User Account

All Pages

Will mary take the bus or the plane which will michele taken

Assignment Help Microeconomics
Reference no: EM13316417

A bus ticket between two cities costs $50 and the trip will take twenty-eight hours, whereas an airplane ticket costs $300 and takes three hours. Mary values her time at $12 per hour, and Michele values her time at $8 per hour. Will Mary take the bus or the plane? Which will Michele take? Explain.

Reference no: EM13316417

Questions Cloud

What is the principal-agent problem : What is the principal-agent problem? When will the principal-agent problem be most severe? Why might there be a principal-agent problem between the stockholder-owners and the managers of a large corporation?
Explain why firms that are making zero economic profit are : What is economic profit? How might it differ from accounting profit? Explain why firms that are making zero economic profit are likely to continue in business.
Who will have the more elastic demand for yogurt : Sue loves ice cream but cannot stand frozen-yogurt desserts. In contrast, Carole likes both foods and can hardly tell the difference between the two. Who will have the more elastic demand for yogurt?
A consumer is currently purchasing three pairs of jeans and : A consumer is currently purchasing three pairs of jeans and five T-shirts per year. The price of jeans is $30, and T-shirts cost $10. At the current rate of consumption, the marginal utility of jeans is 60, and the marginal utility of T-shirts
Will mary take the bus or the plane which will michele taken : A bus ticket between two cities costs $50 and the trip will take twenty-eight hours, whereas an airplane ticket costs $300 and takes three hours. Mary values her time at $12 per hour
What conditions must be met for buyers to bear the full : What conditions must be met for buyers to bear the full burden of a tax? What conditions would cause sellers to bear the full burden? Explain.
What impact will a meaningful price floor have on the : To be meaningful, a price ceiling must be below the market price. Conversely, a meaningful price floor - must be above the market price. What impact will a meaningful price ceiling have on the quantity exchanged
What will happen to the quality and future availability : What is the difference between a price ceiling and a price floor? What will happen if a price ceiling is imposed below the market equilibrium? If a price ceiling for a good is set below the market equilibrium
The incentive of landlords to maintain their properties : Suppose that college students in your town persuaded the town council to enact a law setting the maximum price for rental housing at $200 per month.

Reviews

Write a Review

Microeconomics Questions & Answers

  Why the consistent drop in the price of mp4 players

The price of MP4 players has been going down in the past decade. Give an explanation for this consistent drop in the price of MP4 players. Use the model for long run competitive firm to illustrate your answer. Draw two graphs. One is to show the ..

  How to maximize the amount of money

Pham can work as many or as few hours as she wants at the college bookstore for $9 per hour. But due to her hectic schedule, she has just 15 hours per week that she can spend working at either the bookstore or at other potential jobs

  What change do to disposable income and consumption

assuming that overall taxes are cut by 10 percent across the board. What will this change do to disposable income, consumption, and the multiplier

  Firm estimated predicted hours worked

You have been tasked by your boss to forecast what hours of work through your workers would be following a proposed increase. you have had a flexible policy of workers selecting their hours

  What is the inflation rate

Suppose that the resident of vegopia spend all of their income on cauliflower,broccoli and  carrots. Calculate the price of each vegetable in each year.

  Explain comaprative advantage in the production

economists believe that when two countries specialize and trade , each will be able to buy goods in which the other specializes at a lower cost than it would take to produce these goods itself.

  Find the cournot solution for the market price

Find the Cournot solution for the market price and output of mineral water and illustrate with a simple graph and the marginal revenue function facing a monopolist is given by: MR = 200-20Q Demonstrate that firms A and B have an incentive to coopera..

  How much would the quantity demanded of imported tv sets

If the price of the imported TV sets was $300.00 in the US.At the beginning of the year, how much would you expect the price of the same imported TV to be in the US at the end of the year.

  How the semi-salt is earning monopoly profits

Despite the absence of patent protection, Semi-Salt has averaged accounting profits of 5.5 percent on investment since it began producing polyglutamate- a rate comparable to the average rate of interest that large banks paid on deposits over this ..

  Identify what is the major flaw of the comparative advantage

Someone claims that the "bargaining" hypothesis appeared in the literature because of a significant flaw in the "comparative advantage" hypothesis. After you briefly explain what these two hypotheses stand for, identify what..

  Describe the concept of investment spending

describe the concept of investment spending, as wellas what will happen to the aggregate demand curve if investment spending is increased autonomously and provide an example ofspending that a macroeconomist would consider "investmentspending."

  What is to uncover causal relationships for policy analysis

Explain why it is important to uncover causal relationships for policy analysis. Also explain the causal methods of regression, difference-in-difference and random assignment

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