Answer: $57
Explanation:
Opportunity cost is the benefit that is foregone for an individual by choosing one alternative over other alternatives available to him.
If the opportunity cost is lower for an individual then this will benefit him whereas if the opportunity cost is higher then this will not benefit the individuals.
Opportunity cost of going to the theater:
Earning at work = $9 per hour × 3 hours
= $27
Theater ticket cost = $30
Therefore, total opportunity cost of going to the theater is as follows;
= Earning at work + Theater ticket cost
= $27 + $30
= $57
In economics an externality is the cost or benefit that affects someone who did not choose this. It is the true cost of a product that can be both positive or negative. Pollution can be an example of this. An educated labor force producing more is a positive example of this. The government rewards positive externality and punishes negative externality. Rewards can be surpluses and taxes can be punishments.
Answer:
d) variability
Explanation:
Variability is the quality of a service that does not follow a fixed, or predictable pattern, following instead a changing (or variable), or unpredictable pattern.
Seasonality is a type of variability that occurs when a business is subject to very rigid time constraints: in some periods of time it booms, and in other periods, it busts.
Alex's business is seasonal because it only becomes profitable during the summer months, while the other three seasons represent a net loss for him.
Answer:
Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $12.50.
Wage Labor Demanded Labor Supplied
$12.50 375,000 625,000
This will result in a surplus of labor (625,000 higher than 375,000)
Which of the following statements are true?
- Binding minimum wages cause structural unemployment. As with all price floors, a deadweight loss results, because the quantity supplied is much greater than the quantity demanded. In this case, the price of labor is the wage, and the deadweight loss = structural unemployment
-
In the absence of price controls, a surplus puts downward pressure on wages until they fall to the equilibrium.
Since a labor surplus exists, the price of labor should start to decrease in order to match the equilibrium price.
-
If the minimum wage is set at $12.50, the market will not reach equilibrium. The quantity supplied of labor is much greater than the quantity demanded for labor resulting in a surplus.
Answer:
Budgeting tools provide notifications and reminders to help us keep track of our spending and savings.
Explanation:
We may use a budgeting program to keep track of how much we spend. Budgeting tools can assist us in reducing undesirable and unneeded spending. It can also help us be more disciplined with our spending and save more money. We may set up notifications or reminders to help us keep track of our spending.
