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VARVARA [1.3K]
4 years ago
7

I am trying to understand the Opportunity cost. Can anyone help me please? I can't seem to get Economics, I really need help. Yo

u work as an assistant coach on the university swim team and earn $15 per hour. One day, you decide to skip the hour-long practice and, instead, go to the county fair, which has an admission fee of $9.
Business
1 answer:
sesenic [268]4 years ago
8 0
<span>Basically "Opportunity cost" is what you're going to lose (or have a potential to lose) if you chose a different action than what you're presented with. In the example, you're working for $15 an hour, but if you decide instead to skip a pratrice to go to the fair you're losing out of the $15 an hour you'll be paid and have to pay $9 to go to the fair. All total, you're opportunity costs for that will be $24 (fifteen you would have made plus the nine dollar fee.) This is also assuming, of course, they don't fire/dock you for just skipping work.</span>
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ASHA 777 [7]

Answer: 1. a. The existence of a no-fault law.

2. d. $17,000

Explanation:

1. For Jane to prove that Famous was indeed negligent, she definitely does not need the No - Fault law. This is a law that is mostly applicable to motor vehicle accidents and means that the individual parties are responsible for whatever injuries they sustain and the person who actually caused the accident is irrelevant. The main aim of this is to reduce the damages claims that one can be put on Insurance which increase insurance premiums.

<em>If this law was to be applied here, Jane would</em> <em>be responsible for her own injuries and her suit would fail. </em>

2. Jane missed 2 weeks of work and in each week she earns $5,000.

She also had medical expenses of $4,000 and estimated pain and suffering of $3,000.

The general damages therefore are the two weeks she missed plus the medical expenses and the pain and suffering.

= 5,000 ( 2) + 4,000 + 3,000

= 10,000 + 7,000

= $17,000

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3 years ago
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3 years ago
Marisol recently put her house on the market at an asking price of $260,000. She realizes, however, that in order to sell the ho
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Maria recently put her house on the market at an asking price of $260,000. She realizes, however, that in order to sell the house, she may have to use price skimming

<h3>What is price skimming?</h3>

Price skimming is a pricing strategy that a company can use when launching a new product or service.

Price skimming is commonly used for new technologies. DVD players are an excellent example of this. When DVD players first became available in the late 1990s, they could cost up to $1,000. If you do a quick search on Amazon, you'll find that a new DVD player costs only $33.

The pricing strategy will be influenced by the stage of the product's life cycle. The process of charging a relatively high price for a product is referred to as price skimming. When a product is new to the market, skimming is commonly used (in its introduction or growth phase)

To know more about price skimming follow the link:

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3 0
1 year ago
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Sauron [17]

Answer: problem-solving teams

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5 0
3 years ago
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Answer:

Failing to analyze and take into account the competitor technological environment.

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