miles from an attraction you hadn't known about, but would really like to see. In computing the opportunity cost of visiting this attraction you had not planned to visit you should include O both the cost of driving the first 1,000 and the next 50 miles. O the cost of driving the next 50 miles, but not the cost of driving the first 1,000 O the cost of driving the first 1,000 miles, but not the cost of driving the next 50.

miles from an attraction you hadn't known about, but would really like to see. In computing the opportunity cost of visiting this attraction you had not planned to visit you should include O both the cost of driving the first 1,000 and the next 50 miles. O the cost of driving the next 50 miles, but not the cost of driving the first 1,000 O the cost of driving the first 1,000 miles, but not the cost of driving the next 50.

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter20: Consumer Choice And Elasticity

Section: Chapter Questions

Problem 2CQ

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Task 3 Pick one of your items. You have been contacted by a customer in Alaska who wants to purchase several of these items and wants you to ship the items to her. You have already established the cost per item and you will only charge the customer $5 to ship these items to Alaska. Suppose another company sells the same item but charges half of your price. However, if the customer buys from this company, she will be charged $20 in shipping costs. a. Write two equations to represent the customer's total cost based on how many items she buys from each of the two sellers-you and the other company. b. If the customer in Alaska wants to buy 5 items, from whom should she buy? Explain your answer. c. If the customer in Alaska wants to buy 50 items, from whom should she buy? Explain your answer. d. Solve the system of equations from part A. What method did you choose to solve the system? Why? e. Explain what your solution for part D means in terms of the situation.
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Later, the teaching assistant in Clancy’s economics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 15 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same number of pages during each hour they spend reading. Given this information, in order to use his 4 hours of study time to get the best exam score possible, how many hours should he have spent working on problems, and how many should he have spent reading?
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apter 1 Connect Activity i 6 eBook The table below shows Lanark's production possibilities. Wheat Cars A 0 51 B 50 49 C 88 44 D 114 34 27 E 126 19 F 131 0 a. If Lanark is producing 39 cars, it can produce approximately b. If Lanark is currently producing combination C, the cost of 26 more wheat is (Click to select) ✓ c. If Lanark is currently producing combination D, the approximate per unit cost of an additional car is necessary, round your answers to 1 decimal place. Remember to round 0.05 up to 010. Saved wheat. (Click to select) If