Tom decides to go to a wild fraternity party and stays out

Assignment Help Microeconomics
Reference no: EM13319453

For each of the following situations, identify the full cost (opportunity cost) involved:

a. A worker earning an hourly wage of $8.50 decides to cut back to part-time to attend Houston Community College.

b. Sue decides to drive to Los Angeles from San Francisco to visit her son, who attends UCLA.

c. Tom decides to go to a wild fraternity party and stays out all night before his physics exam.

d. Annie spends $200 on a new dress.

e. The Confab Company spends $1 million to build a new branch plant that will probably be in operation for at least 10 years.

f. Alex’s father owns a small grocery store in town. Alex works 40 hours a week in the store but receives no compensation.

Reference no: EM13319453

Questions Cloud

Determine which should be the tangent function : in the first couple steps you are using the sine function to derive that the interior triange BCG is a right triangle. However, the sine function, by definition, is opposite divided by hypotenuse.
People who drive hybrid automobiles recycle their trash more : People who drive hybrid automobiles recycle their trash more than people who do not drive hybrids. Therefore,recycling trash causes people to drive hybrid automobiles.
Explain which salt to dissolve readily in acidic solution : Which salt would you expect to dissolve readily in acidic solution. calcium phosphate, Ca3(PO4)2 calcium sulfate, CaSO4 Calculate K for the reaction of H3O+ with the PO43- anion. Calculate K for the reaction of H3O+ with the SO42- anion.
An irac method of case study analysis : An IRAC method of case study analysis
Tom decides to go to a wild fraternity party and stays out : The Confab Company spends $1 million to build a new branch plant that will probably be in operation for at least 10 years.Alex’s father owns a small grocery store in town. Alex works 40 hours a week in the store but receives no compensation.
Comprise a smart business network : Identify and analyzes the key characteristics that comprise a smart business network and how do these characteristics better enable organizations and processes to respond to change?
Which material will be cheaper if you want factor of safety : A structural tension member of 10 ft. long with a square cross-section is subjected to a load of 120,000 lb. There is a choice between an aluminum alloy and structural steel, with the following information given for each.
Determine the angle of twist of gears a and c : The 60mm diameter shaft ABC is supported by two journal bearings, while the 80mm diameter shaft EH is fixed at E and supported by a journal bearing at H. If T1= 2 kN*m and T2= 4 kN*m
Explain ha is a weak monoprotic acid : If 67.0 mL of 0.119 mol/L NaOH(aq) and 35.0 mL of 0.193 mol/L HA(aq) are mixed, then what is [HA] at equilibrium? Assume that HA is a weak monoprotic acid with pKa=6.23 at 25oC.

Reviews

Write a Review

 

Microeconomics Questions & Answers

  Has the monopoly been cited for monopoly behavior

Discuss the current monopoly to provide a brief overview of the company. How did the monopoly arise Did the monopoly increase barriers to entry Does the company behave like a monopoly or more like a competitive firm

  Explain what negative externalities are

Explain what negative externalities are, and why there may be a case for government intervention to address them. Describe some of the ways to correct the negative externalities and the pros and cons of each method.

  What happened to the market since coal is homogenous

the oil price schok of 1980 sent gasoline prices sharply higher. Coal prices moved in sympathy with oil prices, with the result, that coal companiesearned pure economic profits. Since coal is homogenous good and the market is competitive , what ha..

  Describe briefly a market in an important product

Describe briefly a market in an important product, resource or service in which demand and supply is not mediated through price mechanism. What alternative mechanism is used to allocate the scarce resource or product in this market [Hint, one such..

  Computing expected profit of new system

The Apollo Products Company currently collects all of its customer payments in Detroit. By going to a new lock box system with boxes in Los Angeles, Boston, and Atlanta, Apollo Products can reduce the total time it takes to convert customer paymen..

  Perfect competition-cost curves

When developing short-run cost curves, it is supposed that all firms in perfect competition have the same cost curves and they all make identical short-run profits or losses.

  What should he charge for good

A price discriminating monopolist produces two products that exhibit the following price elasticities of demand and does anybody can have a dominant strategy? Explain.

  How to use third degree price discrimination

Cinema Theater has estimated the following demand functions for its movies: Daytime demand, QD = 400 - 50 PD Nighttime demand, QN = 200 - 20 PN The marginal cost of serving another customer is $5 and its fixed costs are $100.

  Question about marginal benefit curves

When negative or positive externalities exist economists say that market has unsuccessful to make the right amount of the good at the right price. What do economists mean through this?

  How would they allocate workers to the two sectors

Suppose the two countries are not trading and that both desire to have equal numbers of feet of timber and baskets of fruit. How would they allocate workers to the two sectors?

  Estimating stage 2 of production function

Given the Production Function: Q = 21X + 9X2 - X3, where Q = Output, and X = Input . At what value of X does Stage II of the production function begin?

  Indicate the probable motivation for rpm

The fashion (clothing), consumer electronics, fine fragrance industries are knwon to practice or have practiced resale price maintenance. In each case,indicate the probable motivation for RPM and the likely welfare consequences.

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