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3 years ago

In this scenario, Frankie must consider whether making one choice will force him to give up another.

2 answers:

5 0

Based on the scenario above, the economic concept which Frakie is faced with is OPPORTUNITY COST. Opportunity cost refers to a benefit or value that a person could have received but which he gave up in order to take another course of action. Thus, an opportunity cost represents an alternative given up when a decision is made.

Gnom [1K]3 years ago

4 0

B. OPPORTUNITY COST !!!!!!!!!!!!!

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Calculate the average and marginal tax rates in the following table. (Hint: Enter your answers as decimals and do not round when

Zigmanuir [339]

Answer:

1. a. Average Tax rate = 130/2,000 = 6.5%

Marginal Tax Rate = (130 - 0)/ (2,000 - 0) = 6.5%

b. Average Tax rate = 650/10,000 = 6.5%

Marginal Tax Rate = $\frac{650-130}{10,000-2,000}$ = 6.5%

c. Average Tax rate = 1,300/20,000 = 6.5%

Marginal Tax Rate = $\frac{1,300-650}{20,000-10,000}$ = 6.5%

d. Average Tax rate = 6,500/100,000 = 6.5%

Marginal Tax Rate = $\frac{6,500-1,300}{100,000-20,000}$ = 6.5%

2. The tax rates shown in this table are: <u>Proportional</u>

Proportional Taxes take the same percentage of income across all income groups.

3. A. True

4. Sean and Bob would both vote yes as the Marginal Benefit of the project exceeds their marginal cost but project will not be funded in the end as the Total Marginal Cost exceeds Total Marginal benefit. Sean and Bob may want to pay but Yvette will not.

5. If this same project were taking place in the private sector, a firm <u>would not</u> fund the project.

6. In private markets, decisions to provide goods or services to the market are generally made if marginal benefits <u>exceed</u> marginal costs

7. As a result, governments may approve projects whose costs <u>exceed</u> their benefits.

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3 years ago

Before you start to develop your résumé, what should you analyze?

Reil [10]

You need to analyze your personal achievements, or B. Without doing this, there is nothing to put on your resume.

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3 years ago

Read 2 more answers

According to Frans Johansson, all new ideas are: Select one: a. Typically representative of a combination of ideas that are inte

Fofino [41]

Typically representative of a combination of ideas that are integrated to create value is the correct option.

Frans Johansson believes that innovation may be accomplished by combining ideas from many fields and sectors. He emphasized the value of varied teams and how different viewpoints will aid in the creation of enhanced ideas.

The Medici effect refers to the belief that enhanced creativity and invention arise as a result of variety. Step-changes can occur when ideas and skilled individuals from many professions are brought together to cooperate. Frans Johansson's novel of the same name inspired the concept.

Therefore, the correct option is a.

To know more about ideas and invention click here:

brainly.com/question/6463555

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2 years ago

If there are many firms participating in a market, the market is either a. an oligopoly or monopolistically competitive. b. perf

ratelena [41]

Answer:

<h2>In this case,the answer would be option b. or perfectly competitive or monopolistically competitive.</h2>

Explanation:

A perfect competitive market structure is commonly characterized by the presence of many firms or producers and buyers or consumers.The products or services sold in the perfectly competitive market are homogeneous or similar in nature,feature or characteristic.
A monopolistic competition is identified as a particular type of market structure in which there are many firms or companies selling differentiated or heterogeneous products or services.Hence,monopolistic competition also consists of many or numerous firms or companies but unlike perfect competition,the products or services in monopolistic competition are differentiated or heterogeneous in nature,feature of characteristic.

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4 years ago

Kurt is a professional golfer, who use to work as an engineer. Aside from the money he enjoys both jobs equally. He earned $80,0

Irina-Kira [14]

Answer:Economic rent-$320,000

Opportunity Cost-80,000

Explanation:

Economic rent is the extra amount or addition earned by a production resource here and in this context,Mr Kurt is the resource.In this scenario,the extra amount he earned as a professional golfer having quit engineering for it and thus had a step-up(addition) of $320,000.

While the opportunity cost which known as the alternative forgone in order in favour of another alternative in a decision process here is $80,000.In this case,he had to forego engineering job($80,000) and therefore concentrate on professional golfing which paid him more(400,000) not omitting the fact that he could have engaged in the two jobs at same time.

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4 years ago