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kramer
2 years ago
8

Question 1 (10 points) You are faced with a problem. You want to go to the movies with your friends and see the latest action fl

ick. However, your mother left you firm instructions to mow the lawn. You will risk losing your allowance if you don't mow the lawn. Apply what you have learned in this course. a) Create a decision-making grid similar to the one you learned about in Unit 2. Then decide which would be the best use of your time. b) Make a choice as to which you will do. Write an explanation (at least one well- developed paragraph in length) in which you explain how you have decided to use your time and why you made that particular choice. Your explanation should include terms such as "opportunity cost" and "trade-off" and your reasoning for making the choice you made.
Business
1 answer:
Ray Of Light [21]2 years ago
7 0

The dilemma is to decide whether to ignore mother's orders or comply with them in this situation.

<h3>What is Opportunity Cost?</h3>

Opportunity Cost refers to the losses incurred on leaving the other possible alternatives in the decision making and choosing the one. It is the value of the best alternative choose in the process of the decision making.

In the Above situation,the individual would enjoy with friends if he goes to watch the movie However it can lead to trouble with his mother.

However, if individual does cleaning of the lawn; the price would be the fun you would have to forgo.

The best course of action would be to obey your mother because the consequences of doing otherwise are much worse.

Learn more about Opportunity Cost here:

brainly.com/question/12121515

#SPJ1

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When total demand outpaces actual output in the economy, the economy usually enters?
alexandr402 [8]
The economy usually enters into DEMAND PULL INFLATION. This situation is usually describes as too much money chasing too few goods. Demand pull inflation is characterized by increase in the prices of goods and services, increase in real gross domestic product and decrease in unemployment. 
8 0
3 years ago
Bob holds a portfolio of 20 stocks from different industries, whereas Sharon holds only one stock in her portfolio. Assuming the
nikdorinn [45]

Answer:

The correct answer is: C. larger decrease in total risk.

Explanation:

The risk of an investment portfolio refers to the possibilities of obtaining the return, profit or profit you expect. Every investment involves a risk, and the more you can earn, the greater the risk. If you put your money on a fixed term, the risk is minimal, but it hardly gives you an interest even less than inflation. If you invest in the forex market, for example, you can earn a lot of money, but also the risk (that you do not achieve and even that you lose what you invested) is much greater. Every investor knows that he must assume some risk, because it is something inherent in the investment.

5 0
3 years ago
Solving for dominant strategies and the Nash equilibrium Suppose Nick and Rosa are playing a game in which both must simultaneou
slava [35]

Answer:

The only dominant strategy in this game is for <u>NICK</u> to choose <u>RIGHT</u>. The outcome reflecting the unique Nash equilibrium in this game is as follows: Nick chooses <u>RIGHT</u> and Rosa chooses <u>RIGHT</u>.

Explanation:

                                                  ROSA

                                     left                          right

                                    4 /                            6 /

                left                  3                              4

NICK                                                      

               right             6 /                             7 /

                                       7                               6

Rosa does not have a dominant strategy since both expected payoffs are equal:

  • if she chooses left, her expected payoff = 3 + 7 = 10
  • if she chooses right, her expected payoff = 4 + 6 = 10

Nick has a dominant strategy, if he chooses right, his expected payoff will be higher:

  • if he chooses left, his expected payoff = 4 +6 = 10
  • if he chooses right, his expected payoff = 6 + 7 = 13

The only possible Nash equilibrium exists if both Rosa and Nick choose right, so that their strategies are the same, resulting in Rosa earning 6 and Nick 7.

8 0
3 years ago
You notice that when a new yoga class is offered at the student recreation center at a highly desirable time, some students from
blsea [12.9K]

You notice that when a new yoga class is offered at the student recreation center at a highly desirable time, some students from the other yoga classes go to the new class instead. This statement best represents this economic concept people usually exploit opportunities to make themselves better off.

Recreation includes all of the pursuits people make for the purpose of renewing their bodies and brains and adding interest and enjoyment to their free time. Exercises like walking, swimming, meditating, reading, playing games, and dancing are examples of leisure activities.

At its most fundamental level, economics aims to explain how and why we choose the products we do. Scarcity, supply and demand, costs and benefits, and incentives are four fundamental economic ideas that can be used to explain a variety of human decisions.

Learn more about economic concepts here

brainly.com/question/27569024

#SPJ4

8 0
2 years ago
Cala manufacturing purchases a large lot on which an old building is located as part of its plans to build a new plant. the nego
Andre45 [30]
Given:
280,000 for the land
110,000 for the old bldg
33,500 to tear down old bldg
47,000 to fill and level the land
1,452,000 new bldg
87,800 for lighting and paving a parking area for the new bldg.

Entries:                                    Debit                         Credit
Land                                      470,500
           Cash                                                              470,500
(280,000 + 110,000 + 33,500 + 47,000 = 470,500) 

Building                                   1,452,000
          Cash                                                         1,452,000

Land Improvement                        87,800
           Cash                                                             87,800

Expenses incurred in preparing the land for its purpose is classified under the land account. Land does not depreciate because its useful life is unidentified.

Land improvement account is used for expenses incurred to add functionality to the land and these output has useful life and is depreciated. 




8 0
3 years ago
Read 2 more answers
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