Are their opportunity costs of playing tennis different

Assignment Help Microeconomics
Reference no: EM13182938

A doctor earns $250,000 per year, while a professor earns $40,000. They play tennis against each other each Saturday morning, each giving up a morning of relaxing, reading the paper, and playing with their children. They could each decide to work a few extra hours on Saturday and earn more income. But they choose to play tennis or to relax around the house. Are their opportunity costs of playing tennis different?

Reference no: EM13182938

Questions Cloud

Development of the skyscraper-entral political goal in 1898 : The major factor in drawing country people off the farms and into the big cities was the development of the skyscraper.  availability of industrial jobs.  The National American Woman Suffrage Association achieved its central political goal in 1898...
Ow much tax will the government raise : Suppose the government imposes the following kind of sales tax: there is no tax for selling the first 35 units, but for selling every uinit beyond the thirty-fifth unit, the seller has to pay the government an additional $12. What is the new optim..
What is the monopolists optimal price and quantity : Consider another policy where the government could impose a price ceiling p on the monopolist. If the government were interested in maximizing social surplus, what would be the optimal value of p when considered from the point of view of the gover..
What are the purposes of inflation targeting : A. Assume that ? = 1. What is the real interest rate, equilibrium level of output, consumption, planned investment, and net exports? B. Suppose the Fed increases r' to r' = 2. Calculate what happens to the real interest rate, equilibrium level of ..
Are their opportunity costs of playing tennis different : A doctor earns $250,000 per year, while a professor earns $40,000. They play tennis against each other each Saturday morning, each giving up a morning of relaxing, reading the paper, and playing with their children. They could each decide to work ..
What is the consumer-producer and total surplus : A firm is the only seller of the same good in two markets, market 1 and market 2. The inverse demand in market 1 is p1 = 200 ? q1, and the inverse demand in market 2 is p2 = 100 ? 2q2. The marginal cost of production is constant and equal to 40. t..
What defensive open market operation will manager undertake : If the manager of the open market desk hears that a snowstorm is about to strike New York City, making it difficult to present checks for payment there and so raising the float, what defensive open market operations will the manager undertake?
How does the fed have goal independence : How does the federal reserve have a high degree of instrument independence? If it has a specific mandate from Congress to achieve "maximum employment and low, stable prices," then how does the Fed have goal independence?
Develop a linear programming model : A rental car company has an imbalance of cars at seven of its locations. The following network shows the locations of concern (the nodes) and the cost to move a car between locations. A positive number by a node indicAtes an excess supply at the n..

Reviews

Write a Review

Microeconomics Questions & Answers

  Discussion on economics

Discuss why will voluntary actions, undertaken at individual level, be unlikely to bring about significant decrease in greenhouse gases such as CO(2)?

  Which entree should he choose to put on sale

A $2.50 decrease in the price of the $17 salmon entrée increased sales from 40 to 75 meals per week. Which entree should he choose to put on sale?

  What is total u.s. government revenue

What is total U.S. government revenue from the tariff and if trade opens up, what will be the quantity of U.S. imports?

  How many mri tests are now demanded

Health plan guaranteeing that all qualified participants can purchase MRI tests at an effective price to the individual of $100 per test.  How many MRI tests are now demanded?  Is the result in the market a surplus or shortage?

  Find the total cost of volumes

The average total cost of operating a clinic is $800 per patient if the volume is one hundred patients, and $790 each patient if the volume is 110 patients. Find the total cost at each of these two volumes?

  Test the null hypothesis

Test the null hypothesis that each individual coefficient is equal to zero against the alternative that it is not, at the 5% significance level and comment on your findings

  Briefly list and elaborate on the factors of demand

Briefly list and elaborate on the factors that will be affecting the demand for the following products in the next several years. Do you think these factors will cause the demand to increase or decrease?

  University pricing strategy

What market structure best characterizes the market in which universities compete? How does this structure influence the university's pricing strategy?

  Type of handling system for highest percentage labor cost

In which type of handling system is labor cost generally the highest percentage? mechanized semiautomated automated information-directed

  Determining total cost problem-cost per unit

Company A plans to produce 300,000 units next year, the production budget is: Compute the total cost and cost per unit when the unit production is changed to 315,000 units.

  Determining optimal price

Imagine that you are the manager of a gas station and your goal is to maximize profits. According to your past experience, the elasticity of demand by Texans for a car wash is -4,

  Explain changes occur to demand, supply & quantity demanded

The Wall Street Journal reported that recent law school graduates were having a very difficult time getting jobs in the legal profession. Many law schools said that ten to 20% of their graduates still had not found jobs.

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!

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