Economics Today and Tomorrow, Student Edition
1st Edition
ISBN: 9780078747663
Author: McGraw-Hill
Publisher: Glencoe/McGraw-Hill School Pub Co
expand_more
expand_more
format_list_bulleted
Question
Chapter 4.1, Problem 3R
To determine
To Discuss: Importance and usefulness of Credit Card.
Expert Solution & Answer
Explanation of Solution
Below are the various decisions to use credit card:
- Credit card is best convenience to be fully paid within same billing cycle
- To look over credit card purchases regularly
- To keep a close eye on credit card report history
- Not to use credit card at near ATM’S or Casinos
Economics Concept Introduction
Introduction:
Credit card allows to borrow money against the line of credit, knows as the credit card limit. In this the bank decides the credit limit based on the credit card history. Credit card offers additional insurance on purchases and can make it easier to request a refund or a return.
Credit card is a measure of a person’s ability to pay back her debt on time, which is described in a credit history compiled by a credit bureau and expressed by a three-digit number called a credit score.
Chapter 4 Solutions
Economics Today and Tomorrow, Student Edition
Ch. 4.1 - Prob. 1RCh. 4.1 - Prob. 2RCh. 4.1 - Prob. 3RCh. 4.1 - Prob. 4RCh. 4.1 - Prob. 5RCh. 4.1 - Prob. 6RCh. 4.2 - Prob. 1RCh. 4.2 - Prob. 2RCh. 4.2 - Prob. 3RCh. 4.2 - Prob. 4R
Ch. 4.2 - Prob. 5RCh. 4.3 - Prob. 1RCh. 4.3 - Prob. 3RCh. 4.3 - Prob. 4RCh. 4.3 - Prob. 5RCh. 4.4 - Prob. 1RCh. 4.4 - Prob. 2RCh. 4.4 - Prob. 3RCh. 4.4 - Prob. 4RCh. 4.4 - Prob. 5RCh. 4 - Prob. 1AACh. 4 - Prob. 2AACh. 4 - Prob. 3AACh. 4 - Prob. 4AACh. 4 - Prob. 5AACh. 4 - Prob. 6AACh. 4 - Prob. 7AACh. 4 - Prob. 8AACh. 4 - Prob. 9AACh. 4 - Prob. 10AACh. 4 - Prob. 11AACh. 4 - Prob. 12AACh. 4 - Prob. 13AACh. 4 - Prob. 14AACh. 4 - Prob. 15AACh. 4 - Prob. 16AACh. 4 - Prob. 17AACh. 4 - Prob. 18AACh. 4 - Prob. 19AACh. 4 - Prob. 20AACh. 4 - Prob. 21AACh. 4 - Prob. 22AACh. 4 - Prob. 23AACh. 4 - Prob. 24AACh. 4 - Prob. 25AACh. 4 - Prob. 26AACh. 4 - Prob. 27AACh. 4 - Prob. 28AACh. 4 - Prob. 29AA
Additional Business Textbook Solutions
Find more solutions based on key concepts
A case study in this chapter discusses the federal minimum-wage law. a. Suppose the minimum wage is above the e...
Principles of Economics (MindTap Course List)
(Preferred stock valuation) What is the value of a preferred stock when the dividend rate is 16 percent on a $1...
Foundations Of Finance
10-10 What challenges do managers face in managing global teams? How should those challenges be handled?
Fundamentals of Management (10th Edition)
1. Based on the descriptions and analyses in this chapter, would Boeing be better described as a global firm or...
Operations Management
(Record inventory transactions in the periodic system) Wexton Technologies began the year with inventory of 560...
Financial Accounting (12th Edition) (What's New in Accounting)
29. What items are disclosed on a post-closing trial balance. What is its purpose?
Financial Accounting: Tools for Business Decision Making, 8th Edition
Knowledge Booster
Similar questions
- The Firm's Output Decision (Study Plan 12.2) Use the following table to work Problems 4 to 6. Pat's Pizza Kitchen is a price taker. Its costs are Output (pizzas per hour) Total cost (dollars per hour) 0 10 1 21 2 30 3 41 4 54 5 69 4. Calculate Pat's profit-maximizing output and economic profit if the market price is (i) $14 a pizza. (ii) $12 a pizza. (iii) $10 a pizza. 5. What is Pat's shutdown point and what is Pat's economic profit if it shuts down temporarily? 6. Derive Pat's supply curve.arrow_forwardUse the following table to work Problems 27 and 28. ProPainters hires students at $250 a week to paint houses. It leases equipment at $500 a week. The table sets out its total product schedule. Labor (students) 1 Output (houses painted per week) 2 23 5 3 9 4 12 5 14 6 15 27. If ProPainters paints 12 houses a week, calculate its total cost, average total cost, and marginal cost. At what output is average total cost a minimum? 28. Explain why the gap between ProPainters' total cost and total variable cost is the same no matter how many houses are painted.arrow_forwardUse the following table to work Problems 17 to 20. The table shows the production function of Jackie's Canoe Rides. Labor Output (rides per day) (workers per day) Plant 1 Plant 2 Plant 3 Plant 4 10 20 40 55 65 20 40 60 75 85 30 65 75 90 100 40 75 85 100 110 Canoes 10 20 30 40 Jackie's pays $100 a day for each canoe it rents and $50 a day for each canoe operator it hires. 19. a. On Jackie's LRAC curve, what is the average cost of producing 40, 75, and 85 rides a week? b. What is Jackie's minimum efficient scale?arrow_forward
- Not use ai pleasearrow_forward1. Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer. State the condition for a consumer's utility maximizing choice and illustrate graphically. 2. Consider the following table of long-run total costs for three different firms: Quantity Total Cost ($) Firm A Firm B Firm C 1 60 11 21 2 70 24 34 3 80 39 49 4 90 56 66 5 100 75 85 6 110 96 106 7 120 119 129 Does each of these firms experience economies of scale or diseconomies of scale? Explain your answer with necessary calculations.arrow_forwardRiaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer.State the condition for a consumer's utility maximizing choice and illustrate graphically.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSON
Engineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage Learning
Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education