of growing tomatoes is $50 and she can earn an economic profit of $25.O Opportunity cost of growing tomatoes is $125 and she can earn an economic profit of $100,Opportunity cost of growing tomatoes is $50 and she can earn an accounting profit of $25.O Opportunity cost of growing tomatoes is $125 and she can earn an accounting profit of $100,

Given: Piano lessons per hour=$25 Sale of tomatoes=$150

Your aunt gives piano lessons for $25 per hour. She also can grow tomatoes, which she can arrange and sell at the local farmer's market. One day she spends 5 hours planting $50 worth of seeds in her garden. Once the seeds have grown into tomatoes, she can sell them for $150 at the farmer's market. Which statement is true? Opportunity cost of growing tomatoes is $50 and she can earn an economic profit of $25. O Opportunity cost of growing tomatoes is $125 and she can earn an economic profit of $100, O Opportunity cost of growing tomatoes is $50 and she can earn an accounting profit of $25. O Opportunity cost of growing tomatoes is $125 and she can earn an accounting profit of $100,

Your aunt gives piano lessons for $25 per hour. She also can grow tomatoes, which she can arrange and sell at the local farmer's market. One day she spends 5 hours planting $50 worth of seeds in her garden. Once the seeds have grown into tomatoes, she can sell them for $150 at the farmer's market. Which statement is true? Opportunity cost of growing tomatoes is $50 and she can earn an economic profit of $25. O Opportunity cost of growing tomatoes is $125 and she can earn an economic profit of $100, O Opportunity cost of growing tomatoes is $50 and she can earn an accounting profit of $25. O Opportunity cost of growing tomatoes is $125 and she can earn an accounting profit of $100,

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Suppose that Sandy can produce 10 economic reports or make 2 sales calls. Suppose Tim can produce 2 economic reports or make 1 sales call. Which of the following is CORRECT? The opportunity cost for Tim of producing one sales call is 1/2 of an economics report. The opportunity cost for Sandy of producing one sales call is 10 economics reports. The opportunity cost for Sandy of producing one economics report is 1/5 of a sales call. The opportunity cost for Tim of producing one economics report is 2 sales calls.
10. What is an opportunity cost? Give an example from class or make up your own. Definition: Example:
I am struggling with the graphs
1. Ramon and Sammy are working on a group homework assignment. The homework consists of a set of essay questions and a set of questions on graphing models. Ramon can finish an essay question in about 15 minutes and a graphing question in about 30 minutes. Sammy can finish an essay question in about 20 minutes and a graphing question in about 35 minutes. Assume that Ramon and Sammy produce the same quality answers. Calculate Ramon and Sammy's opportunity cost of each task. Please round each answer to the nearest tenth. a. Ramon’s opportunity cost of completing an essay question:____ graphing questions b. Ramon’s opportunity cost of completing a graphing question:_____essay questions c. Sammy’s opportunity cost of completing an essay question:___ graphing questions d. Sammy’s opportunity cost of completing a graphing question:___essay questions 2. If the two want to specialize in working on their homework, who should do the essay questions and who should do the…
Suppose that you own a house. What is the opportunity cost of living in the house? O The opportunity cost is the cost of your monthly mortgage payment plus bills. O The opportunity cost is the rent you could have received from a tenant if you didn't live there. O There is no opportunity cost unless you could set up a business in the house. O There is no opportunity cost because you own the house.
Vicky currently produces corn and beef at point A in the graph. Use the graph to complete the following sentence. Vicky's marginal cost of producing an additional unit of corn is O A. 40 units of beef OB. 40/5 units of beef O C. 5/40 units of beef O D. 6 units of beef O 60- Beef (units) 40 ģ PPF 10 12 Corn (units) >>> Click on the graph to work out the answer. Q
Steffie's Stationary Services can produce cards and tablets. The daily production possibilities for the two products are shown below. Steffie's Stationary Services Production Possibilities (daily) Combination Cards Tablets A 150 0 B 140 10 C 120 20 D 90 30 E 50 40 F 0 50 If a card sells for $1, Steffie's Stationary Services will need a price per tablet of $ produce 50 tablets. in order to
Bill and Melinda work for a firm that creates web pages and apps. The number of web page designs and apps each can produce in a week is given in the table below. Output per Week web pages designed apps created Bill 3 12 Melinda 2 4 Melinda’s opportunity cost of designing one web page is: Group of answer choices designing 2 apps designing 3 apps designing 4 apps designing 5 apps
On the following graph, use the blue line (circle symbol) to plot Nick's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Rosa's PPF. Nick and Rosa are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest. Corn Rye Nick 12 3 Rosa 15 5 (ROSA OR NICK) has an absolute advantage in the production of corn, and (ROSA OR NICK) has an absolute advantage in the production of rye. Nick's opportunity cost of producing 1 bushel of rye is__________bushels of corn, whereas Rosa's opportunity cost of producing 1 bushel of rye is_________ bushels of corn. Because Nick has a(HIGHER OR LOWER) opportunity cost of producing rye than Rosa, (NICK OR ROSA) has a comparative advantage in the…
Two neighboring island nations, Seychelles and Mauritius, produce iPad's, coffee, or a combination of both. Suppose that they each have 4 million labor hours available per week for production. The following table gives the amount of each product that can be produced using one hour of labor: Country Mauritius Seychelles Mauritius' opportunity cost of produing 1 iPad is iPads (per hour of labor) 12 of coffee. Therefore, 8 Initially, suppose Mauritius uses 1 million hours per week to produce iPads and 3 million hours per week to produce coffee, while Seycheles uses 3 million hours of labor per week to produce iPads and 1 million hours per week to produce coffee. Consequently, Mauritius produces 12 million iPads and 72 million pounds of coffee, and Seychelles produces 24 million iPads and 32 million pounds of coffee. Assume there are no other countries willing to trade with them. So, if Mauritius and Seychelles don't trade with each other, they can only consume what they can produce using…
Mountain Mack and Big Lake Bob spend their time carving fishing lures and duck decoys. The table below shows their production possibilities schedules, which describe various combinations of fishing lures and duck decoys they each can carve efficiently in a week. Production Possibilities Schedules Mountain Mack Big Lake Bob Fishing Lures Duck Decoys Fishing Lures Duck Decoys 8 9 8 4 16 50 40 30 20 10 e 24 32 40 140 115 90 65 40 0 50 fishing lures and 40 duck decoys 140 fishing lures and 20 duck decoys a. If Mountain Mack splits his week evenly between carving fishing lures and duck decoys, what is the maximum number of fishing lures and duck decoys could he corve? 25 fishing lures and 20 duck decoys 20 fishing lures and 25 duck decoys 12 16 20 70 fishing lures and 10 duck decoys 10 fishing lures and 70 duck decoys 20 fishing lures and 140 duck decoys 140 fishing lures and 20 duck decoys b. If Big Lake Bob splits his week evenly between carving fishing lures and duck decoys, what is the…
3. Evaluating opportunity costs Janet and Felix need to decide which one of them will take time off from work to complete the rather urgent task of changing the brakes on their car, Janet is pretty good at car repairs; she can change the brakes in 30 minutes. Felix is somewhat slow; it takes him 5 hours to change the brakes. Janet earns $160 per hour as a psychlatrist, while Felix earns $20 per hour as a cobbler. Keeping in mind that either Janet or Felx must take time off from work to change the brakes, who has the lowest opportunity cost of completing the task? O Janet and Felix face equal opportunity costs O Felix O Janet