Homework Answers
Option D) Economic Rent of Choice 1 + Economic Rent of Choice 2.
Economic rent is an extra payment made for a factor of production which is land in our example, which is greater than the amount required by the property owner to proceed with the deal. Economic rent is the rent when people have the willingness to pay to the goods and services which are scarce and have perfectly inelastic supply such as land.
So, here, the willingness to pay for choice 1 and choice 2 is
equal to the economic rent of choice 1 and choice 2. So, 
.
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re Consider the following decision problem, where a, b, , and y are real numbers that...
Consider the following four-alternative decision problem, where x and y are real numbers: Alternative WTP Explicit...
Consider the following four-alternative decision problem, where x and y are real numbers: Alternative WTP Explicit Cost Choice 1 Choice 2r- 1 Choice 3r- 2 Choice 4- 3 y+1 Select the correct answer among the choices below. Choice 1 is the best choice Choice 2 is the best choice Choice 3 is the best choice Choice 4 is the best choice The decision maker is indifferent between the four choices
I know Surplus = Willingness to Pay - Explicit Cost, and I know that Opportunity Cost...
I know Surplus = Willingness to Pay - Explicit Cost, and I know
that Opportunity Cost is Explicit Cost + Highest surplus (among
remaining alternatives). Net Economic Benefit is Willingness to Pay
- Opportunity Cost, however, I do not know how to put these all
together to solve for the below problem. Any help would be
appreciated.
(3) Consider the following decision problem, where is a real number and net economic benefits have already been calculated: AlternativeNet Economic Benefit Choice...
1) Which of the following is NOT a step in the managerial decision-making process? A) Determine...
1) Which of the following is NOT a step in the managerial decision-making process? A) Determine the decision alternatives. B) Calculate the payback period. C)Identify the decision problem. D) Evaluate the costs and benefits of the alternatives. 2) A relevant cost is: A) a cost that differs across decision alternatives. B) a cost that is the same regardless of the alternative the manager chooses. C) a cost that has already been incurred. D) the foregone benefit of choosing to do...
Consider the following matrix to the right, where a and b are real numbers: [1 a...
Consider the following matrix to the right, where a and b are
real numbers: [1 a b 2]
A) Calculate its eigenvalues
B) For a = 1, b = 0 calculate its eigenvector
Consider the matrix A where a, b, c are real numbers. In this problem, we consider...
Consider the matrix A where a, b, c are real numbers. In this problem, we consider what the ca cb dimensions of subspaces associated to A could be; these answers may depend on the values of a, b, and c, and we want to see what the possible dimensions are. (a) Could the null space of A be 0-dimensional? 1-dimensional? 2-dimensional? (b) Could the column space of A be 0-dimensional? 1-dimensional? 2-dimensional?
Decision Making by Individuals and Firms-End of Chapter Problem 2. You own and operate a bike...
Decision Making by Individuals and Firms-End of Chapter Problem 2. You own and operate a bike store. Each year, you receive revenue of $200,000 from your bike sales, and it costs you $100,000 to obtain the bikes. In addition, you pay $20,000 for electricity, taxes, and other expenses per year. Instead of running the bike store, you could become an accountant and receive a yearly salary of $40,000. A large clothing retail chain wants to expand and offers to rent...
Please help me with my Economics Homework? 1. For each of the following situations, identify the...
Please help me with my Economics Homework?
1. For each of the following situations, identify the full cost (opportunity cost) involved Monique quits her $75,000 per-year job as an accountant to become a full-time volunteer at a women's shelter O A. O B. O C. The opportunity cost of volunteering at the shelter is the wages she gave up The opportunity cost of Monique's decision is the value of the next-best alternative not chosen. The opportunity cost of Monique's decision...
Question For this problem, consider the function on the domain of all real numbers. (a) The value of is Oo . (If you ne...
Question For this problem, consider the function on the domain of all real numbers. (a) The value of is Oo . (If you need to use -co or o, enter-infinity or infinity.) (b) The value of f(x) limx→- is O0 X . (If you need to use -oo or co, enter -infinity or infinity.) (c) There are two x-intercepts; list these in increasing order: s- t- (d) The intercepts in part (c) divide the number line into three intervals. From...
Answer all the questions (2pts each question) 1. Lauren runs a chili restaurant in San Francisco....
Answer all the questions (2pts each question) 1. Lauren runs a chili restaurant in San Francisco. Her total revenue last year was $110,000. The rent on her restaurant was $48,000, her labor costs were $42,000, and her materials, food and other variable costs were $20,000. Lauren could have worked as a biologist and earned $50,000 per year. An economist calculates her implicit costs as A) $150,000. B) $63,000. C) $50,000. D) $110,000. 2. Which of the following is an example...
5. Consider the matrix A-O , where a, b, c are real numbers. In this problem, we consider what the са со dimensions of subspaces associated to A could be; these answers may depend on the values of a,...
5. Consider the matrix A-O , where a, b, c are real numbers. In this problem, we consider what the са со dimensions of subspaces associated to A could be; these answers may depend on the values of a, b, and c, and we want to see what the possible dimensions are. (a) Could the null space of A be 0-dimensional? 1-dimensional 2-dimensional? (b) Could the column space of A be 0-dimensional? 1-dimensional? 2-dimensional? 10 marks]
5. Consider the matrix...
Consider the following four-alternative decision problem, where x and y are real numbers: Alternative WTP Explicit Cost Choice 1 Choice 2r- 1 Choice 3r- 2 Choice 4- 3 y+1 Select the correct answer among the choices below. Choice 1 is the best choice Choice 2 is the best choice Choice 3 is the best choice Choice 4 is the best choice The decision maker is indifferent between the four choices
I know Surplus = Willingness to Pay - Explicit Cost, and I know
that Opportunity Cost is Explicit Cost + Highest surplus (among
remaining alternatives). Net Economic Benefit is Willingness to Pay
- Opportunity Cost, however, I do not know how to put these all
together to solve for the below problem. Any help would be
appreciated.
(3) Consider the following decision problem, where is a real number and net economic benefits have already been calculated: AlternativeNet Economic Benefit Choice...
Consider the following matrix to the right, where a and b are
real numbers: [1 a b 2]
A) Calculate its eigenvalues
B) For a = 1, b = 0 calculate its eigenvector
Consider the matrix A where a, b, c are real numbers. In this problem, we consider what the ca cb dimensions of subspaces associated to A could be; these answers may depend on the values of a, b, and c, and we want to see what the possible dimensions are. (a) Could the null space of A be 0-dimensional? 1-dimensional? 2-dimensional? (b) Could the column space of A be 0-dimensional? 1-dimensional? 2-dimensional?
Decision Making by Individuals and Firms-End of Chapter Problem 2. You own and operate a bike store. Each year, you receive revenue of $200,000 from your bike sales, and it costs you $100,000 to obtain the bikes. In addition, you pay $20,000 for electricity, taxes, and other expenses per year. Instead of running the bike store, you could become an accountant and receive a yearly salary of $40,000. A large clothing retail chain wants to expand and offers to rent...
Please help me with my Economics Homework?
1. For each of the following situations, identify the full cost (opportunity cost) involved Monique quits her $75,000 per-year job as an accountant to become a full-time volunteer at a women's shelter O A. O B. O C. The opportunity cost of volunteering at the shelter is the wages she gave up The opportunity cost of Monique's decision is the value of the next-best alternative not chosen. The opportunity cost of Monique's decision...
Question For this problem, consider the function on the domain of all real numbers. (a) The value of is Oo . (If you need to use -co or o, enter-infinity or infinity.) (b) The value of f(x) limx→- is O0 X . (If you need to use -oo or co, enter -infinity or infinity.) (c) There are two x-intercepts; list these in increasing order: s- t- (d) The intercepts in part (c) divide the number line into three intervals. From...
Answer all the questions (2pts each question) 1. Lauren runs a chili restaurant in San Francisco. Her total revenue last year was $110,000. The rent on her restaurant was $48,000, her labor costs were $42,000, and her materials, food and other variable costs were $20,000. Lauren could have worked as a biologist and earned $50,000 per year. An economist calculates her implicit costs as A) $150,000. B) $63,000. C) $50,000. D) $110,000. 2. Which of the following is an example...
5. Consider the matrix A-O , where a, b, c are real numbers. In this problem, we consider what the са со dimensions of subspaces associated to A could be; these answers may depend on the values of a, b, and c, and we want to see what the possible dimensions are. (a) Could the null space of A be 0-dimensional? 1-dimensional 2-dimensional? (b) Could the column space of A be 0-dimensional? 1-dimensional? 2-dimensional? 10 marks]
5. Consider the matrix...
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