<u>Full question:</u>
Bobby is speaking to his friend and says, "this musical is going to cost me $60 when I buy the ticket." His friend corrects him and says, "actually, this concert will cost you more than $60 since you have to miss work." His friend is referring to the _________________.
Select the correct answer below:
a)economies of scale
b)budget constraint
c)opportunity cost
d)opportunity set
<u>Answer:</u>
His friend is referring to the opportunity cost
<u>Explanation:</u>
Opportunity costs describe the gains a person, investor or company drops out on when picking one choice over another. The cost of practicing something is previously the cost of the highest-valued alternative use. Bottlenecks are frequently a condition of opportunity costs.
The method for determining an opportunity cost is solely the contrast within the expected returns of any option. Estimating opportunity costs can lead you to more effective decision-making. Opportunity cost examination also performs a crucial role in preparing a business's capital structure.
The answer is a , make sure you pick that oneb
I guess the correct answer is absolute threshold
You are studying in your dorm room, but your neighbor is blasting the television in the adjacent room. When you gently request that your neighbor turn the volume down until you cannot hear it, you are asking your neighbor to make the volume less than your absolute threshold.
Answer:
The average total cost of producing 60 units of output is:
b. $21.67
Explanation:
a) Data and Calculations:
Variable Fixed Output Marginal Physical Total Total Marginal
Input Input Product of Variable fixed variable Cost
input cost cost
0 1 0 $500 $0
1 1 10 (A) $500 $200 (F)
2 1 25 (B) $500 400 (G)
3 1 45 (C) $500 600 (H)
4 1 60 (D) $500 800 (I)
5 1 70 (E) $500 1000 (J)
The total cost of producing 60 units of output = $1,300 ($500 + $800)
Average total cost of producing 60 units of output = $21.67 ($1,300/60)
Answer:
P = $75 per club
n= 75,000 clubs
Explanation:
The demand and supply functions are:

The equilibrium price is the price that yields a quantity demanded equal to the quantity supplied:

The number of units sold at that price is:
