Suppose you buy an accessory that will be used in your production activity and is worth a thousand of pesos (P1,000.00). In economic perspective, would you contend that is the only cost involved? Why or why not?
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Suppose you buy an accessory that will be used in your production activity and is worth a thousand of pesos (P1,000.00). In economic perspective, would you contend that is the only cost involved? Why or why not?
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- Why Real Saffron Is So Expensive Even in the expensive world of spices, saffron stands out. And real saffron can cost you over $10,000 per kilogram. Saffron is the red stigma of the Crocus sativus. Each crocus has three small stigmas that have to be picked carefully by hand. No machine can do the delicate work required to harvest these thin threads. And it can take 40 hours of hard manual labor to produce just 1 kilogram of high-quality saffron. Rising labour cost supports the price of saffron. Expansion of healthcare sector is anticipated to remain a driving force for the saffron market in the coming decade. Saffron has crocin and safranal that are known to cure various types of diseases. It is used in several herbal and pharmaceutical drugs owing to rising awareness among consumers regarding health benefits of saffron. a. From the above article, identify the factor that affects the demand for saffron. Clearly state how this affects demand for saffron. b. From the above…Your friend bought two tickets to see James Taylor play at the Save-On Center, but now her partner can’t make it. You knew about the concert, but you decided you’re not a big enough fan to pay $100 for a ticket. On the other hand, she would have bought tickets even if they cost $150 each. If you assume that she cannot sell the ticket anywhere else, what is the minimum price you can offer her for the ticket that she will accept? Explain your answer.The average price of gasoline in your neighborhood is $2.99 per gallon. Your neighbor, Diana tells you that you can "save a lot" by frequenting a gas station 20 miles outside your neighborhood where the price of gasoline is $2.43 per gallon However, she cautions you that there are usually long lines at that station. Is her suggestion beneficial to you? Yes, since gasoline is a necessity for car owners, the total cost savings would be relatively substantial. No, if one factors in the non-monetary opportunity costs (driving time and waiting in line), it could prove more costly to go to the lower-priced gasoline station. Yes, the lower price of gasoline at the rival
- The manufacturer of Brand A automobile tires claims that its tire can save 120 gallons of fuel over 54,000 miles of driving, as compared to a popular competitor (Brand B). If gasoline costs $4.00 per gallon, how much per mile driven does this tire save the customer (Brand A versus Brand B)? The savings are $ per mile. (Round to three decimal places.)Why Real Saffron Is So Expensive Even in the expensive world of spices, saffron stands out. And real saffron can cost you over $10,000 per kilogram. Saffron is the red stigma of the Crocus sativus. Each crocus has three small stigmas that have to be picked carefully by hand. No machine can do the delicate work required to harvest these thin threads. And it can take 40 hours of hard manual labor to produce just 1 kilogram of high-quality saffron. Rising labour cost supports the price of saffron. Expansion of healthcare sector is anticipated to remain a driving force for the saffron market in the coming decade. Saffron has crocin and safranal that are known to cure various types of diseases. It is used in several herbal and pharmaceutical drugs owing to rising awareness among consumers regarding health benefits of saffron. b. From the above article, identify the factor that affects the supply of saffron. Clearly state how this affects supply of saffron.You need to get gasoline for your car. You can drive ten miles (round trip) to a gas station on the outskirts of town and save 15 cents per gallon on the price of gasoline. If gasoline costs $3.55 per gallon and your car gets 37 miles per gallon for in-town driving, how many gallons of gasoline must you buy at the edge-of-town station to save enough on your fill up to pay for the cost to going to the station and back? Ignore the wear- and-tear cost of operating your car in this example. (Enter your answer as a number without the units of gallons.)
- You were able to purchase two tickets to an upcoming concert for $100 apiece when the concert was first announced three months ago. Recently, you saw that StubHub was listing similar seats for $225 apiece. What does it cost you to attend the concert?Japan Airline is interested in purchasing new commercial aircraft from us manufacturer Boeing at a price of 89 million dollars per plane. What is the difference in the Yen price between month 1 and month 2? During which month is Japan Airlines more likely to buy more planes? Why? Explain your answer using the numbers from the chart and show your math.1) an American family is buying British wool in the local retail store. Which month will those products be cheaper for the family? Explain your answer using the numbers from the chart. Show your math. 2) a French company contracts a Chinese architect to design a new building in lyon for 800,000 Yuan. How much (in euros) would it cause the French firm in month 1 and 2? So in which month would the French company prefer to pay off the contract? Explain your answer using the numbers from the chart. Show your math. 3) u.s. holder of real estate and transportation are attracting investments from Chinese visitors using the Yuan. In which month should the Chinese investors buy us real estate and transportation? Explain your answer using the numbers from the chart and show your math.
- Paolo lives in Philadelphia and operates a small company selling scooters. On average, he receives $712,000 per year from selling scooters. Out of this revenue from sales, he must pay the manufacturer a wholesale cost of $412,000. He also pays several utility companies, as well as his employees wages totaling $269,000. He owns the building that houses his storefront; if he choose to rent it out, he would receive a yearly amount of $1,000 in rent. Assume there is no depreciation in the value of his property over the year. Further, if Paolo does not operate the scooter business, he can work as a nurse and earn a yearly salary of $21,000 with no additional monetary costs, and rent out his storefront at the $1,000 per year rate. There are no other costs faced by Paolo in running this scooter company. (Questions in images)There is a road between the suburbs and downtown. The road becomes congested at rush hour. As long as no more than 99 people use the road at rush hour, the trip takes 30 minutes. When the 100st person enters the road, everyone slows down and the trip now takes 31 minutes. People value their time at $6 per hour (i.e., $0.10 per minute) and so a 30-minute trip costs $3. What is the total social cost of 100 people using the road?A manufacturer can sell x number of units of its products produced per day at a price of (35 – 0.10x) pesos. It costs P25 to produce each unit of the product. The fixed cost is P 500. a. Formulate the TR, TC, and Profit function. b. Determine the production level that will yield maximum profit. c. How much would be the maximum profit?