If a company could make either 10 trucks and 20 cars or 5 trucks and 30 cars, your opportunity cost of making the second choice would be five trucks O there is no opportunity cost in this example O thirty cars O ten cars
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Question 39
If a company could make either 10 trucks and 20 cars or 5 trucks and 30 cars, your
five trucks
O there is no opportunity cost in this example
O thirty cars
O ten cars
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- The total cost of Mr. Plow, a snow-removal business, is given in the table below. Quantity adriveways cleared) Abbreviation Formula: Total Revenue TR Total Cost TC $0 $25 20 30 40 50 60 70 80 34 41 46 49 51 54 60 70 95 145 10 100 What is the total profit of cleaning five driveways if the price Mr. Plow can charge is $10 per driveway? s 01/21 VIEW sOLUTION O OF 21QUESTIONS COMPLETED 28 MacBook Pro 59Actions Events E1 E2 E3 E4 A1 8 -10 6. A2 -4 12 18 -2 АЗ 14 8 Find the best action under each of the 5 decision criteria. a. Expected Monetary Value b. Expected Opportunity Loss с. Маximax d. Maximin e. Minimax Regret Rule 1.Principles of Economics S1 20/21 n 6 Quiz navigation Suppose the cost of operating a 75 room hotel for a night is $6,000 and there are 5 empty rooms for tonight. If the marginal cost of operating one room for one night is $40, the hotel manager should rent one of the 1. 2. 4 red empty rooms only if a customer is willing to pay d out of 10 11 12 13 14 O a. more than $40, as the average benefit will exceed the marginal cost. 9 question 19 20 O b. more than $80, as the marginal benefit will exceed the marginal cost. Finish attempt.. WEE C. more than $40, as the marginal benefit will exceed the marginal cost. Time left 0:27:12 d. more than $80, as the average benefit will exceed the marginal cost. Next page evious page 3.
- Van is a skilled toymaker who is able to produce both boats and balls. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Choice A B с D E Hours Producing (Boats) 8 6 4 2 0 Produced (Balls) (Boats) (Balls) 0 4 0 11 16 19 20 2 4 6 8 3 2 1 0The concept of opportunity cost is that the economic cost of using a factor of production is the alternative use of that factor that is given up. O the cost of production varies depending on the opportunity for technological application. O taking advantage of investment opportunities involves costs. O in a market economy, taking advantage of profitable opportunities involves some money cost.Use the diagrams to answer the following questions. Price and cost 20- 18 16- 14- 12 10 8 6 4 2+ o Market 1 488888 MC NO₂ MR 40 55 an in en nn minn Price and cost 20- 18- 16- 14 12- 10- 8- 6- 4- 2- 0 Market 2 0000000 MC NMR Annnnn in ED ORA on noinn If the firm wants to maximize profits, what price will it charge in Market 1, and what quantity will it sell? The firm will charge a price of $ using integers). Q and will sell a quantity of units. (Enter numeric responses
- ompleted 14 out of 20 stion 15 of 20 > A network good is one where the number of other users of the good. cost to the user rises if there is a large cost to the user falls if there is a small O benefit to the user falls if there is a large O benefit to the user rises if there is a large LAPTOP LOGIN acer USERNAME: student PASSWORD: Broward1Alexandra's Production Possibilities Schedule Number of Scarves Knitted per Day 0 3 6 9 12 Multiple Choice O 1/2 of a scarf 1/3 of a scarf 2 scarves Number of Sweaters Knitted per Day 3 scarves 4 3 What is the maximum a sweater would be traded for in this example? 2 1 0 Natalia's Production Possibilities Schedule Number of Scarves Number of Sweaters. Knitted per Day Knitted per Day 0 2 4 6 8 0 4 3 2 1 0In the graph, what is the sum of conSUmer and producer sumpla 18 140 12- 2- 10 15 20 Quartity O $30 O $140 O $50 O SO Price 10
- apter 1 Connect Activity i 6 eBook The table below shows Lanark's production possibilities. Wheat Cars A 0 51 B 50 49 C 88 44 D 114 34 27 E 126 19 F 131 0 a. If Lanark is producing 39 cars, it can produce approximately b. If Lanark is currently producing combination C, the cost of 26 more wheat is (Click to select) ✓ c. If Lanark is currently producing combination D, the approximate per unit cost of an additional car is necessary, round your answers to 1 decimal place. Remember to round 0.05 up to 010. Saved wheat. (Click to select) IfQue You have decided that you want to attend a renaissance fair as King Henry VIII. You estimate that it will cost $80 to assemble your costume. After spending $80 on the costume, you realize that the additional pieces you need will cost you $20 more. The marginal cost of completing the O $20 $80 O $60 O $100The manager of the donut shop tells you that hesells donuts for $1 each, and that if he were to makeadditional donuts, based on his current level ofoutput, it would cost him $0.80 per donut. Do yourecommend that the manager increase or decreasethe number of donuts he makes?