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What is the relationship between a firm total revenue, profit, and total cost
Suppose you have GH¢ 5.00. If you use the money to pay electricity bill, you will gain or benefit, in monetary terms, GH¢ 8.00 whiles if you use it to board a taxi you will gain GH¢ 10.00.
(a) What is the opportunity cost for spending the money on transportation (taxi)? (b) What is the opportunity cost for spending the money on electricity bill?
(c) What is the net benefit when
(i) the direct cost is used?
(ii) the opportunity cost is used?
(d) From your results in (cii) which good should you purchase? Explain your answer.
suppose you have $5.00 if you use the money to pay electricity bill you will gain or benefits monetary terms $8.00 whiles if you use it to board a taxi you will gain $10.00.
what is the opportunity cost for spending the money on transportation
If the total cost is positive at zero level of output, what does it signify?
Evaluate the importance of studying Economics
Clothing stores frequently run "sales" where they discount clothing prices by as much as 25 percent. What impact, if any, would you expect this sales to have an store that specializes in selling shoes produced by rockport?
Assuming there are two goods X and Y and two persons, analyze the exchange of goods between the two using the Edge worth Box framework indicating the Pareto efficient allocation
a) The utility function for a consumer utility is U=30Q11/2Q21/2 . If the price per unit of Q1 is Kshs 10 and Kshs 5per unit of Q2, determine quantities Q1 and Q2 that the consumer should have to maximize utility if the consumer budgeted Kshs 350
In 2015, jim earnss $100, milk costs $2 per litre, and cookies cost $4 per dozen. Draw Jim's budget constraint.
In 2015, jim earnss $100, milk costs $2 per litre, and cookies cost $4 per dozen. Draw Jim's budget constraint.
