You are an elementary-school principal and have a budget of $1m per annum. You can spend this on teachers, each with a total salary and benefit cost of $50,000 per year. Or you can spend it on Free School Meals for students at a cost of $500 per student per year. To help make your budgetary choices you draw out the budget constraint. What is the opportunity cost in terms of students receiving free school lunches for a year for one more teacher?

Com 120.000 D 80.000 40.000 Robots 5.000 10.000 15.000 In the graph above, the resources in this economy are

In Jun 2021, in an attempt to stay healthy and get fit, I signed up for a year membership contract at a local gym, for which I am agreeing to pay RM300 per month. I also spent RM300 on stylish gym clothes to feel comfortable. This morning, I was trying to decide whether or not to actually go to the gym. Which of the following was relevant to my decision? O a. The fact that I also had to sit for an online economics midterm exam this morning. O b. The RM300 that I paid the gym this month. O c. The RM300 I spent on gym clothes. O d. All answers were relevant.

The per-unit cost of an item is its average total cost (= total cost/quantity). Suppose that a new cell phone application costs $250,000 to develop and only $0.60 per unit to deliver to each cell phone customer. Instructions: Round your answers to two decimal places. What will be the per-unit cost of the application if it sells 100 units? Per-unit cost = $1 What will be the per-unit cost of the application if it sells 1000 units? Per-unit cost $[ What will be the per-unit cost of the application if it sells 1 million units? Per-unit cost $

The table provides information about the production function for Lindsay's Farm, which uses labor and land to produce its produce. The price of labor is $50 per worker per week and the price of land is $20 per acre. Quantity of Land (acres) 10 10 10 Quantity of Labor (workers) 0 1 2 3 5 Quantity of Produce (bushels) 0 50 100 Table 55-4: Lindsay's Farm. 170 190 When Lindsay increases output from 50 units of produce to 100 units of produce, her marginal cost per unit is equal to:

Imagine a very talented young person who has just graduated from high school and has been offered a 4-year contract worth ten million dollars to play professional basketball for the LA Bakers, and has also received an offer of acceptance to UCLA with full fellowship. The fellowship covers her tuition, room, and board, along with a generous monthly stipend of 2500 dollars for living expenses for 4+1 years. Which of the following is true for this scenario? ( Remember: the cost of something is what you give up to get it!)A) The cost of the four years of college education for this person is very high, in the range of millions of dollars.B) The cost of the four-years of college education for this person is almost zero because of the generous fellowship and financial aid package she has received.C) The cost of the four years of college education for this is person is the sum of the tuition, room, and board expenses, plus the monthly stipend of 2500 dollars for 4 years.D) The rational choice…

Provide a diagram showing the inefficient or underemployed resources in a hypothetical economy

In the aftermath of a hurricane, an entrepreneur took a one-month leave of absence (without pay) from her $5,000 per month job in order to operate a kiosk that sold fresh drinking water. During the month she operated this venture the entrepreneur paid the government $2,500 in kiosk rent and purchased water from a local wholesaler at a price of $1.38 per gallon. If consumers were willing to pay $2.12 to purchase each gallon of fresh drinking water, how many units did she have to sell in order to turn an economic profit? Instruction: Enter your responses rounded up to the nearest gallon.