Your aunt gives piano lessons for $25 per hour. She also can grow tomatoes, which she can arrange and sell at the local farmer's market. One day she spends 5 hours planting $50 worth of seeds in her garden. Once the seeds have grown into tomatoes, she can sell them for $150 at the farmer's market. Which statement is true? Opportunity cost of growing tomatoes is $125 and she can earn an accounting profit of $100. Opportunity cost of growing tomatoes is $50 and she can earn an accounting profit of $25. Opportunity cost of growing tomatoes is $50 and she can earn an economic profit of $25. Opportunity cost of growing tomatoes is $125 and she can earn an economic profit of $100.

Your aunt gives piano lessons for $25 per hour. She also can grow tomatoes, which she can arrange and sell at the local farmer's market. One day she spends 5 hours planting $50 worth of seeds in her garden. Once the seeds have grown into tomatoes, she can sell them for $150 at the farmer's market. Which statement is true? Opportunity cost of growing tomatoes is $125 and she can earn an accounting profit of $100. Opportunity cost of growing tomatoes is $50 and she can earn an accounting profit of $25. Opportunity cost of growing tomatoes is $50 and she can earn an economic profit of $25. Opportunity cost of growing tomatoes is $125 and she can earn an economic profit of $100.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Explain how a recession can affect the aggregate demand of an economy. Your explanation should include a relevant example of such a recession and its effects on economies in general and emerging economies in specific (like UAE). (1000 words
4.
The following graph shows the daily demand curve for bikes in Houston. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. 240 220 200 Total Revenue 180 160 140 120 100 80 60 40 20 0 PRICE (Dollars per bike) 0 9 18 27 > 36 45 54 63 72 QUANTITY (Bikes) 00 8 Demand 90 81 99 106
3. [Sometimes, it's useful to think about what fraction of a consumer's money they spend on each good, rather on how many units they buy. (a) Show that every x EX(p,m) can be written as x = f1(m/p₁,0) + f2(0, m/p2 ) + (1-f1-f2)(0,0) for some numbers f1,f2 20 with f1 + f2 ≤1. (b) Let f1 and f2 be as in part (a). Give an expression, in terms of f1 and f2, for the fraction pix₁/m of the consumer's money that they spend on good 1. (c) Let f1 and f2 be as in part (a). Give an expression, in terms of f1 and f2, for the fraction p2x2/m of the consumer's money that they spend on good 2
15. (15 points) Suppose that the values of y are generated by the following equation: ŷ=a+Bx+e Where a and ẞ are unknown parameters and e is the random error. The table below gives the observed values of y and x for a sample of size 4. obs y x y น 2 1 24 24 10 10 1 6 9 = +Bxte 28-3+8+(0.5) 25 25 S 3 4 5 28 -8 7 -1 Consider the regression estimates of the unknown parameters a and ẞ: a 3 β 5 Fill in the missing values in the table. Calculate the sum of squared residuals and write it below. SSR =
! (asap)
7. There are three (3) types of resumes: chronological resume combination resume functional resume Please to create an introduction and conclusion for these three types of resumes. thankyou. (business communication question)
2. (TRUE/FALSE) To economists, the amount of a resource stock in situ is an important measure of scarcity of the resource
5. (b) Are the following statements true or false? Justify your answer (simply saying true or false will carry no credit). i) "A labor market dominated by a single buyer achieves Pareto efficiency if the buyer operates as a perfectly discriminating monopolist". ii) "A cake is divided between two individuals; Pareto optimality requires that they receive equal shares".
please answer (i)(ii)(iii)
III. PROBLEM SOLVING Lino Batumbakal is now exploring the option to start selling beef wellington. He is trying to find out how many must he sell in order to start earning money. From an initial feasibility study, he will incur a total of 200,000 pesos for equipments and other fixed expenses. He is planning to sell the wellington at 500 pesos for each incurring direct expenses of 150,000 pesos in the production. According to Lino Bataumbakal's feasibility study, should he start selling the beef wellington, he will have the following data: Price 500 2,100 5. What is the Demand Function? 6. What is the Supply Function? 7. What is the Equilibrium Point? Q 12 10 4 6
You are analysing the annual revenue from the top 5 coffee maker models manufactured in your company, and want to know the comparative revenue made from each model. Rank these 5 coffee makers based on the revenue made this year, from highest to lowest.