4. Who will be the consumers using this public good? The consumers this good would be the people who are the owners of dogs. 5. What is the opportunity cost of building this park? A. In terms of economics‚ opportunity cost is the value of the next-highest valued alternative use of that resource. In this case‚ the opportunity cost would be the offer of 850‚000 dollars to purchase the land and build 40 new luxury homes. B. Identify at least one pro and one con
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dogs for $3. They agree to split the lunch bill evenly. Ed chooses a hot dog. The marginal cost to Joe then of ordering a hamburger instead of a hot dog is a. $1. b. $2. c. $2.50. d. $3. 4. The expression‚ “There’s no such thing as a free lunch‚” implies that a. everyone has to pay for his own lunch. b. the person consuming a good must always pay for it. c. opportunity costs are incurred when resources are used to produce goods and services
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BU224 56578500Unit 1 Assignment Template: Name: - Lida McDaniel Course Number:- BU224 Section Number:- ?? Unit Number:- 1 Date:- October 17‚ 2014 ---------------------------------- General Instructions for all Assignments----------------------------------- 1. Unless specified differently by your course instructor‚ save this assignment template to your computer with the following file naming format: Course number_section number_LAST_FIRST_ unit number 2. At the top of the template‚ insert
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Tutorial 4a: Consumer Behavior Q1 What is the difference between marginal and total utility? Q2 Fill in the following table on the total and marginal utilities of a certain product A. Use your results to answer the following questions. Units of product A | Total utility | Marginal utility | 0 | 0 | | 1 | 20 | _____ | 2 | 35 | _____ | 3 | _____ | 10 | 4 | _____ | 5 | 5 | _____ | 0 | 6 | 45 | _____ | 7 | 35 | _____ | 8 | _____ | –15 | (a) Graph both
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Water c. Forests a. Doctor b. Assembly line worker c. Fireman a. Buildings b. Tools c. Machinery 3. Define opportunity cost- [1pt] The most desirable alternative given up as the result of a decision. 4. Give an example of a situation in which you had to make a trade-off between two possible choices (choosing one or the other) and how you weighed the opportunity cost of your final decision. [1pt] I had to choose between hanging out with my friends or helping my mom when she really
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Methods Solution of the Assignment Model An assignment model is a special form of the transportation model in which all supply and demand values equal one. Table B-34 The Travel Distances to Each Game for Each Team of Officials An opportunity cost table is developed by first substracting the minimum value in each row from all other row values and then repeating this process for each column. Table B-35 The Assignment Tableau with Row Reductions The assignment model is a special
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2011Vending 2Executive SummaryWhen beginning the new venture of forming our own vending business‚ we learned therewere a vast amou BUS 640 - DQ’s Ashford University - BUSINESS - 101 BUS 640 Managerial Economics1. Title Opportunity CostsWhen Burton Cummings graduated with honors from the Canadian Trucking Academy‚ hisfather gave him a $350‚000 tractor-trailer rig.
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For 3 reasons: 1. Nicholson File Company is a company that is financially healthy. With increase in sales in the last 5 years. Today is a very liquid company. Their liabilities are very well controlled. Opportunity cost reduction due to the merger and thus increases margins. 2. The opportunity presented to Nicholson File Company Cooper Industries is huge‚ because this purchase with Nicholson and its product line that would strengthen the industrial market is that Cooper has weaker. 3. Sales
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allocate the resources to the people‚ as we said on the above‚ people will have unlimited wants and needs but there are only limited resources. So there will be trade-off. The opportunity cost is what we need to give up obtaining and getting something. (Definition: the benefits forgone of the next best alternative. ) Opportunity Cost - the benefits forgone of the next alternative. Production Possibility Frontier(PPF) – the curve that shows the maximum potential level of output of one good given
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shareholder. 1. Why does CSX want to buy Conrail? How much should CSX be willing to pay? Some of the reasons why CSX wants to buy Conrail are‚ to increase the consolidation in the Railway industry. Further consolidation typically means lower cost for the consolidators fx because economies of scale and synergies and …. A consolidation also results in lower competition inside the industry‚ which typically follows with higher‚ or at least not lower‚ prices and therefore higher profit. Another
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