Briefly point out the faulty reasoning

Assignment Help Business Economics

Reference no: EM131000219

Briefly point out the faulty reasoning in each of the following situations:

a. You win a free, nontransferable ticket to a Sheryl Crow concert. Since the ticket is free and it will therefore cost you nothing to go, you decide to go to the concert.

b. You paid nonrefundable tuition of $3,000 to take a 15-week course. Therefore, the opportunity cost of attending class each week is $3,000 divided by 15, or $200.

c. You like to avoid costs; every decision involves opportunity cost. So you don't make decisions.

d. You have purchased 5 premium apples for $1.99 a pound, but when you get home, you discover they are mushy. Since you paid top dollar for these apples, you decide you have to eat them.

Reference no: EM131000219

Questions Cloud

What is the maximized value of the function : Suppose that you want to maximize the value of the function f(x) = x^3-6x^2+9x, subject to 0 less than or equal x less than or equal 5. Which value(s) of x satisfy the first-order condition for this maximization problem? What is the maximized value o..

When both firms set quantity and reaction function : Wolfe and Baker are the only two firms producing door stopers because of such a small market in their area. Both firms are profit maximizing, have a marginal cot of $8 (MC = $8) and have no fixed costs (FC = $0). When both firms set quantity, Wolfe's..

Satisfy first-order condition for this maximization problem : Suppose that you want to maximize the value of the function f(x) = 8x^2 - x4. Which value(s) of x satisfy the first-order condition for this maximization problem? Which value(s) of x are boundary points? Which value(s) of x solve the maximization pro..

Bosco company adopted the dollar value lifo retail method : Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2011. Information for 2011 and 2012 is as follows, with certain data intentionally omitted:

Briefly point out the faulty reasoning : Briefly point out the faulty reasoning in each of the following situations: You win a free, nontransferable ticket to a Sheryl Crow concert. Since the ticket is free and it will therefore cost you nothing to go, you decide to go to the concert.

Target cells refer to cells that contain : Target cells refer to cells that contain_____ for a particular hormone

Cholesterol is the substrate for the synthesis : Cholesterol is the substrate for the synthesis of ______ hormones in the gonads and adrenal cortexT

Prepare the journal entry to record the adjustment : Prepare the journal entry to record the adjustment. (Ignore income taxes.) Briefly describe other steps CPS should take to report the change.

How much higher or lower would cost of goods sold : How much higher or lower would cost of goods sold be in the 2012 revised income statement?

User Account

All Pages