User Account

All Pages

Will mary take the bus or the plane which will michele taken

Assignment Help Microeconomics
Reference no: EM13316417

A bus ticket between two cities costs $50 and the trip will take twenty-eight hours, whereas an airplane ticket costs $300 and takes three hours. Mary values her time at $12 per hour, and Michele values her time at $8 per hour. Will Mary take the bus or the plane? Which will Michele take? Explain.

Reference no: EM13316417

Questions Cloud

What is the principal-agent problem : What is the principal-agent problem? When will the principal-agent problem be most severe? Why might there be a principal-agent problem between the stockholder-owners and the managers of a large corporation?
Explain why firms that are making zero economic profit are : What is economic profit? How might it differ from accounting profit? Explain why firms that are making zero economic profit are likely to continue in business.
Who will have the more elastic demand for yogurt : Sue loves ice cream but cannot stand frozen-yogurt desserts. In contrast, Carole likes both foods and can hardly tell the difference between the two. Who will have the more elastic demand for yogurt?
A consumer is currently purchasing three pairs of jeans and : A consumer is currently purchasing three pairs of jeans and five T-shirts per year. The price of jeans is $30, and T-shirts cost $10. At the current rate of consumption, the marginal utility of jeans is 60, and the marginal utility of T-shirts
Will mary take the bus or the plane which will michele taken : A bus ticket between two cities costs $50 and the trip will take twenty-eight hours, whereas an airplane ticket costs $300 and takes three hours. Mary values her time at $12 per hour
What conditions must be met for buyers to bear the full : What conditions must be met for buyers to bear the full burden of a tax? What conditions would cause sellers to bear the full burden? Explain.
What impact will a meaningful price floor have on the : To be meaningful, a price ceiling must be below the market price. Conversely, a meaningful price floor - must be above the market price. What impact will a meaningful price ceiling have on the quantity exchanged
What will happen to the quality and future availability : What is the difference between a price ceiling and a price floor? What will happen if a price ceiling is imposed below the market equilibrium? If a price ceiling for a good is set below the market equilibrium
The incentive of landlords to maintain their properties : Suppose that college students in your town persuaded the town council to enact a law setting the maximum price for rental housing at $200 per month.

Reviews

Write a Review

Microeconomics Questions & Answers

  Explain how is the human development index calculated

Which variables are included and how are they combined What are the Millennium Development goals Who established them What are the targets for poverty and hunger and which regions are "off track" for this goal

  Change balance of fixed and variable costs

Select an organization that has a high fixed cost and low variable cost balance to run its operations. Explain and discuss the balance of fixed and variable costs for the organization.

  Consider the following ricardian model

Consider the following Ricardian model.

  Indicate what policies can be pursued in each case

Identify and describe the four sources of unemployment and the four types of unemployment. For each type of unemployment, indicate if public policy can be used to reduce the incidence of that kind of unemployment, and if so, indicate what policies..

  Identify two microeconomics and two macroeconomics principle

Identify two microeconomics and two macroeconomics principles or concepts from the simulation. Explain why you have categorized these principles or concepts as macroeconomic or microeconomic.

  Identify the benets and costs of the firm

Suppose that after graduation you take a job with an employer that oers to pay full tuition for employees wishing to return to school to get an MBA degree during non-work hours. You are not required to continue working for the rm a..

  Compute the marginal rate of substitution of apples

Compute the marginal rate of substitution of apples for bananas using the marginal utilities. Compute the value of the MRS at (2,4) and at (1, 16).

  Ramifications of private money

Assume that a new law stated that any person could print their own money. Determine what kind of changes would come about in daily commercial transactions as a result of such a law?

  Production decisions in short run

You've been hired by an unprofitable firm to determine whether it should shut down its unprofitable operation. Help the management of the firm as to whether or not it should continue to operate at a loss?

  Pricing factors of production-economic rent

Three machines are employed in isolated area. They each produce 2,000 units of output per month, the first requiring $20,000 in raw materials, the second $25,000, and third $28,000.

  Evaluate your opportunity cost

Label the points representing choice C and choice D. If you are at choice C, what is your opportunity cost of increasing your chemistry score?

  West virginia university whishes to start an endowment

An Alumnus of West Virginia University whishes to start an endowment that will provide scholarship money of $40,000 per year beginning in year 5 and continuing indefinitely. The donor plans to give money now and for each of the next 2 years. If..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd