WebQuestion: Table 7-12 ne numbers reveal the opportunity costs of providing 10 piano lessons of equal quality, Cost Seller Marcia $200 Jan $250 Cindy $350 Greg $400 Peter 5700 Bobby $800 Refer to Table 7-12. The equilibrium market price for 10 piano lessons is $300. What is the total producer surplus in the market? a. 550 b. S150 c.$1,050 d. $1,500 WebEconomics. Economics questions and answers. Table 7-9 The numbers reveal the opportunity costs of providing 10 piano lessons of equal quality. Seller Marcia Jan Cindy Cost $200 $250 $350 $400 $700 $800 Greg Peter Bobby Refer to Table 7-9. You wish to purchase 10 piano lessons, so you take bids from each of the sellers.
Opportunity Cost: Definition, Types, Examples - Business Insider
WebIf the market consists of 50 identical sellers, each with the same opportunity cost as the seller depicted in the figure, then how many units wou be supplied in the market at a price of $14 per unit? 17.500 350 175.000 1.750 QUESTION 7 For a given seller, the accompanying figure shows the relationship between the number of units produced and ... WebIn other words, the company's opportunity cost for setting up the machine is $560. A bean counter might look in the company's payroll records and say that the cost of setting up … greater swiss mountain dog breeders ohio
Opportunity Cost Formula, Calculation, and What It Can …
WebDec 12, 2024 · Opportunity cost is important for companies to assess, as it allows them to determine the best way to use their limited resources and funds. ... which is about 1.5 hours each way. Weighing the cost of gasoline and wear and tear on his car as well, Joseph decides to go with the third job offer. The foregone profit of $400 a week, or $1,600 more ... WebExpert Answer. Answer 1: Each seller's producer surplus. To describe the overall benefits that sellers received in the market, we need to add eac …. View the full answer. Transcribed image text: To describe the overall benefits that sellers received in a market, we can add up: each consumer's consumer surplus. each seller's producer surplus ... WebThe total alternative opportunity cost, which is the sum of the marginal costs, is the area under the supply curve up to the quantity supplied. 3. The economic rent is the area over the supply curve and under price received by the seller. Notice here that rent will occur for any input whose supply curve is upward sloping. flintstones live action cast