Today is your birthday and you decide to start saving for your retirement. You will retire on your 65th birthday and will need $70000 per year at the end of each of following 20 years. You will make a first deposit 1 year from today in an account paying 5% interest annually and continue to make an identical deposit each year up to and including the year you plan to retire. If an annual deposit of $6,800 will allow you to reach your goal, what birthday are you celebrating today?

Q: what are Methods for increasing marginal utility more accurate or efficient?

A: Marginal utility refers to the additional benefit derived from consuming an additional unit. This…

Q: Identify some essential elements common to any rational decision-making process?

A: Rational decision making is a complex process that contains nine essential elements. These are as…

Q: c. How much total consumer surplus will each of them receive at a price of $32?

A: Last parts C and d are answered below:

Q: how did we get price at $10?

A: As discussed earlier, the monopolist has complete and maximum market power. A Monopolist produces…

Q: What is the Benefit-Cost Analysis?

A: A Benefit-cost analysis which is also known as a cost-benefit analysis is used to predict the costs…

Q: Answers are A and B, D and E, E and F, F and H, or H and I

A: The indifference curve depicts the combination of two goods that derives the same level of utility…

Q: A decision or choice that is made after optimization analysis ________.

A: Optimization refers to making the choice of best option from the available options.

Q: Are options b through h correct or incorrect?

A: The question is asking about the possible reasons for which imports can be limited. Different…

Q: How would an economist define the efficient amount of time studying?

A: Marginal cost (MC): The marginal cost refers to the amount of additional costs incurred in the…

Q: Which of these is a guideline for making a decision? Guaranteed gain Marginal cost is less than…

A: Optimal decision making requires optimum utilization of resources in order to attain certain level…

Q: How does change in price affect CONSUMER OPPORTUNITIES?

A: Microeconomics refers to the branch of economics that is concerned with a single factor and affects…

Q: Full form of GATT?

A: GATT was a legal agreement that was signed in1947 by 23 countries. It sought to reduce the barriers…

Q: Goods that can be used to replace one another are called What?

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: how do you deal with opportunity cost

A: Opportunity cost is the cost or value of the next best alternative which an individual foregoes to…

Q: How can you describe the “self” as cognitive construct?

A: The individuals in each society have a different kind of mindset. The individuals behave…

Q: arginal analysis is one of the most useful concepts in economic decision making. Discuss and  show…

A: MARGINAL ANALYSIS: Marginal analysis is one of the important decision-making tools using which…

Q: Network externalities are important for a. gas stations. b. AARP, an organization that advocates for…

A: Network externality refers to the positive or negative impact that society experiences from the…

Q: On what are the Economic decisions based?

A: Economic decisions are the decisions made by the economic agents to pursue a goal and achieve a…

Q: can you draw that IC that corresponds to the problem please

A: The IC curve shows the combination of two goods in the market that satisfy their want and give equal…

Q: How to perform a cost benefit analysis?

A: There are some costs and benefits associated with each economic activity. Thus, a cost-benefit…

Q: Why does the catch-up effect appear?

A: The catch-up effect or theory of convergence states that the poorer economy will tend to grow faster…

Q: What are the decisions that people have usually made that incurred opportunity costs?

A: The opportunity cost of a specific activity option in microeconomic theory is the loss of value or…

Q: Economics helps managers understand goal-oriented decision making.

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: How do I solve the following problem?

A: We will use profit maximisation techniques to solve this question.

Q: How much is steve willing to pay for one bag of potato chips?

A: Demand refers to the willingness and ability of the consumer to pay for goods and services.

Q: Two friends are competing to see who can see the most Christmas lights in the month of December.…

A: At the marketplace, firms compete with each other to gain profit and the total output supplied or…

Q: Why do we prefer a shorter payback period if other things are equal?

A: Payback period is the time required to cover the cost of the investment or the time required by the…

Q: Why does knowing the facts help people maximize their choices

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: How does a consumer determine how much of a good he or she will buy?

A: In a market, when a consumer wants to purchase a specific good, he needs to decide how much quantity…

Q: Describe two decision-making traps identified in Chapter 11 of your text that affected important…

A: Decision-making is a fundamental cognitive process that individuals encounter daily, influencing…

Q: Does the role of price vary with the type of situation?

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: What Is Cost-Effectiveness Measures?

A: Cost(C) is an important component of production. The ‘cost of production’ refers to the total…

Q: Do consumers always make rational consumer decisions when buying economic goods?

A: Rational action applies to a choice - formation mechanism focused on the making of decisions that…

Q: What is imperfect market

A: The market is a location where the transaction of services and commodities takes place.