Dana, who is a trained yoga instructor, spends 4 hours on Monday baking and packing 10...
Dana, who is a trained yoga instructor, spends 4 hours on Monday baking and packing 10 boxes of cookies. She sells the cookies for $10 a box. Given that she can also teach yoga for $38 an hour, what is her opportunity cost of baking cookies?
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Dana, who is a trained yoga instructor, spends 4 hours on Monday
baking and packing 10...
26. If the sum of the exponents of a Cobb-Douglas production function is equal to 1.2,...
26. If the sum of the exponents of a Cobb-Douglas production function is equal to 1.2, the production function exhibits: a) increasing average costs b) constant returns to scale. c) increasing returns to scale. d) declining productivity. e) none of the above 27. Dana, who is a trained yoga instructor, spends 4 hours on Monday baking and packing 10 boxes of cookies. She sells the cookies for $10 a box. Given that she can also teach yoga for $80 an...
Question 1.Susan can brew 5 gallons of root beer in an hour or she can make...
Question 1.Susan can brew 5 gallons of root beer in an hour or she can make 4 pizzas in an hour. Becky can brew 7 gallons of root beer in an hour or she can make 5 pizzas in an hour. Susan's opportunity cost of making a pizza is gallons of root beer. Becky's opportunity cost of making a pizza is gallons of root beer. Enter numbers rounded to two decimal places. Question 2 Bill and Fred bake cakes and...
Question 9 If a country has a comparative advantage in producing fish, then they must also...
Question 9 If a country has a comparative advantage in producing fish, then they must also have an absolute advantage in producing fish. True or False Question 11 If John can produce a good in less time than Fred then he has an absolute advantage in producing that good. True or False Question 12 Latasha can read 30 pages of economics in an hour. She can also read 20 pages of sociology in an hour. She spends 4 hours per...
. Opportunity cost and production possibilities Yvette is a skilled toy maker who is able to...
. Opportunity cost and production possibilities Yvette is a skilled toy maker who is able to produce both trucks and balls. She has 8 hours a day to produce toys. The following canie ishtiws s hoe deil cinutput resulting from various possible 19 On the following graph, use the blue plot Yvette's initial production (circle symbol) to Suppose Yvette is currently using combination D, producing one truck per day. Her opportunity cöst of producing a second per day is per...
Q 1: Clancy and Eileen are farmers. Each one owns a 20-acre plotof land. The...
Q 1: Clancy and Eileen are farmers. Each one owns a 20-acre plot
of land. The following table shows the amount of corn and rye each
farmer can produce per year on a given acre. Each farmer chooses
whether to devote all acres to producing corn or rye or to produce
corn on some of the land and rye on the rest.CornRye(Bushels per acre)(Bushels per acre)Clancy205Eileen5010On the following graph, use the blue line (circle symbol) to
plot Clancy's production possibilities...
1. Emilio buys pizza for $10 and soda for $2. He has income of $100. His...
1. Emilio buys pizza for $10 and soda for $2. He has income of $100. His budget constraint will experience a parallel outward shift if which of the following events occur? a. The price of pizza falls to $5, the price of soda falls to $1, and his income falls to $50. b. The price of pizza rises to $20, the price of soda rises to $4, and his income remains the same. c. The price of pizza falls to...
17. The market is perfectly competitive and your business is considered to be profit maximizing. Your...
17. The market is perfectly competitive and your business is considered to be profit maximizing. Your business earns economic profits of $1500. The foxed costs of your business decrease from $500 to $450. This means your business will b C a reduce its output raise is price eam a greater profil d. earn a smalier profit 18. Sebastian has the choice of working as a grocery store stocker ($12/hour) or washing windows for local businesses ($4 per window). He doesn't...
Sarah Drogo, president of Storage, Inc. a company that makes a wide variety of storage boxes...
Sarah Drogo, president of Storage, Inc. a company that makes a wide variety of storage boxes for home and office use, is thinking about adding a new line of small plastic storage boxes. This would require a new technology. The company currently uses predominantly cardboard of various weights that are used in its other products. Since this is a big move for the company, Sarah wants to make sure that all of the financial and nonfinancial implications are understood before...
4-54. Special Orders (QLO 4-1, © 2) Sherene Nili manages a company that produces wedding gowns....
4-54. Special Orders (QLO 4-1, © 2) Sherene Nili manages a company that produces wedding gowns. She produces both a custom product that is made to order and a standard product that is sold in bridal salons. Her accountant prepared the following forecasted income statement for March, which is a busy month. Custom Dresses Standard Dresses 10 20 $50,000 $30,000 $10,000 $ 8,000 20,000 9,000 600 4,200 2,800 1,000 600 Number of dresses Sales revenue Materials Labor Machine depreciation Rent...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the blank Scarcity is the intimited nature of society's resources given society's limited wants 2. A reward is a type of positive incentive. 3. To remove difficulty of double coincidence of wants we use money. 4. An exogenous factor is a variable that can be controlled for inside the model. 5. The PPF will not have a constant slope. 6. The law of demand states...
26. If the sum of the exponents of a Cobb-Douglas production function is equal to 1.2, the production function exhibits: a) increasing average costs b) constant returns to scale. c) increasing returns to scale. d) declining productivity. e) none of the above 27. Dana, who is a trained yoga instructor, spends 4 hours on Monday baking and packing 10 boxes of cookies. She sells the cookies for $10 a box. Given that she can also teach yoga for $80 an...
. Opportunity cost and production possibilities Yvette is a skilled toy maker who is able to produce both trucks and balls. She has 8 hours a day to produce toys. The following canie ishtiws s hoe deil cinutput resulting from various possible 19 On the following graph, use the blue plot Yvette's initial production (circle symbol) to Suppose Yvette is currently using combination D, producing one truck per day. Her opportunity cöst of producing a second per day is per...
Q 1: Clancy and Eileen are farmers. Each one owns a 20-acre plot
of land. The following table shows the amount of corn and rye each
farmer can produce per year on a given acre. Each farmer chooses
whether to devote all acres to producing corn or rye or to produce
corn on some of the land and rye on the rest.CornRye(Bushels per acre)(Bushels per acre)Clancy205Eileen5010On the following graph, use the blue line (circle symbol) to
plot Clancy's production possibilities...
17. The market is perfectly competitive and your business is considered to be profit maximizing. Your business earns economic profits of $1500. The foxed costs of your business decrease from $500 to $450. This means your business will b C a reduce its output raise is price eam a greater profil d. earn a smalier profit 18. Sebastian has the choice of working as a grocery store stocker ($12/hour) or washing windows for local businesses ($4 per window). He doesn't...
4-54. Special Orders (QLO 4-1, © 2) Sherene Nili manages a company that produces wedding gowns. She produces both a custom product that is made to order and a standard product that is sold in bridal salons. Her accountant prepared the following forecasted income statement for March, which is a busy month. Custom Dresses Standard Dresses 10 20 $50,000 $30,000 $10,000 $ 8,000 20,000 9,000 600 4,200 2,800 1,000 600 Number of dresses Sales revenue Materials Labor Machine depreciation Rent...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the blank Scarcity is the intimited nature of society's resources given society's limited wants 2. A reward is a type of positive incentive. 3. To remove difficulty of double coincidence of wants we use money. 4. An exogenous factor is a variable that can be controlled for inside the model. 5. The PPF will not have a constant slope. 6. The law of demand states...
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