answer

watching

views

14 Jul 2019

Ryan wants to rent an apartment. The following table shows the monthly rent of five apartments and the monthly commuting time to work from each apartment.â Ryan's opportunity cost of time isâ $15 per hour.

Apartment

Commuting Timeâ (hours/month)

Rentâ ($/month)

1

40

â1,500

2

20

â1,750

3

10

â2,000

4

4

â2,210

5

1

â2,250

Refer to the table above. The total cost per month is the lowest if Ryan chooses to rent Apartmentâ ___

answer

watching

663

views

For unlimited access to Homework Help, a Homework+ subscription is required.

You have 0 free answers left.
Get unlimited access to 3.8 million step-by-step answers.

Get unlimited access

Already have an account? Log in

Bunny GreenfelderLv2

14 Jul 2019

Unlock all answers

Get 1 free homework help answer.

Already have an account? Log in

Related questions

1. Country A has a lower stock of capital than Country B, but the supply of labor in both countries is equal.

A. An additional unit of capital will increase output in Country A only if there is an increase in the total efficiency units of labor.

B. The increase in output due to an additional unit of capital will be smaller in Country A than in Country B.

C. The increase in output due to an additional unit of capital will be larger in Country A than in Country B.

D. An additional unit of capital will increase output in Country B only if there is an increase in the total efficiency units of labor.

2. Which of the following is a valid shortcoming of the use of foreign aid to eradicate poverty?

A. It may not lead to a sizeable increase in physical capital in poorer countries.

B. It is difficult to transfer aid to poor countries.

C. It can lead to polarization of the world economy.

D. It mostly leads to the transfer of resources among rich countries.

3. The reason why the Industrial Revolution originated in Britain can be partly attributed to its:

A. A. opposition to creative destruction.

B. extractive institutions.

C. command economy.

D. wellminus developed a market system.

4. Ryan wants to rent an apartment. The following table shows the monthly rent of five apartments and the monthly commuting time to work from each apartment. Ryan's opportunity cost of time is $15 per hour. Apartment Commuting Time (hours/month) Rent ($/month)

1) 40; 1,500

2) 20; 1,750

3) 10; 2,000

4) 4; 2,210

5) 1; 2,250

Refer to the table above. What is the total cost incurred per month if Ryan rents apartment 3:

A. $2000

B. $2270

C. $2150

D. $2050

5. Ryan wants to rent an apartment. The following table shows the monthly rent of five apartments and the monthly commuting time to work from each apartment. Ryan's opportunity cost of time is $15 per hour.

1) 40 1,500

2) 20 1,750

3) 10 2,000

4) 4 2,210

5) 1 2,250

Refer to the table above.

The total cost per month is the highest if Apartment ________ is rented.

A. 2

B. 3

C. 4

D. 5

6. If GDP per capita in year T is represented by YT, and the GDP per capita in the following year is represented by YT+1, then the formula for calculating growth rate between these two years is ________.

A. (YT+1+ YT)/YT+1

B. (YT+1 minus YT)/YT

C. (YT+1/YT)/100

D. (YT+1+ YT)/YT

7. Which of the following statements is true?

A. As the rental prices of downtown apartments rise, only workers with the lowest opportunity cost of time will be willing to rent them.

B. Optimizers with the lowest opportunity cost of time push up the rental price of apartments with the lowest commute time.

C. Optimizers with the highest opportunity cost of time push up the rental price of apartments with the highest commute time.

D. As the rental prices of downtown apartments rise, only workers with the highest opportunity cost of time will be willing to rent them.

rubychinchilla734

1. Which of the following statements is true of marginal analysis?

A. Marginal analysis is a tool used in optimization in levels.

B. Marginal analysis involves the calculation of the total net benefits of all the available alternatives.

C. Marginal analysis compares the consequences of doing one more step of something.

D. Marginal analysis of alternatives will mostly give an outcome different from optimization in levels.

2. Ryan wants to rent an apartment. The following table shows the monthly rent of five apartments and the monthly commuting time to work from each apartment. Ryan's opportunity cost of time is $15 per hour.

Apartment	Commuting Time(hours/month)	Rent ($/month)
1	40	1,500
2	20	1,750
3	10	2,000
4	4	2,210
5	1	2,250

Refer to the table above. What is the opportunity cost of commute per month to work if Ryan rents apartment 2?

A. $150

B. $300

C. $20

D. $200

3. Which of the following statements identifies a difference between optimization in levels and optimization in differences?

A. Optimization in levels calculates the change in net benefits when switching from one alternative to another, whereas optimization in differences calculates the net benefits of different alternatives.

B. Optimization in levels compares only the benefits from different alternatives, whereas optimization in differences compares only the costs of different alternatives.

C. Optimization in levels compares only the costs of different alternatives, whereas optimization in differences compares only the benefits of different alternatives.

D. Optimization in levels calculates the net benefits of different alternatives, whereas optimization in differences calculates the change in net benefits when switching from one alternative to another.

yellowwalrus151

#1 (5pts, 1pt each) [circle all that apply, there may be more than one correct answer] The monthly payment of rent in the amount of $800 is a:

a) Fixed cost

b) Variable cost

c) Sunk cost

d) Recurring cost

e) Life-cycle cost

Engineering economic analysis is appropriate when:

a) The amount of money involved is significant

b) The situation is too complex for simple âback of envelopâ calculations

c) Social and environmental impacts are the most significant considerations

d) The problem is economic in nature

e) Quantifying political goals

After a new product or process is put in place the production cost per unit tends to _______as manufacturing methodology improves over time. This is known as the _______.

a) Increase, Ramp up effect

b) Decrease, Start-up effect

c) Decrease, Learning curve

d) Be flat, Opportunity cost

e) Vary widely, Chaos effect

Why is $100 today worth more than a rock solid guarantee to receive $100 in 10 years?

a) Inflation may erode the purchasing power of the $100
b) If you have the money you could put it to use
c) If you have the money you could invest it and collect interest
d) There is always some risk that the future payment may not happen
e) No telling what your circumstances might be in 10 years, i.e. you may not be around

Which of the following activities could be categorized as backward planning?

a) Figuring that you will need $1000 by June 1st to go on vacation and determining how many extra hours you need to work over the next few months.

b) Saving 10% of your salary.

c) Planning a drive that will hit the least amount of traffic, allow you to stop for dinner, and make it to a meeting in Austin by 7pm.

d) Renewing the lease on your apartment because a discount was offered.
e) Focusing on alternate activities while you are waiting for a supplier to provide a quote.

#2 (5 pts) Below is a plot of total cost and revenue versus the quantity made and sold. Fill in the correct answers.

What is the fixed cost? ____________
At what volume will the project break even? ___________
What is the profit (or loss) if 100 units are produced and sold? __________
What is the price charged per unit? ___________
What is the incremental total cost between producing 50 units and producing 100 units? _________

#3 (10 pts) A certain index for the cost of purchasing and installing utility boilers is keyed to 1988, where its baseline value was arbitrarily set at 100. Company XYZ installed a 50,000-lb/hour boiler for $525,000 in 2010 when the index had a value of 468. This same company must install a boiler of the same size in 2017. The index in 2017 is 542. What is the approximate cost of the new boiler?

#4 (10pts) Draw the cash flow diagram reflecting the following car ownership. Please draw neatly with the length of the arrows corresponding to the magnitude of the amounts (but not necessarily fully to scale). Label the amounts different from the standard monthly payments.You purchase the car at time zero for $2000 down plus 24 monthly payments of $200. In month 4 you have an unexpected repair bill of $250. In month 18 you have to purchase new tires for $400. At 30 months you are offered $700 for the car and happily sell it.