Who has a greater opportunity cost of enjoying leisurea janitor or a surgeon? a. the janitor because

Question:

Who has a greater opportunity cost of enjoying leisure—a janitor or a surgeon?

a. the janitor because his wage is lower

b. the surgeon because his wage is higher

c. whoever has the greater income effect

d. whoever has the greater substitution effect

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Principles Of Microeconomics

ISBN: 9780357133484

9th Edition

Authors: N Gregory Mankiw

See More Books

Question Posted: Jan 27, 2024 11:00 PM

See More Questions

From a management perspective, formulate and explain your company's offensive or defensive strategy to improve its market position in the next 3 years. Explain whether your company will be a first...
Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
Write a Digraph client TransitiveClosure whose constructor takes a Digraph as an argument and whose method isReachable (v, w) returns true if there exists some directed path from $v$ to $w$, and...
Can a particles of nonzero rest mass attain the speed of light?
At = 0.01, can you support the claim that the proportion of newlywed whites who have a spouse of a different race or ethnicity is less than the proportion of newlywed blacks who have a spouse of a...
Define a sequence of correlated random numbers \[ s_{k}=\alpha s_{k-1}+(1-\alpha) r_{k} \] where $r_{k}$ is a unit-variance, uncorrelated, Gaussian pseudorandom number while \(0
Wyco Company manufactures toasters. For the first 8 months of 2011, the company reported the following operating results while operating at 75% of plant capacity. Sales (400,000 units) ......
What output will be produced by the following code segment? int divide (double a, double b}{ } return (a/b); int main(){ double x=1.0, y = 4.0; cout < < divide(x, y); return 0; }
A person works more hours at a higher wage if the substitution effect a. equals zero. b. equals the income effect. c. is smaller than the income effect. d. is larger than the income effect.
A bakery operating in competitive markets sells its output for $20 per cake and pays workers $10 per hour. To maximize profit, it should hire workers until the marginal product of labor is a. 1/2...
In 2019, an article in the Wall Street Journal noted: The Australian dollar declined 0.4% against the U.S. dollar . . . after Reserve Bank of Australia cleared the path to an interest-rate cut in...
Arthur owns a significant interest in a pub-brewery and skating rink located in a San Francisco shopping center, and another pub and skating rink located in a Sacramento shopping area. Depending on...
Show that the expected present value of the unit n-year guaranteed annuity due is: n + vn xx+n 7. show that for a term life immediate annuity the actuarial PV Formula =x" ax:n = 1- v"nx 8. Calculate...
Calcite Ltd used the NPV and IRR methods of investment appraisal to evaluate a project that has an initial cash outlay followed by annual net cash inflows over its life. After the evaluation had been...
Virunga Co uses the net present value (NPV) method, the internal rate of return (IRR) method and discounted payback period (DPP) to appraise its new investment opportunities. An investment...
George has a personal auto policy that provides the following coverages: liability coverage $150,000/$300,000/$50,000, $5,000 medical payments coverage, $25,000/$50,000 uninsured motorists coverage,...
During the year ended December 31, 2011, Gluco, Inc., split its stock on a 3-for-1 basis. In its annual report for 2010, the firm reported net income of $3,703,920 for 2010, with an average 268,400...
Give an example of transitory income. What effect does this income have on the marginal propensity to consume?
Describe how the earnings gap between blacks and whites has evolved in recent decades.
To ensure safety and efficacy, the Food and Drug Administration regulates the medicines that pharmacies are allowed to sell in the United States. Sometimes this means a company must test a drug for...
Anastasia, Emma, and Greta are deciding what to do on a weekend getaway. They each suggest a first, second, and third choice and then vote on the options. Table 18.2 shows their first, second, and...
4. The following table is the summary of sales in million dollar in three markets. The firms are listed in a descending order by sales (i.e., none of the firms included in "Others" has market sales...
2. Taking input prices as given, consider the following cost functions: C(91,92) = C(q1,0) C(0,92) = = F + cq1cq2992; F > 0, c > 0, > 0 F1 + cq1; F> 0 F2c92; F2 > 0 Assume that F1 + F2 < F. Derive...
Netflix charges $ 2 0 per month and one of its pricing plans. Based on this monthly fee we have already laid out the main profit each year for an average customer in the table below. Calculate the...

Who has a greater opportunity cost of enjoying leisurea janitor or a surgeon? a. the janitor because

Question:

Step by Step Answer:

Principles Of Microeconomics

Students also viewed these Business questions