If a family spends its entire budget in a given time frame, the family can afford...
If a family spends its entire budget in a given time frame, the family can afford either 15 movie nights or 8 restaurant meals. Assuming the family spends its entire budget on just these two goods, what is the opportunity cost of one movie night? (Round your answer to two decimal places.)
Homework Answers
Answer
The opportunity cost of consumption of a good =maximum affordable consumption of other good /maximum possible consumption of the good
The opportunity cost of one movie night =8/15
=0.533333333
=0.53 restaurant meals
the opportunity cost of one movie night is 0.53 restaurant meals
Add Answer to:
If a family spends its entire budget in a given time frame, the
family can afford...
please show work. Calculate opportunity cost Question If a family spends its entire budget in a...
please show work.
Calculate opportunity cost Question If a family spends its entire budget in a given time frame, the family can afford either 14 outings or 24 household items. Assuming the family spends its entire budget on just these two things, what is the opportunity cost of one extra outing in the time frame? (Round your answer to two decimal places.)
1) Sarah has a certain amount of money budgeted for tea and snacks during the work...
1) Sarah has a certain amount of money budgeted for tea and snacks during the work week, and she always aims to spend her entire budget. If she spends her entire budget on tea, she can afford 40 cups of tea. If she spends her entire budget on snacks, she can afford 8 snacks. What is the opportunity cost of a snack? Provide your answer below: _ cup(s) of tea 2) If a family spends its entire budget in a...
Question 9 Question 6 Define opportunity cost In marginal analysis, if possible, the optimal outcome is...
Question 9 Question 6 Define opportunity cost In marginal analysis, if possible, the optimal outcome is found when Select the correct answer below: Select the correct answer below O All possible consumption combinations of goods that someone can afford when all income is spent O A cost that is made in the past and cannot be recovered, O All possible combinations of consumption that someone can afford given the prices of goods and the individual's income. O The measure of...
Mike has a part-time job and earns $50 per week. He spends his entire income on...
Mike has a part-time job and earns $50 per week. He spends his entire income on two goods: Hamburgers (which cost $2 each) and movie rentals (which cost $3 each). Draw Mike's budget constraint. Suppose that Mike decides to purchase 10 hamburgers and rent 10 movies this week. Is this choice within Mike's opportunity set? Show this choice on your graph.
a. The Smith family has an income of $1,000 per month, and currently spends $400 monthly...
a. The Smith family has an income of $1,000 per month, and currently spends $400 monthly on food. Assume that the initial price of a unit of food is $1, and the initial price of a unit of “all other goods” is also $1. Draw this budget line, and also an indifference curve – which we assume has the standard shape – that the family can just reach, given its budget. b. The government considers that the Smith family is...
2, Ali has a $7 weekly budget that he spends on songs (S, $1 per download)...
2, Ali has a $7 weekly budget that he spends on songs (S, $1 per download) and protein bars (B, $1 per bar). His utility information for the two products is below. Quantity ofTotal utility Marginal utility Quantity ofTotal utility Marginal utility rotein bars 0 from bars 0 songs from songs of a song of a bar 107 18 24 28 30 31 2 3 4 18-9 21-12 23- 24 20 7-3 4 a) Calculate Ali's marginal utilities and finish...
just the years, i understand the remainder and was able to do that myself. A family...
just the years, i understand the remainder and was able to do that
myself.
A family has a $97,143, 15-year mortgage at 4.8 % compounded monthly. (A) Find the monthly payment and the total interest paid. Suppose the family decides to add an extra $100 to its mortgage payment each month starting with the very first payment. How long will it take the family (B) to pay off the mortgage? How much interest will the family save? (A) Monthly payment:...
Let X denote the proportion of allotted time that a randomly selected student spends working on...
Let X denote the proportion of allotted time that a randomly selected student spends working on a certain aptitude test. Suppose the pdf of X is RX 6) = {(8 + 13x9 OsXs1 0 otherwise where -1 <0. A random sample of ten students yields data x, -0.92, X, - 0.90, X2 - 0.65, X4 - 0.86, X5 -0.73, X5 -0.94, X7 -0.79, XA-0.45, g - 0.80, X.-0.98. (a) Use the method of moments to obtain an estimator of 8....
Let X denote the proportion of allotted time that a randomly selected student spends working on...
Let X denote the proportion of allotted time that a randomly selected student spends working on a certain aptitude test. Suppose the pdf of X is f(x; 6) = {(+1)x® 0SX51 0 otherwise where -1 < 8. A random sample of ten students yields data x, = 0.79, X2 = 0.47, X3 = 0.65, *4 = 0.86, X5 = 0.90, X6 = 0.73, X, = 0.97, X3 = 0.94, X, = 0.80, X10 = 0.92. (a) Use the method of...
Sara’s Salsa Company produces its condiments in two types: Extra Fine for restaurant customers and Family...
Sara’s Salsa Company produces its condiments in two types: Extra Fine for restaurant customers and Family Style for home use. Salsa is prepared in department 1 and packaged in department 2. The activities, overhead costs, and drivers associated with these two manufacturing processes and the company’s production support activities follow. Process Activity Overhead cost Driver Quantity Department 1 Mixing $ 4,500 Machine hours 1,500 Cooking 11,250 Machine hours 1,500 Product testing 112,500 Batches 600 $ 128,250 Department 2 Machine calibration...
please show work.
Calculate opportunity cost Question If a family spends its entire budget in a given time frame, the family can afford either 14 outings or 24 household items. Assuming the family spends its entire budget on just these two things, what is the opportunity cost of one extra outing in the time frame? (Round your answer to two decimal places.)
Question 9 Question 6 Define opportunity cost In marginal analysis, if possible, the optimal outcome is found when Select the correct answer below: Select the correct answer below O All possible consumption combinations of goods that someone can afford when all income is spent O A cost that is made in the past and cannot be recovered, O All possible combinations of consumption that someone can afford given the prices of goods and the individual's income. O The measure of...
2, Ali has a $7 weekly budget that he spends on songs (S, $1 per download) and protein bars (B, $1 per bar). His utility information for the two products is below. Quantity ofTotal utility Marginal utility Quantity ofTotal utility Marginal utility rotein bars 0 from bars 0 songs from songs of a song of a bar 107 18 24 28 30 31 2 3 4 18-9 21-12 23- 24 20 7-3 4 a) Calculate Ali's marginal utilities and finish...
just the years, i understand the remainder and was able to do that
myself.
A family has a $97,143, 15-year mortgage at 4.8 % compounded monthly. (A) Find the monthly payment and the total interest paid. Suppose the family decides to add an extra $100 to its mortgage payment each month starting with the very first payment. How long will it take the family (B) to pay off the mortgage? How much interest will the family save? (A) Monthly payment:...
Let X denote the proportion of allotted time that a randomly selected student spends working on a certain aptitude test. Suppose the pdf of X is RX 6) = {(8 + 13x9 OsXs1 0 otherwise where -1 <0. A random sample of ten students yields data x, -0.92, X, - 0.90, X2 - 0.65, X4 - 0.86, X5 -0.73, X5 -0.94, X7 -0.79, XA-0.45, g - 0.80, X.-0.98. (a) Use the method of moments to obtain an estimator of 8....
Let X denote the proportion of allotted time that a randomly selected student spends working on a certain aptitude test. Suppose the pdf of X is f(x; 6) = {(+1)x® 0SX51 0 otherwise where -1 < 8. A random sample of ten students yields data x, = 0.79, X2 = 0.47, X3 = 0.65, *4 = 0.86, X5 = 0.90, X6 = 0.73, X, = 0.97, X3 = 0.94, X, = 0.80, X10 = 0.92. (a) Use the method of...
Most questions answered within 3 hours.
-
Practicing Acid Base Calculations
Cameco in Port Hope, Ontario uses hydrofluoric acid to make a
uranium...
asked 5 minutes ago -
The gross payoffs (X) from the investment have the following
probability mass function.
x
p(x)
0...
asked 12 minutes ago -
In an aqueous mixture of aluminum, lead, and iron salts, which
of these will be reduced...
asked 28 minutes ago -
The probability of college students in the US is given by P(A)=
0.06. The probability of...
asked 11 minutes ago -
Water is needed to supply a canal system, which may require up
to 30m3 s -1...
asked 16 minutes ago -
A stubborn dog is being walked on a leash by its owner. At one
point, the...
asked 21 minutes ago -
To convert the money spent on the basket to a useable figure,
economists arbitrarily choose the...
asked 21 minutes ago -
For a particular RLC series circuit, the capacitive reactance is
6.85 Ω, the inductive reactance is...
asked 28 minutes ago -
It is hypothesized that when homing pigeons are disoriented in a
certain manner, they will exhibit...
asked 43 minutes ago -
Copyright protection legislation provides protection for
original works
Select one:
a. until the author is 70...
asked 35 minutes ago -
The boards of 2 major telecommunications companies
recently agreed to a $16 billion merger that would...
asked 34 minutes ago -
What types of evidence are used to reconstruct the history of
ocean chemistry, including changes in...
asked 49 minutes ago