What is his opportunity cost of seeing coldplay

Assignment Help Business Economics
Reference no: EM13998465

Simon is given a free ticket to see Coldplay Saturday night. He already has a ticket to see Sting in concert that night. The Sting ticket cost Simon $50 though he would have paid as much as $80 to go to the show. Simon knows that he can easily sell the Sting ticket on Craigslist for $60. What is his opportunity cost of seeing Coldplay?

Reference no: EM13998465

Questions Cloud

What are some difficulties with fiscal policy approach : What are some difficulties with fiscal policy approach? (Budget deficit, crowding out, time lags) Explain. How an expansionary monetary policy can help fiscal policy in stimulating the economy? Explain.
Michigan economy is in equilibrium with no unemployment : Suppose that, initially, the Michigan economy is in equilibrium with no unemployment. The supply of workers is ES = -1,000,000 + 200w, and the demand for workers is ED = 19,000,000 – 300w, where w = annual wages, and E = number of employed workers. T..
Global impact of development versus relief aid : Consider the recipient's perspective in the global impact of development versus relief aid. Suppose a fixed amount of aid b is given to each worker in a developing country and that donors commit to continue these aid flows indefinitely.
What is his opportunity cost of seeing coldplay : Simon is given a free ticket to see Coldplay Saturday night. He already has a ticket to see Sting in concert that night. The Sting ticket cost Simon $50 though he would have paid as much as $80 to go to the show. Simon knows that he can easily sell t..
Explain how the aggregate expenditure function shifts : Explain how the aggregate expenditure function shifts in response to changes in each of the following variables: a. The real interest rate increases. b. Consumer confidence decreases. c. Higher taxes are imposed on business profits. d. The economies ..
Explain the common interest logic and economic logic : Explain the "common interest logic" and the "economic logic" of group behavior in terms of the likelihood of the success of groups.
What is meant by general equilibrium : Show the relationship between total benefits and total costs when a market economy is in general equilibrium. What is meant by "general equilibrium" and how is it different from "partial equilibrium"?
Socially efficient equilibrium price and quantity of coal : Suppose the inverse demand for coal is estimated to be P = 75 - 0.6Q, where P is the price of coal and Q is the quantity demanded. The supply of coal is given by P = 0.3Q. Suppose coal mining produces an external marginal user cost. This cost equals ..

Reviews

Write a Review

Business Economics Questions & Answers

  How reliable is the internet as a source of information

How reliable is the Internet as a source of information for your research? What are the ways you can validate information that you find on the Internet? Why is this necessary? Use examples from the Information Literacy module you reviewed this week.

  Significantly increased spending on capital goods

A newspaper recently reported that U.S. businesses have significantly increased spending on capital goods. What effect might this trend have on U.S. labor markets?

  Can this design be implemented in social media

A pro-life group wanted to test the effectiveness of an anti-abortion commercial. Two random samples, each of 250 respondents, were recruited in Atlanta. One group was shown the anti-abortion commercial. Then attitudes toward abortion were measured f..

  Explain how many boxes of lettuce should the supermarket

Past history says that tomorrow's demand for lettuce averages 250 boxes with a standard deviation of 34 boxes. Explain how many boxes of lettuce should the supermarket purchase tomorrow.

  Powerfull strategy to make people aware

Advertising is powerfull strategy to make people aware about company products and services and for this case is to emphasize reliability and low price, this effort will help the company to sustain in this area and to develop a customer franchise a..

  What is the present worth of this investment

Arlisle Company has been cited and must invest in equipment to reduce stack emissions or face EPA fines of $19,500 per year. An emission reduction filter will cost $60,000 and will have an expected life of 5 years. Carlisle’s MARR is 9%/year. What is..

  Price of restaurant meal results in drop in quantity demand

A $1.00 increase in the price of a restaurant meal results in a drop in quantity demanded of 5 meals.

  Supply and demand conditions are changing

We are looking at the market place for good ABC. Supply and/or demand conditions are changing. Assume that after these changes occur, the equilibrium price increases while the equilibrium quantity decreases. Now, based on those possible changes suppl..

  What is barbaras gain in consumer surplus

Barbara’s utility for 2 goods X and Y is given by U(x, y) = x^0.6y^0.4. Let I denote income and px and py denote the prices of good X and Y respectively. What is Barbara’s gain in consumer surplus if price of good X decreases from $20 to $15

  Illustrate what happens to demand for beer

Illustrate what happens to the demand for beer if the price of soda falls by 2%. What happens to the demand for beer if consumer income rises by 5%. Be specific.

  What is the true absolute effect

If the unemployed workers in the newly unionized sector spill over into the nonunion sector? How many employees will be hired in that sector? D. What is the union relative wage advantage? What is the true absolute effect?

  Q1 a why does an exporter face a foreign exchange risk how

q1. a. why does an exporter face a foreign exchange risk? how can the exporter hedge its foreign exchange risk?b. what

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