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In some cases, realizing the opportunity cost can alter behavior. Imagine, for example, that you spend $8 on lunch every day at work. You may know perfectly well that bringing a lunch from home would cost only $3 a day, so the opportunity cost of buying lunch at the restaurant is $5 each day (that is, the $8 buying lunch costs minus the $3 your lunch from home would cost). $5 each day does not seem to be that much. However, if you project what that adds up to in a year-250 days a year × $5 per day equals $1,250, the cost, perhaps, of a decent vacation. If the opportunity cost is described as "a nice vacation" instead of "$5 a day," you might make different choices.
(Opportunity Cost) You can either spend spring break working at home for $80 per day for five days or go to Florida for the week. If you stay home, your expenses will total about $100. If you go to Florida, the airfare, hotel, food and miscellaneous expenses will total about $700. What's your opportunity cost of going to Florida?
Among the problems that hinder growth in developing economies are poor infrastructure, lack of financial institutions and a sound money supply, a low saving rate, poor capital base, and lack of foreign exchange. Explain how these problems are inte..
Analysis is based on a scenario in which the firm is operating on the declining portion of its average total cost (ATC) curve. What would happen to profits if ATC was constant or increasing when demand increases?
In the 2010 holiday season, Steve Richardson decided to cut the prices of his handcrafted wooden puzzles to increase sales. According to a newspaper account, "the number of orders at Stave Puzzles Inc., his Norwich, Vermont, business, hasn't been ..
a pharmaceutical company has a patent on a lung cancer treatment drug that gives them a monopoly over thenbsp
The Theory of the Firm document, the Friedman article, and the information in chapter 4 argue that the main goal of a firm in a market economy is to maximize profit (shareholder wealth) over the long term. However, SEC regulations require U.S. corpor..
Determine the profit if 500 specialty pizzas are sold. Interpret your result and how many specialty pizzas would need to be sold to make a profit of $1,100? Interpret your result.
A company puts $25,000 down and will pay $5000 every year for the life of a machine (10 years). If the salvage value is $0 and the interest rate is 10%.
Losing AOL as a partner would also undermine Google's competitive position - meaning a reduction in its overall profit of $50 million (on top of the foregone $70 million alliance profit). In an efficient negotiated agreement, should AOL partner wit..
Show that for a salient-pole synchronous generator, the per phase reactive power in terms of power angle d and for a lagging power factor, is given by Also determine the maximum reactive power Q, the generator can deliver with fixed excitation. Negle..
Jerry has $12 a week to spend on yogurt and berries. The price of yogurt is $2, and berries are $4 a box. How do Jerry's consumption possibilities change.
You are deployed in a country. A raid went wrong, and your squad opened fire on several innocent people. Your commander asks you and the rest of the squad to make it look like they opened fire up on you first. How would you respond?
question 1 what do you mean by a social welfare function? if you suppose that such a function exists what properties of
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