Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer correctly. Question 12 (5 points) Saved D) Listen Generally, when economists are interested in finding the solution to a how much decision, they

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Please answer correctly.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
Question 12 (5 points) Saved D) Listen Generally, when economists are interested in finding the solution to a "how much" decision, they compare the of an action to the of that action. (a) accounting profit; economic profit (b) explicit costs; implicit costs O c) present value; net present value O d) marginal benefits; marginal costsQuestion 14 (5 points) Saved E () Listen (Table: Expected Exam Scores from Studying Microeconomics and Marketing) Use Table: Expected Exam Scores from Studying Microeconomics and Marketing. What is the opportunity cost (marginal cost) of the first hour studying marketing? Table: Expected Exam Scores from Studying Microeconomics and Marketing Hours spent studying Micro result Marketing result 65 50 80 65 2 90 70 3 95 70 ( a) 70 b) 15 O c 5 O d) .Question 15 (5 points) Saved ) Listen (Table: Marginal and Total Benefit from Baseball Games) Use Table: Marginal and Total Benefit from Baseball Games. Sidney is deciding how many baseball games to attend this year. His marginal benefit from increasing the number of games he attends from two to three is: Table: Marginal and Total Benefit from Baseball Games Number of games Total benefit 0 0 1 50 2 90 3 120 4 140 5 152 6 160 7 164 8 162 ( a) 20. ( b) 30. O c) 40. O d) 10.Question 18 (5 points) Saved 1 Listen You decide to quit your $70.000-per-year job as a hotel concierge to be an online hotel review blogger. At the end of the first year of blogging, you have earned $90,000. You also spent $10,000 for a high-end computer and wireless network. Your economic profit in the first year as an illustrator is: ( a) $80,000. Ob) $10,000. O c) $90,000. O d) $20,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

E-Commerce 2013 Business Technology Society

Authors: Ken Laudon, Kenneth C Laudon

9th Edition

0132730359, 978-0132730358

More Books

Students also viewed these Economics questions

Question

6. How can a message directly influence the interpreter?

Answered: 1 week ago