Question

2. Suppose at Friday night, you have **two**
options: (1) go to watch a movie; or (2) work part time at Fred
Meyer. The movie ticket costs $20. If you work part time that
night, you can earn $60.

(a) Is the cost of the ticket implicit cost or explicit cost of watching the move?

(b) How much is the opportunity cost of going to the movie?

(c) Can you calculate the opportunity cost of working part-time at that night? Explain.

(d) Suppose your mom told you that if you will stay at home that Friday night, you will receive $40. Calculate the opportunity cost if you go to watch the movie.

Answer #1

a) the cost of ticket is explicit cost because it is the direct cost involved opportunity cost

b) opportunity cost of going to the movie is salary lost if you work part time which is $60 and therefore the opportunity cost $60

(c) it is not possible to calculate the opportunity cost of doing part 10 in monetary terms but rather the opportunity cost is the utility sacrificed by not going to the movie

(d) still the opportunity cost is the cost of next best alternative and it is is the salary sacrifice by not doing part time because it is $60 but not 40 dollars because $60 is greater than $40 which means the opportunity cost is $60 only

Suppose you are scheduled to work at your job for 4 hours Friday
night, where you make $10.00 per hour. However, once Friday arrives
you decide to “call in sick” so you can go to the movies with your
friends. At the movies, you spend $10 on a ticket and $15 on
refreshments. How much did the night at the movies cost you?

Suppose you have a choice to go to a Katy Perry concert or a
Lady Gaga concert on Friday night. You won a free ticket to see
Katy Perry. You would pay as much as $190.00 to see Lady Gaga
perform, but a ticket to her show costs $80.00. Suppose a friend
offers you $65.00 for the Katy Perry ticket.
The opportunity cost of going to the Katy Perry concert is $

Suppose 6 of your friends have asked to go to the latest sci-fi
movie with you. You have studied your calendar and decided to see
it on three particular occasions before it leaves town. If you plan
to invite each of your 6 friends to join you once, how many ways
can you do so? Suppose you want to have 2 friends with you each
time you see it, how many ways can you do this?

The following are things you could be doing
Watch some videos on your phone, providing a benefit of $5
Skimming a book, giving you a benefit of $10.
Bike to the Walgreens, buying some food. The Walgreens has only
two items of food that you like to eat, salted cashews, and
unsalted cashews (boxes of which cost $3 each) and Hershey’s (that
cost $1 each). Each box of cashews provides $7 of
utility/happiness, while each Hershey’s gives $2. You can...

(2) Suppose that you have $1 to invest. You have two investment
options: one is to buy 1-year U.S. bonds that offer a market
interest rate of 8% per year, and the other is to buy 1-year
Japanese bonds that pay 12% interest per year. Assume that you
decide to buy the Japanese bonds with $1. This time you don’t enter
into a forward contract to protect your investment from possible
fluctuations in the exchange rate. Today’s exchange rate is...

1. Why did you decide to work in this field of
sonography?
2. Did you have another career before you went to school
to become a Sonographer? What was it like to change from one career
to another?
3. Where did you go to school for this job? What was the hardest
part of school for you?
4. What is a typical workday like? Do you have a lot of
overtime? (If yes, How is overtime scheduled? Do you have...

1. Consider the following supply equation: p = 5 + 10q Suppose
that the market price is p∗ = 25. Calculate the producer surplus.
Please show your work.
2. Consider the following demand equation: p = 600 − 4q Suppose
that the market price is p∗ = 120. Calculate the consumer surplus.
Please show your work.
3. Working full time and going to university are typically
substitutes. When it is tough to find a job, does that raise the
opportunity...

1.Suppose you are running your own flower delivery business
(called Here Comes the Bloom) and have the following financial
information (per year): total revenues from sales are $260,000,
labor costs are $85,000, rent is $20,000, materials are $33,000,
vehicle related costs (fuel, insurance, maintenance) are $10,000
and utilities are $7,000. You own the delivery van and could rent
it out for $6,000 per year if you weren’t using it to run your own
business. You have a standing offer to...

I quit social media for 1 month -- it was the best
choice I ever made
I quit social media for a month. So, I quit Facebook, Instagram,
Snapchat, and Twitter. I just needed a break. It was time to cut
myself off
I stopped using social media this morning and my brain is going
crazy. I just realised how often I glance down just to see if I
have a notification. When I wake up in the morning, on...

1. Read the article and discuss how operations can provide
strategic advantage to this organisation.
2. Discuss the performance of the company in terms of the five
performance objectives and the relationship among these performance
objectives.
3. Discuss a suitable operations strategy approach for these
kinds of organisations.
Operations Strategy in Action
Almost every company seems to be restructuring itself to face the
downturn, be it through financial engineering, or by retrenching to
core activities. So they sell off foreign...

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 19 minutes ago

asked 32 minutes ago

asked 32 minutes ago

asked 35 minutes ago

asked 41 minutes ago

asked 1 hour ago

asked 1 hour ago

asked 2 hours ago

asked 2 hours ago

asked 2 hours ago

asked 2 hours ago

asked 3 hours ago