Answer:
<u>tutoring opportunity cost: </u>20,000 consulting job
<u>consulting job opportunity cost:</u> 5,000 + travel from tutoring
<u>collegue:</u> 20,000 consulting job
Explanation:
opportunity cost: cost of the best rejected project, proposal or income
income from work as a consulting job: 20,000
income from tutoring: 5,000 ( externality of travel around the world)
collegue cost of 5,000
The tutorng has an externality of travel around the world. We can measure how much Allison values that chances but it is something she will consider when picking her plan.
<span>This person would be a "passenger comfort specialist.</span>
Answer:
1. Rise
2. Reducing
3. Fall below
4. Rises above
Explanation:
1. Sales from catalogues will fall because people will demand less as a result of the catalogue price being higher than the actual price.
2. As the rules of Supply and Demand opine, the Catalogue companies will have to reduce supply in response to a decrease in demand.
3. The natural output quantity will be more than the output supplied. have attached a graph and a table to show an example using the figures.
4. The short-run quantity of output supplied by firms will rise above the natural rate of output when the actual price level rises above the price level that people expected as shown by the graph.
................................
Answer:
a. greater than average total cost.
Explanation:
<u><em>Average total cost</em></u> is the cost of a unit output of goods that is being produced. Total Cost is the addition of all the cost of production which include total fixed cost and the total variable cost. Average Total cost is equal to total cost divided by total number of output.
<u><em>Marginal Cost</em></u> This is the change in the opportunity cost when an additional unit is added for production,<em> it is the cost of producing one additional unit of goods.</em>
Therefore, when the average cost of production is increasing, the marginal cost is greater than average cost, and when the average cost is decreasing the marginal cost is less than average cost. Also when the average cost is neither increasing nor decreasing, the marginal cost will be equal to average cost.