User Account

All Pages

What is the marginal cost

Assignment Help Microeconomics
Reference no: EM133260023

1. Steven plans to celebrate his birthday. His ranking is that the first is having buffet dinner in a hotel restaurant; the second is cooking at home; the last is having a hamburger at McDonald's. Having paid 500 for buffet dinner, he is allowed to eat whatever amount of food and drinks provided by the hotel restaurant.

a. What is the marginal cost of having one chicken wing in the hotel restaurant?

b. Steven loves chicken wings. He totally ate seven chicken wings and then stopped eating in the hotel restaurant. What would be the marginal benefit of the 10th chicken wing to him?

c. The total benefit of buffet dinner for Steven is exactly equal to HK$500. True or False?

d. How would the cost of buffet dinner change if the water got cut off at home? (i.e., increase, decrease, or no change)

Reference no: EM133260023

Questions Cloud

What were the effects on the listener : PSYCHOLOGY 7708 Keiser University What were the effects on the listener? What have you learned from this week's readings that would support your observations
How is the story being told : Are there details in the story that are conveyed by the pictures only (and not in the words)? How is the story being told? Anything significant about the words.
Explain what these two points of view mean : Explain what these two points of view mean and then give your own reasoned opinion about which point of view is correct. Defend your answer
Discuss three formal elements of image in relation : COMM 1000 George Brown College Canada Discuss three formal elements of this image in relation to the principles of design. Describe what elements you notice
What is the marginal cost : 1. Steven plans to celebrate his birthday. His ranking is that the first is having buffet dinner in a hotel restaurant; the second is cooking at home
What does quote mean the districts most at risk share : ENG 101 Community College of Baltimore County What does this quote mean"The districts most at risk share demographic profiles-student populations
Reflect on my decisions and further expand and work : ENGL 1020 Louisiana State University reflect on my decisions and further expand and work to help with my understanding of situations such as this and various
How economies of scale and scope differ : Explain how economies of scale and scope differ. Describe how growth in the case you selected is created from either an economy of scope or scale.
Summarize the system of checks and balances : Summarize the system of checks and balances between the three branches of American government. In your opinion, is any one branch more powerful than other two

Reviews

Write a Review

Microeconomics Questions & Answers

  Explain the change is occurring

Memos do not begin with greetings or salutations. Fully explain why the change is occurring and what the current situation is.

  Determine the slope of the lm curve

Define the factor that estimate the slope of the LM curve and whether an increase in theses factor will make the curve flatter or steeper.

  What is the opportunity cost of investing in capital

what is the opportunity cost of investing in capital do you think a country can overinvest in capital what is the opportunity cost of investing in human capital do you think a country can overinvest in human capital

  How a business would use a variety of different scales

Select three barriers that the builders of the Hong Kong Airport had to overcome and discuss why they had to overcome them and how they accomplished it.

  Wat impact would a and b have on real price of resources

submit a 2-3 page paper using apa formatting responding to the following questions. how will a an unexpected 3 percent

  Discuss about the local property taxes

Not-for-profit businesses are generally exempt from local property taxes as well as state and federal income taxes. Should policymakers mandate.

  Compute the expected value and the standard error for the

a random sample of size n 175 is taken from a population with population proportion p 0.71.calculate the expected

  What irreducible may dominate the decision

You must fly to another city for a Friday meeting. If you stay until Sunday morning, your ticket will be $200 rather than $800. Hotel costs are $100 per night.

  Suppose that the government raises the minimum wage

Suppose that the government raises the minimum wage to $10.10. Thinking of the four Marshall's Rules of Derived Demand as they apply to a particular industry, analyze the conditions under which job loss among teenage workers in that industry would be..

  Explain at least three benefits and disbenefits

A municipal landfill and incineration facility is planned. Name at least three benefits, three disbenefits, and three costs.

  Complete the constraint for turnip and millet production

Complete the constraints for a 2-year crop rotation between oats and barley in the homestead paddock and complete the constraint for turnip and millet production in the South Hill paddock

  What is meant by hard-landing adjustment to global imblance

WHAT SPECIFIC GLOBAL IMBALANCES ARE INDENTIFIED? WHY ARE THESE OF MAJOR CONCERN? WHAT COMINATION ECONOMIC CONDITIONS WOULD WORSEN A HAED-LANDING?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd