Question 26 1 pts Isaac has four potential jobs to consider, each with different

Question

Question 26 1 pts Isaac has four potential jobs to consider, each with different salary offers. From highest to lowest, the salaries are: $47,500, $46,000, $45,000, and $42,000. Based on the information provided, if Isaac accepts the highest-paying position, what is his opportunity cost of this position? o $46,000 O $42,000 $47.500 $133,000 $1,500 1 pts D Question 27 Winged Treasures is a specialty store that sells butterfly omaments. The owner wants to increase her total revenue and knows that the price elasticity of demand for her product is -0.4. What should she do to her price? lower it by a relatively large amount O leave it unchanged and use another way to increase sales O decrease it to zero O raise it by any amount lower it by a relatively small amount

Explanation / Answer

26. A) $ 46,000

Opportunity cost is the value of next best alternative foregone.

27. Raise it by any amount.

Since Ed is less than one i.e. inelastic demand so increase in price raises total revenue of the firm.

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