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You can either spend spring break working at home in Alabama for $200 a day for five days, or you can spend the week in Costa Rica where travel expenses will total $700 (food, hotel, and a plane ticket.) What is the opportunity cost of the trip to Costa Rica?
Suppose Ben has a utility function U(x,y)= 4 * x^(0.5) * y^(0.8) The price of x is 2 dollars and the price of y is also 2 dollars. Explain WITHOUT USING ANY MATH AT ALL, just in a few words, which good is consumed more. Does Ben buy more x than y.
the manager of a local sporting goods store and recently purcahsed a shipment of 60 sets of skis and ski bindings ta a total cost of $30,000 (your wholesale supplier would not let you purcahse the skis and bindings seperately, nor would it let yoo..
Suppose the number of points on an economics midterm (P) can be characterized by the following production function: P = 10H-4B where H is the number of hours spend studying and B is the number of beers in the week prior to the midterm.
The supply curve for product X is given by QXS = -520 + 20PX . a. Find the inverse supply curve. P = + Q b. How much surplus do producers receive when Qx = 400? When Qx = 1,200
Suppose that you believe the fundamental value of Wal-Grey stock is about to rise from $50 to $100 because of its new management team. You have $20,000 that you can risk in the market, where the market interest rate is 6%. You can think of four po..
The theoretical background and hypothesis and the methodology section and What is the theoretical basis for answering the research question? That is, what are the arguments, given the existing theories, about how you key independent variable "X" i..
A purchasing agent for a trucking company is shopping for replacement tires for their trucks from two suppliers. The suppliers' prices are the same. However, Supplier A's tires have an average life of 60,000 miles with a standard deviation of 10,0..
Income Savings I(planned) Consumption 200 -20 60 400 0 60 600 20 60 800 40 60 1000 60 60 1. Fill in the last column. 2. The equilibrium level of income in this example is 3. According to this data, the marginal propensity to consume is .
A monopolist produces according to the following demand curve: p=200 - 4Q. Assume that the firm faces a constant marginal cost and constant average total cost of 60 per unit produced. A.calculate the optimal output that this monopolist should produ..
You estimate the operating expenses, including taxes, will be $45,000 for the first year and that they will increase by $3000 each year thereafter. You also estimate that razing the building and selling the lot on which stands will realize a net a..
A special power tool for plastic produces costs 400, has a 4 year useful life, no salvage value and a 2-year-before tax payback period. Assume uniform annual end of the year benefits. A. Compute the before tax rate of return
Is demand elastic or inelastic in the $4-$6 price range How do you know (b.) If the table represents the demand faced by a monopoly firm, then what is that firm's marginal revenue as it increases output from 100 units to 300 units
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