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If your tuition is? $20,000 this? semester, your books cost? $1,000, you can only work 20 rather than 40 hours per week during the 15 weeks you are taking classes and you make? $10 per? hour, and your room and board is? $5,000 this? semester, what is your opportunity cost of attending college this? semester? Assume that the board and lodging expenses will remain the same even if you do not go to college.
A. $24,000.
B. $26,000.
C. ?$21,000.
D. ?$29,000.
If a 5 percent change in the price of a good leads to a 10 percent change in the quantity? supplied, then the supply of the good is? ________ and the elasticity of supply is? ________.
A. elastic; 0.5
B. ?inelastic; 2.0
C. ?inelastic; 0.5
D. ?elastic; 2.0
The total plant cost for manufacturing CO2 warning devices that have a compact gas detector and a signaling unit is $1,154,400. If the overall cost factor for the plant was 2.61, the delivered equipment cost was closest to:
The Marginal Rate of Product Substitution (MRPS) is the rate that one output must be decreased as production of the other output is increased. The most common form of MRPS is?
Once issued by the parent, It stays which way also all transfer benefits (tax breaks) are lost forever.
As per to the rule for optimal input usage, a firm should hire a person as long as her marginal revenue product is greater than her marginal cost to the company. Elucidate is a company violating the optimality rule.
The marginal cost of a college education is given by the equation MC = ½ Qs + 2, where Qs represents the national student enrolment in millions each year. The demand for a college education is given by the inverse demand function P = -½ Qd + 18. In a..
Efficiency is a central concern in microeconomics because: Which of the following would NOT shift the supply curve for ground coffee beans?
Which of the following is an example of monopoly?
Suppose that a stadium can hold 60,000 people instead of 30,000. If "W" seats are allocated to Wiffle supporters, each can be sold for 20-W/2000. And if "M" seats are allocated to Masher supporters, each can be sold for 24-M/3000. What division of se..
A luxury good is defined as one for which:
Bailey, Inc., is considering buying a new gang punch that would allow them to produce circuit boards more efficiently. The punch has a first cost of $150,000 and a useful life of 15 years. At the end of its useful life, the punch has no salvage value..
Suppose my supervisor tells me to dispose of some regulated toxic substance by dumping it down the drain. In this case part of my problem is that I have been ordered to do something that is potentially injurious to human health and, furthermore, ille..
Suppose there is a firm with two inputs of production, labor (L) and capital (K), with associated prices w and c, respectively. Also assume that the firm faces competitive input and product markets and that the two inputs are gross substitutes in pro..
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