1. John works part-time for a moving company and earns a total of $162 each week
ID: 1135878 • Letter: 1
Question
1. John works part-time for a moving company and earns a total of $162 each weekend. Next weekend a friend has invited him on a cruise that will cost him a total of $422. If he goes on the trip he will not be able to work. What is John’s implicit cost of going on the trip? Enter a whole number with no dollar sign.
2.George and Jane need to paint fence that runs around their property and one of them will be taking time off of work to complete the project. George can paint 2 feet of fence in one hour. Jane can paint 2 feet of fence in two hours. George makes $75 per hour at work. Jane makes $50 per hour at work. In this case _____ has the higher opportunity cost of painting fence and therefore _____ should take the time off and complete the project.
3. You have been offered an extra shift at work this Friday and this will allow you to earn an extra $140. Your friend has invited you to go to Disney the same day and this will cost you $182. What is the opportunity cost of going to Disney? Enter a whole number with no other characters. 4.You are going to buy a new computer at a downtown store that is a 25-minute drive each way and has the computer for $871. You earn $15 per hour at your job and will have to take time off to go buy the computer. You can expect to spend 40 minutes in the store making your purchase. What is the implicit cost of buying the computer, measured in dollars? Enter an answer such as 42.00 or 34.50, with two decimal places. Do not enter any other characters.
4.There are 10 million workers in Canada and each of these workers can produce either 2 cars or 50 bushels of wheat in a year. The opportunity cost of producing a car in Canada is ___ bushels of wheat and the opportunity cost of producing a bushel of wheat in Canada is ___ cars. Suppose Canada completely specializes in wheat production and trades 100 million bushels of wheat in exchange for 6 million cars with the United States. After trade Canada can consume ____ million cars and ____ million bushels of wheat. Enter numbers rounded to two decimal places as necessary.
5. A farmer is trying to decide how many gallons of water to apply to his cotton crop. He should apply more water as long as A. the extra water results in an increase in the cotton yield per acre. B. the marginal benefit of more water is at least as great as the marginal cost of more water. C. the total benefit of more water is at least as great as the total cost of more water. D. profit remains positive.
6. A worker in Country X can produce 3.2 toasters per day or 6.8 blankets per day. A worker in Country Y can produce 6.2 toasters per day or 20.5 blankets per day. Suppose each country has 100 days of labor available. If each country devotes 30% of the days to toaster production and 70% of the days to blanket production then in total they can produce ___ toasters and ___ blankets. If the two countries completely specialize and trade then in total they can produce ____ toasters and ____ blankets. Please enter numbers that have been rounded to 2 decimal place such as 4.04 or 3.20 or 0.34.
Explanation / Answer
1) John’s implicit cost of going on the trip is 162.
because, an implicit cost is the cost that is alreaady occured but not shown or recorded as a expenses. for example, an employee could take a vacation and travel and if not traverel then he go for work. The explicit costs of vacation and travel would include travel expenses, the cost of a hotel room, and costs related to entertainment. so, The implicit costs relate to the cost which implied after tradeoff, namely the wages that the employee could have earned if the vacation was not taken. so, the concept of implicit cost is likely to the opportunity cost. so, here John implicit cost of going the the travel is $162 that he could earn by not going to the cruise or trip.
2) please upload it againt. it against chegg policy.
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