A city wants to set the price of admission to the ice castle so that everyone can afford to see the attraction. They set the price of admission at $10 but people can sell the same tickets for $35 or more on the black market. The true cost (i.e., opportunity cost) in dollars to someone going to the ice castles is at least: A.25 B.35 C.10 D.45
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A city wants to set the price of admission to the ice castle so that everyone can afford to see the attraction. They set the price of admission at $10 but people can sell the same tickets for $35 or more on the black market. The true cost (i.e.,
A.25
B.35
C.10
D.45
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- Suppose that MASU managed to get Olivia Rodrigo to play a concert at Convocation Hall. Tickets cost $600. At the same time, Gheorghe Zamfir (The Master of the Pan Flute) is playing in Brunton Auditorium. Tickets cost $50. You've always wanted to see Zamfir, and consistently told your friends that you would pay up to $250 to see him in concert. What is your economic cost of going to the Olivia Rodrigo concert? Please provide your answer in monetary terms and show your reasoning.Suppose the National Football League (NFL) wants to make Super Bowl tickets affordable for more football fans. The league therefore sets the price of a Super Bowl ticket below what is generally considered a fair market price. Suppose the price of a ticket for a regular seat at the Super Bowl is set at just $500. People who have tickets, however, can turn resell them online for $2,500 each, or more. If there are no transaction costs associated with online sales of Super Bowl tickets, the true cost to a fan of attending the Super Bowl is:There are about 2500 leather wallets available in a country. When the price of these wallets is raised to $3000, economists believe that people may not be willing to buy them. On the other hand, if the price is decreased to $0, the 2500 leather wallets will be sold out. However, no producers will be willing to sell them at $0. If the price is set to $1000, producers will be willing to sell all 2500 leather wallets. Create the demand and supply equation for the leather wallets based on the given information.
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- Suppose that you are president of the student government, and you have to decide how to allocate a $20,000 fund for guest speakers for the year. Conan O’Brien and Will Ferrell each cost $10,000 per appearance, Stephen Colbert costs $20,000 per appearance, and former economic advisers to the government charge $1,000 per lecture. Explain the economic problem of choice and scarcity in this case. What issues would you consider in arriving at a decision?Continental Mobile offers an optional call package whereby each month the subscriber gets the first 50 minutes free, the next 100 minutes at $0.25/min, and any additional time at the normal rate of $0.50/min. What is the opportunity cost of making an additional 20 minutes of calls for a subscriber who currently makes A) 40 minutes each month? B) 140 minutes each month?You and other college students are deciding whether to major in music or engineering. You learn that there is a shortage of engineers, making it easy for engineering graduates to find employment, while there is a glut of musicians for whom finding a job is difficult. As a result, you and many other college students decide to major in engineering. Which economic principle does this illustrate? a) Markets tend to move towards equilibrium as individuals respond to incentives. b) Government intervention can improve efficiency when there is a market failure. c) Changes in incentives are unlikely to change the decisions people make. d) Individuals do not normally take into account the decisions of other individuals.
- The scenarios each illustrate the principle of economics. Match each scenarios with the principle that best fits it You are currently in a labeling module. Turn off browse mode or quick nav, Tab to items, Space or Enter to pick up, Tab to move, Space or Enter to drop. On Black Friday, there are huge sales for electronics at many retail stores. David must decide between buying a camera at one store and buying a flat-screen TV at another store and buying one means he will lose the ability to purchase the other.An educational software company wants to expand the number of economics questions that it offers and is considering hiring another economist. It compares how much adding another worker will improve the product with the additional cost.To entice students to keep themselves up to date with economic current events, an instructor offers extra credit to students for participating in an online discussion forum, and this sparks a lively debate about environmental policy.…Using an economic point of view, please describe and explain the following two situations: Describe how you might determine the economically efficient number of exit doors on an airline, or the economically efficient number of safety marshals assigned to an airline flight. In 1938, the FDA was given the authority to require drug manufacturers to test and prove the safety of their product before distribution. What are some opportunity costs of this decision?Popcorn at the movies is $6 a bag. Candy at the movies is $2 a box. The opportunity cost of one bag of popcorn is decreases to $4 a bag - there's a special sale on popcorn, then the new opportunity cost for a bag of popcorn is now decreased, the opportunity cost of the next best alternative (in this case, candy) was less, therefore consumers are boxes of candy. If the price of popcorn boxes of candy. When the price of popcorn likely to purchase popcorn at the lower price. A) two; three; less B) two; three; more C) three; two; less D) three; two: more